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0000950123-11-018212.txt : 20110225
0000950123-11-018212.hdr.sgml : 20110225
20110225061023
ACCESSION NUMBER: 0000950123-11-018212
CONFORMED SUBMISSION TYPE: 6-K
PUBLIC DOCUMENT COUNT: 9
CONFORMED PERIOD OF REPORT: 20110224
FILED AS OF DATE: 20110225
DATE AS OF CHANGE: 20110225
FILER:
COMPANY DATA:
COMPANY CONFORMED NAME: Vale S.A.
CENTRAL INDEX KEY: 0000917851
STANDARD INDUSTRIAL CLASSIFICATION: METAL MINING [1000]
IRS NUMBER: 000000000
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: 6-K
SEC ACT: 1934 Act
SEC FILE NUMBER: 001-15030
FILM NUMBER: 11638382
BUSINESS ADDRESS:
STREET 1: AVENIDA GRACA ARANHA #26
CITY: RIO DE JANEIRO
STATE: D5
ZIP: 20005-900
BUSINESS PHONE: 552138144540
MAIL ADDRESS:
STREET 1: AVENIDA GRACA ARANHA #26
CITY: RIO DE JANEIRO
STATE: D5
ZIP: 20005-900
FORMER COMPANY:
FORMER CONFORMED NAME: Companhia Vale do Rio Doce
DATE OF NAME CHANGE: 20051108
FORMER COMPANY:
FORMER CONFORMED NAME: VALLEY OF THE RIO DOCE CO
DATE OF NAME CHANGE: 20020129
FORMER COMPANY:
FORMER CONFORMED NAME: VALLEY OF THE DOCE RIVER CO
DATE OF NAME CHANGE: 19950602
6-K
1
y89075e6vk.htm
FORM 6-K
e6vk
Report of Foreign Private Issuer
Pursuant to Rule 13a-16 or 15d-16
of the
Securities Exchange Act of 1934
For the month of
For the quarterly period ended December 31, 2010
February 2011
Vale S.A.
Avenida Graça Aranha, No. 26
20030-900 Rio de Janeiro, RJ, Brazil
(Address of principal executive office)
(Indicate by check mark whether the registrant files or will file annual reports under cover
of Form 20-F or Form 40-F.)
(Check One) Form 20-F þ Form 40-F o
(Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(1))
(Check One) Yes o No þ
(Indicate by check mark if the registrant is submitting the Form 6-K in paper
as permitted by Regulation S-T Rule 101(b)(7))
(Check One) Yes o No þ
(Indicate by check mark whether the registrant by furnishing the information contained in this
Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the
Securities Exchange Act of 1934.)
(Check One) Yes o No þ
(If Yes is marked, indicate below the file number assigned to the registrant in connection
with Rule 12g3-2(b). 82-___.)
Vale S.A.
INDEX TO CONSOLIDATED FINANCIAL STATEMENTS
Nr.
Report of Independent Registered Public Accounting Firm
Report of Independent Registered
Public Accounting Firm
To the Board of Directors and Stockholders
Vale S.A.
In our opinion, the accompanying consolidated balance sheets and the related consolidated
statements of income, of comprehensive income, of cash flows and of changes in stockholders equity
present fairly, in all material respects, the financial position of Vale S.A. and its subsidiaries
(the Company) at December 31, 2010 and 2009, and the results of their operations and their cash
flows for each of the three years in the period ended December 31, 2010 in conformity with
accounting principles generally accepted in the United States of America. Also in our opinion, the
Company maintained, in all material respects, effective internal control over financial reporting
as of December 31, 2010, based on criteria established in Internal Control Integrated Framework
issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). The
Companys management is responsible for these financial statements, for maintaining effective
internal control over financial reporting and for its assessment of the effectiveness of internal
control over financial reporting, included in the accompanying Managements Report on internal
control over financial reporting. Our responsibility is to express opinions on these financial
statements and on the Companys internal control over financial reporting based on our integrated
audits. We conducted our audits in accordance with the standards of the Public Company Accounting
Oversight Board (United States). Those standards require that we plan and perform the audits to
obtain reasonable assurance about whether the financial statements are free of material
misstatement and whether effective internal control over financial reporting was maintained in all
material respects. Our audits of the financial statements included examining, on a test basis,
evidence supporting the amounts and disclosures in the financial statements, assessing the
accounting principles used and significant estimates made by management, and evaluating the overall
financial statement presentation. Our audit of internal control over financial reporting included
obtaining an understanding of internal control over financial reporting, assessing the risk that a
material weakness exists, and testing and evaluating the design and operating effectiveness of
internal control based on the assessed risk. Our audits also included performing such other
procedures as we considered necessary in the circumstances. We believe that our audits provide a
reasonable basis for our opinions.
A companys internal control over financial reporting is a process designed to provide reasonable
assurance regarding the reliability of financial reporting and the preparation of financial
statements for external purposes in accordance with generally accepted accounting principles. A
companys internal control over financial reporting includes those policies and procedures that (i)
pertain to the maintenance of records that, in reasonable detail, accurately and fairly reflect the
transactions and dispositions of the assets of the company; (ii) provide reasonable assurance that
transactions are recorded as necessary to permit preparation of financial statements in accordance
with generally accepted accounting principles, and that receipts and expenditures of the company
are being made only in accordance with authorizations of management and directors of the company;
and (iii) provide reasonable assurance regarding prevention or timely detection of unauthorized
acquisition, use, or disposition of the companys assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not prevent or
detect misstatements. Also, projections of any evaluation of effectiveness to future periods are
subject to the risk that controls may become inadequate because of changes in conditions, or that
the degree of compliance with the policies or procedures may deteriorate.
Managements Report on Internal Control over Financial Reporting
The management of Vale S.A (Vale) is responsible for establishing and maintaining
adequate internal control over financial reporting.
The companys internal control over financial reporting is a process designed to provide
reasonable assurance regarding the reliability of financial reporting and the preparation of
financial statements for external purposes in accordance with generally accepted accounting
principles. The companys internal control over financial reporting includes those policies
and procedures that: (i) pertain to the maintenance of records that, in reasonable detail,
accurately and fairly reflect the transactions and dispositions of the assets of the company;
(ii) provide reasonable assurance that transactions are recorded as necessary to permit
preparation of financial statements in accordance with generally accepted accounting
principles, and that receipts and expenditures of the company are being made only in
accordance with authorizations of management and directors of the company; and (iii) provide
reasonable assurance regarding prevention or timely detection of unauthorized acquisition,
use, or disposition of the companys assets that could have a material effect on the
financial statements.
Because of its inherent limitations, internal control over financial reporting may not
prevent or detect misstatements. Also, projections of any evaluation of the effectiveness to
future periods are subject to the risk that controls may become inadequate because of changes
in conditions, and that the degree of compliance with the policies or procedures may
deteriorate.
Vales management has assessed the effectiveness of the companys internal control over
financial reporting as of December 31, 2010 based on the criteria established in Internal
Control Integrated Framework issued by the Committee of Sponsoring Organizations of the
Treadway Commission COSO. Based on such assessment and criteria, Vales management has
concluded that the companys internal control over financial reporting was effective as of
December 31, 2010.
The effectiveness of the companys internal control over financial reporting as of December
31, 2010 has been audited by PricewaterhouseCoopers Auditores Independentes, an independent
registered public accounting firm, as stated in their report which appears herein.
Expressed in millions of United States dollars, unless otherwise stated
1
The Company and its operations
Vale S.A., (Vale, the Company or we) 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, basic metals production, fertilizers, logistics
and steel activities.
At December 31, 2010, our principal consolidated operating subsidiaries are the following:
% voting
Subsidiary
% ownership
capital
Location
Principal activity
Alumina do Norte do Brasil S.A. Alunorte (*)
57.03
59.02
Brazil
Alumina
Alumínio Brasileiro S.A. Albras (*)
51.00
51.00
Brazil
Aluminum
Compañia Minera Misky Mayo S.A.C.
40.00
51.00
Peru
Fertilizer
Ferrovia Centro-Atlântica S. A.
99.99
99.99
Brazil
Logistics
Ferrovia Norte Sul S.A.
100.00
100.00
Brazil
Logistics
Mineração Corumbá Reunidas S.A.
100.00
100.00
Brazil
Iron ore
PT International Nickel Indonesia Tbk
59.14
59.14
Indonesia
Nickel
Sociedad Contractual Minera Tres Valles
90.00
90.00
Chile
Copper
Urucum Mineração S.A.
100.00
100.00
Brazil
Iron Ore and Manganese
Vale Australia Pty Ltd.
100.00
100.00
Australia
Coal
Vale Austria Holdings GMBH
100.00
100.00
Austria
Holding and Exploration
Vale Canada Limited
100.00
100.00
Canada
Nickel
Vale Colombia Ltd.
100.00
100.00
Colombia
Coal
Vale Fertilizantes S.A
78.92
99.83
Brazil
Fertilizer
Vale Fosfatados S.A
100.00
100.00
Brazil
Fertilizer
Vale International S.A
100.00
100.00
Switzerland
Trading
Vale Manganês S.A.
100.00
100.00
Brazil
Manganese and Ferroalloys
Vale Nouvelle Caledonie SAS
74.00
74.00
New Caledonia
Nickel
(*)
Classified as current assets held for sale.
2
Basis of consolidation
All majority-owned subsidiaries in which we have both share and management control are
consolidated. All significant intercompany accounts and transactions are eliminated.
Subsidiaries over which control is achieved through other means, such as stockholders agreement,
are also consolidated even if we hold less than 51% of voting capital. Our variable interest
entities in which we are the primary beneficiary are consolidated. Investments in unconsolidated
affiliates and joint ventures are accounted for under the equity method (Note 15).
We evaluate the carrying value of our equity investments in relation to publicly quoted market
prices when available. If the quoted market price is below book value, and such decline is
considered other than temporary, we write-down our equity investments to quoted market value.
We define joint ventures as businesses in which we and a small group of other partners each
participate actively in the overall entity management, based on a stockholders agreement. We
define affiliates as businesses in which we participate as a noncontrolling interest but with
significant influence over the operating and financial policies of the investee.
Our participation in hydroelectric projects in Brazil is made via consortium contracts under
which we have undivided interests in the assets, and are liable for our proportionate share of
liabilities and expenses, which are based on our proportionate share of power output. We do not
have joint liability for any obligations. No separate legal or tax status is granted to
consortia under Brazilian law. Accordingly, we recognize our proportionate share of costs and
our undivided interest in assets relating to hydroelectric projects (Note 12).
The preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Estimates are used for, but not
limited to, the selection of useful lives of property, plant and equipment, impairment,
provisions necessary for contingent liabilities, fair values assigned to assets and liabilities
acquired in business combinations, income tax valuation allowances, employee post retirement
benefits and other similar evaluations. Actual results could differ from those estimated.
a) Basis of presentation
We have prepared our consolidated financial statements in accordance with United States
generally accepted accounting principles (US GAAP), which differ in certain respects from the
accounting practices adopted in Brazil (Brazilian GAAP), compliant with International
Financial Reporting Standards (IFRS) as issued by the
IASB, which are the basis for our statutory financial
statements.
These financial statements reflect the retrospective adoption of the new segment information as
of December 31, 2010 and the three years then ended as shown in Note 24. The new segment
information was set up during 2010 based on new acquisitions and project developments. The
information disclosed under Notes 15 and 24 retroactively reflects these changes for all periods
covered by those Financial Statements.
Since December 2007, significant modifications have been made to Brazilian GAAP as part of a
convergence project with International Financial Reporting Standards (IFRS) and as from
December 31, 2010, the convergence will be completed and therefore IFRS will be the accounting
practice adopted in Brazil. The Company does not expect to discontinue the US GAAP reporting
during 2011.
Our consolidated interim financial statements for the three-month periods ended December 31,
2010, September 30, 2010 and December 31, 2009 presented herein are unaudited. However, in our
opinion, such consolidated financial statements include all adjustments necessary for a fair
statement of the results for these periods.
The Brazilian Real is the parent Companys functional currency. We have selected the US dollar
as our reporting currency.
All assets and liabilities have been translated to US dollars at the closing rate of exchange at
each balance sheet date (or, if unavailable, the first available exchange rate). All statement
of income accounts have been translated to US dollars at the average exchange rates prevailing
during the respective periods. Capital accounts are recorded at historical exchange rates.
Translation gains and losses are recorded in the Cumulative Translation Adjustments account
(CTA) in stockholders equity.
The results of operations and financial position of our entities that have a functional currency
other than the US dollar, have been translated into US dollars and adjustments to translate
those statements into US dollars are recorded in the CTA in stockholders equity.
The exchange rates used to translate the assets and liabilities of the Brazilian operations at
December 31, 2010 and 2009, were R$1.6662 and R$1.7412, respectively.
The net transaction gain (loss) included in our statement of income (Foreign exchange and
indexation gains (losses), net) was US$102, US$665 and US$(1,011) in the years ended December
31, 2010, 2009 and 2008, respectively.
The Company has performed an evaluation of subsequent events through February 24, 2011 which is
the date the financial statements were issued.
b) Cash equivalents and short-term investments
Cash flows from overnight investments and fundings are reported net. Short-term investments
that have a ready market and original maturities of 90 days or less are classified as Cash
equivalents. The remaining investments, between 91 day and 360 day maturities are stated at
fair value and presented as Short-term investments.
Assets and liabilities that are realizable or due more than 12 months after the balance sheet
date are classified as long-term.
d) Inventories
Inventories are recorded at the average cost of purchase or production, reduced to market value
(net realizable value less a reasonable margin) when lower. Stockpiled inventories are accounted
for as processed when they are removed from the mine. The cost of finished goods of comprises
depreciation and all direct costs necessary to convert stockpiled inventories into finished
goods.
We classify proven and probable reserve quantities attributable to stockpiled inventories as
inventories. These reserve quantities are not included in the total proven and probable reserve
quantities used in the units of production, depreciation, depletion and amortization
calculations.
We periodically assess our inventories to identify obsolete or slow-moving inventories, and if
needed we recognize definitive allowances for them.
e) Removal of waste materials to access mineral deposits
Stripping costs (the costs associated with the removal of overburdened and other waste
materials) incurred during the development of a mine, before production commences, are
capitalized as part of the depreciable cost of developing the property. Such costs are
subsequently amortized over the useful life of the mine based on proven and probable reserves.
Post-production stripping costs are included in the cost of the inventory produced (that is
extracted), at each mine individually during the period that stripping costs are incurred.
f) Property, plant and equipment and intangible assets
Property, plant and equipment are recorded at cost, including interest cost incurred during the
construction of major new facilities. We compute depreciation on the straight-line method at
annual average rates which take into consideration the useful lives of the assets, as follows:
3.73% for railroads, 1.5% for buildings, 4.23% for installations and 7.73% for other equipment.
Expenditures for maintenance and repairs are charged to operating costs and expenses as
incurred.
We capitalize the costs of developing major new ore bodies or expanding the capacity of
operating mines and amortize these to operations on the unit-of-production method based on the
total probable and proven quantity of ore to be recovered. Exploration costs are expensed.
Once the economic viability of mining activities is established, subsequent development costs
are capitalized.
Separately acquired intangible assets are shown at historical cost. Intangible assets acquired
in a business combination are recognized at fair value at the acquisition date. All our
intangible assets have definite useful lives and are carried at cost less accumulated
amortization, which is calculated using the straight-line method over their estimated useful
lives.
g) Business combinations
We apply accounting for business combinations to record acquisitions of interests in other
companies. This purchase method, requires that we reasonably determine the fair value of the
identifiable tangible and intangible assets and liabilities of acquired companies and segregate
goodwill as an intangible asset.
We assign goodwill to reporting units and test each reporting units goodwill for impairment at
least annually, and whenever circumstance indicating that recognized goodwill may not be fully
recovered are identified. We perform the annual goodwill impairment tests during the last
quarter of the year.
Goodwill is reviewed for impairment utilizing a two step process. In the first step, we compare
a reporting units fair value with its carrying amount to identify any potential goodwill
impairment loss. If the carrying amount of a reporting unit exceeds the units fair value,
based on a discounted cash flow analysis, we carry out the second step of the impairment test,
measuring and recording the amount, if any, of the units goodwill impairment loss.
h) Impairment of long-lived assets
All long-lived assets, are tested to determine if they are recoverable from operating earnings
on an undiscounted cash flow basis over their useful lives whenever events or changes in
circumstance indicate that the carrying value may not be recoverable.
When we determine that the carrying value of long-lived assets and definite-life intangible
assets may not be recoverable, we measure any impairment loss based on a projected discounted
cash flow method using a discount rate determined to be commensurate with the risk inherent in
our current business model.
i) Available-for-sale equity securities
Equity securities classified as available-for-sale are recorded pursuant to accounting for
certain investments in debt and equity securities. Accordingly, we classify unrealized holding
gains and losses, net of taxes, as a separate component of stockholders equity until realized.
j) Compensated absences
The liability for future compensation for employee vacations is fully accrued as earned.
k) Derivatives and hedging activities
We apply accounting for derivative financial instruments and hedging activities, as amended.
This standard requires that we recognize all derivative financial instruments as either assets
or liabilities on our balance sheet and measure such instruments at fair value. Changes in the
fair value of derivatives are recorded in each period in current earnings or in other
comprehensive income, in the latter case depending on whether a transaction is designated as an
effective hedge and has been effective during the period.
l) Asset retirement obligations
Our retirement obligations consist primarily of estimated closure costs, the initial measurement
of which is recognized as a liability discounted to present value and subsequently accreted
through earnings. An asset retirement cost equal to the initial liability is capitalized as part
of the related assets carrying value and depreciated over the assets useful life.
m) Revenues and expenses
Revenues are recognized when title is transferred to the customer or services are rendered.
Revenue from exported products is recognized when such products are loaded on board the ship.
Revenue from products sold in the domestic market is recognized when delivery is made to the
customer. Revenue from logistic services is recognized when the service order has been
fulfilled. Expenses and costs are recognized on the accrual basis.
n) Income taxes
The deferred tax effects of tax loss carryforwards and temporary differences are recognized
pursuant to accounting for income taxes. A valuation allowance is made when we believe that it
is more likely than not that tax assets will not be fully recovered in the future.
o) Earnings per share
Earnings per share are computed by dividing net income by the weighted average number of common
and preferred shares outstanding during the period.
p) Interest attributed to stockholders equity (dividend)
Brazilian corporations are permitted to distribute interest attributable to stockholders
equity. The calculation is based on the stockholders equity amounts as stated in the statutory
accounting records and the interest rate applied may not exceed the long-term interest rate
(TJLP) determined by the Brazilian Central Bank. Also, such interest may not exceed 50% of net
income for the year nor 50% of retained earnings plus revenue reserves as determined by
Brazilian GAAP.
As the notional interest charge is tax deductible in Brazil, the benefit to us, as opposed to
making a dividend payment is a reduction in our income tax charge. Income tax of 15% is withheld
on behalf of the stockholders relative to the interest distribution. Under Brazilian law,
interest attributed to stockholders equity is considered as part of the annual minimum
mandatory dividend (Note 18). This notional interest distribution is treated for accounting
purposes as a deduction from stockholders equity in a manner similar to a dividend and the tax
credit recorded in income.
q) Pension and other post retirement benefits
We sponsor private pensions and other post retirement benefits for our employees which are
actuarially determined and recognized as an asset or liability or both depending on the funded
or unfunded status of each plan in accordance with employees ´ accounting for defined benefit
pension and other post retirement plans. The cost of our defined benefit and prior service
costs or credits that arise during the period and are not components of net periodic benefit
costs are recorded in other cumulative comprehensive income (deficit).
4
Accounting pronouncements
a) Newly issued accounting pronouncements
Accounting Standards Update (ASU) number 2010-29 Disclosure of Supplementary Pro Forma
Information for Business Combinations a consensus of the FASB Emerging Issues Task Force.
The objective of this Update is to address diversity in practice about the interpretation
of the pro forma revenue and earnings disclosure requirements for business combinations.
The amendments in this Update specify that if a public entity presents comparative
financial statements, the entity should disclose revenue and earnings of the combined
entity as though the business combination(s) that occurred during the current year had
occurred as of the beginning of the comparable prior annual reporting period only. The
amendments also expand the supplemental pro forma disclosures to include a description of
the nature and amount of material, nonrecurring pro forma adjustments directly attributable
to the business combination included in the reported pro forma revenue and earnings. The
impact of this statement will occur for business combinations for which the acquisition
date is on or after January 1, 2011.
The Company understands that the other recently issued accounting pronouncements that are
not effective as of and for the year ending December 31, 2010, are not expected to be
relevant for its consolidated financial statements.
b) Accounting standards adopted in 2010
Accounting Standards Update (ASU) number 2010-25 Plan Accounting Defined Contribution Pension
Plan (Topic 962) amendments in this update require that participant loans be classified as
notes receivable from participants, which are segregated from plan investments and measured
at their unpaid principal balance plus any accrued but unpaid interest. This codification
does not impact our financial position, results of operations or liquidity.
Accounting Standards Update (ASU) number 2010-20 Receivables (Topic 310) improves the
disclosures that an entity provides about the credit quality of its financing receivables
and the related allowance for credit losses. As a result of these amendments, an entity is
required to disaggregate by portfolio segment or class certain existing disclosures and
provide certain new disclosures about its financing receivables and related allowance for
credit losses. We adopted the disclosure in our financial statements.
Accounting Standards Update (ASU) number 2010-18 Receivables (Topic 310) clarifies that
modifications of loans that are accounted for within a pool under Subtopic 310-30, which
provides guidance on accounting for acquired loans that have evidence of credit
deterioration upon acquisition, do not result in the removal of those loans from the pool
even if the modification would otherwise be considered a troubled debt restructuring. An
entity will continue to be required to consider whether the pool of assets in which the
loan is included is impaired if expected cash flows for
the pool change. The amendments do
not affect the accounting for loans under the scope of Subtopic 310-30 that are not
accounted for within pools. Loans accounted for individually under Subtopic 310-30 continue
to be subject to the troubled debt restructuring accounting provisions within Subtopic
310-40. We adopted the change in the disclosure of our financial statements
Accounting Standards Update (ASU) number 2010-11 Derivatives and Hedging (Topic 815) clarifies
the type of embedded credit derivative that is exempt from embedded derivative bifurcation
requirements. Only one form of embedded credit derivative qualifies for the exemption one
that is related only to the subordination of one financial instrument to another. As a
result, entities that have contracts containing an embedded credit derivative feature in a
form other than such subordination may need to separately account for the embedded credit
derivative feature. This Codification does not impact our financial position, results of
operations or liquidity.
Accounting Standards Update (ASU) number 2010-10 Consolidation (Topic 810) defers the effective
date of the amendments to the consolidation requirements made by FASB Statement 167 to a
reporting entitys interest in certain types of entities and clarifies other aspects of the
Statement 167 amendments. As a result of the deferral, a reporting entity will not be
required to apply the Statement 167 amendments to the Subtopic 810-10 consolidation
requirements to its interest in an entity that meets the criteria to qualify for the
deferral. This Update also clarifies how a related partys interests in an entity should be
considered when evaluating the criteria for determining whether a decision maker or service
provider fee represents a variable interest. In addition, the Update also clarifies that a
quantitative calculation should not be the sole basis for evaluating whether a decision
makers or service providers fee is a variable interest. This Codification does not impact
our financial position, results of operations or liquidity.
Accounting Standards Update No. 2010-09 Subsequent Events (Topic 855) addresses both the
interaction of the requirements of Topic 855, Subsequent Events, with the SECs reporting
requirements and the intended breadth of the reissuance disclosures provision related to
subsequent events (paragraph 855-10-50-4). The amendments in this Update have the potential
to change reporting by both private and public entities, however, the nature of the change
may vary depending on facts and circumstances. This Codification does not impact our
financial position, results of operations or liquidity.
Accounting Standards Update (ASU) number 2010-06 Fair Value Measurements and Disclosures (Topic
820): Improving Disclosures about Fair Value Measurements. This update provides
amendments to Subtopic 820-10 and are expected to provide more robust disclosures about (1) the
different classes of assets and liabilities measured at fair value, (2) the valuation techniques
and inputs used, (3) the activity in Level 3 fair value measurements, and (4) the transfers
between Levels 1, 2, and 3. The Company fully adopted this standard in 2010 with no impact on
our financial position, results of operations or liquidity.
In June 2009, the Financial Accounting Standards Board (FASB) issued an amendment to
Interpretation No. 46(R) on the accounting and disclosure requirements for the
consolidation of variable interest entities (VIEs). Subsequently, in December 2009, the
Accounting Standards Update (ASU) number 2009-17 Amendments to FASB Interpretation No.
46(R) was issued. The amendments replace the quantitative-based risks and rewards
calculation, for determining which reporting entity has a controlling financial interest in
a VIE, with a qualitative analysis when determining whether or not it must consolidate a
VIE. The newly required approach is focused on identifying which reporting entity has the
power to direct the activities of a variable interest entity that most significantly impact
the entitys economic performance and (1) the obligation to absorb losses of the entity or
(2) the right to receive benefits from the entity. The amendments also require an
enterprise to continuously reassess whether it must consolidate a VIE. Additionally, the
amendments eliminated the scope exception on qualifying special-purpose entities (QSPE)
and require enhanced disclosures about: involvement with VIEs, significant changes in risk
exposures, impacts on the financial statements, and, significant judgments and assumptions
used to determine whether or not to consolidate a VIE. The Company adopted these amendments
in 2010, with no impact on our financial position, results of operations or liquidity.
In June 2009, the FASB issued an amendment to the accounting and disclosure requirements
for transfers of financial assets. Subsequently, in December 2009, the Accounting Standards
Update (ASU) number 2009-16 Accounting for Transfers of Financial Assets an amendment of
FASB Statement No. 140 was issued. The amendments improve financial reporting requiring
greater transparency and additional disclosures for transfers of financial assets and the
entitys continuing involvement with them and also change the requirements for
derecognizing financial assets. In addition, the amendments eliminate the exceptions for
QSPE from the
consolidation guidance and the exception that permitted sale accounting for
certain mortgage securitizations when a transferor has not surrendered control over the
transferred financial assets. The Company adopted these amendments in 2010, with no impact
on our financial position, results of operations or liquidity.
Accounting Standards Update (ASU) number 2009-08 Earning Per Share issued by the FASB provides
additional guidance related to calculation of earnings per share. In particular, the effect
on income available to common stockholders of a redemption or induced conversion of
preferred stock. This guidance amends ASC 260. This codification does not impact our
financial position, results of operations or liquidity.
5
Major acquisitions and disposals
a) Fertilizers Businesses
In line with our strategy to become a leading global player in the fertilizer business, we
acquired in May 2010, 58.6% of the equity capital of
Fertilizantes Fosfatados S.A. (Fosfertil),
currently Vale Fertilizantes S.A., and the Brazilian fertilizer assets of Bunge Participações e
Investimentos S.A. (BPI), currently named Vale Fosfatados S.A. for a total of US$4.7 billion in
cash. An additional payment of US$55 was made in July, as a complement of the purchase price of
Vale Fosfatados.
As part of this acquisition, we exercised in September an option contract to acquire additional
20.27% stake in Vale Fertilizantes S.A., for US$1.0 billion. Also, we launched a mandatory
offer to acquire the common shares held by the noncontrolling stockholders.
As
at December 31, 2010, we have 78.92% of the total capital and 99.83% of the voting capital of
Vale Fertilizantes and 100% of the capital of Vale Fosfatados.
As
this transaction occurred within the previous twelve months,
information about the purchase price allocation presented below based
on the fair values of identified assets acquired and liabilities
assumed is preliminary. Such allocation, currently being performed
internally by the Company, with the
assistance of specialists will be finalized during future periods,
and accordingly, the preliminary purchase price allocation
information set forth below is subject to revision, which may be
material.
Purchase price
5,795
Noncontrolling consideration
767
Book value
of property, plant and equipment and mining rights
(1,987
)
Book value of other assets acquired and liabilities assumed, net
(395
)
Adjustment to fair value of property, plant and equipment and mining rights
(5,146
)
Adjustment to fair value of inventories
(98
)
Deferred taxes on the above adjustments
1,783
Goodwill
719
The
acquired business contributed net revenues of US$1,507 and to reduce
net income of US$10 to the
group for the period from June to December, 2010. If this acquisition had been completed on
January 1, 2010, our net revenues would increase by US$770 and our net income would decrease by
US$12. These amounts have been calculated using our accounting policies and by adjustment the
results of the subsidiaries to reflect additional depreciation and amortization that would have
been charged assuming the fair value adjustments to property plant and equipment and intangible
assets had been applied from January 1, 2010, together with consequential tax effects.
The goodwill balance arises primarily due to the synergies between the acquired assets and the
potash operations in Taquari-Vassouras, Carnalita, Rio Colorado and Neuquém and phosphates in
Bayóvar I and II, in Peru, and Evate, in Mozambique. The future development of our projects
combined with the acquisition of the portfolio of fertilizer assets will allow Vale to be one of
the top players in the worlds fertilizer business.
b) Other transactions 2010
In September 2010, we acquired 51% stake in Sociedade de Desenvolvimento do Corredor Norte S.A
(SDCN) for US$21. The SDCN has a concession to create a logistic infrastructure necessary for
the production flow resulting from the second phase at our Moatize Coal Project.
As part of our efforts to meet our future production targets, we acquired in April 2010, 51%
interest on iron ore concession rights in Simandou South (Zogota), Guinea, and iron ore
exploration permits in Simandou North. From this amount, US$500 is payable immediately and the
remaining US$2 billion upon achievement of specific milestones.
This joint venture is also
committed to renovate 660km of the Trans-Guinea railway for passenger transportation and light
commercial use.
In July 2010, we concluded the sale of minority stakes in the Bayóvar project in Peru through
the newly-formed company MVM Resources International B.V. (MVM). We sold 35% of the total
capital of MVM to Mosaic for US$385 and 25% to Mitsui for US$275. Vale retains control of the
Bayóvar project, holding a 40% stake of the total capital and 51% of voting shares of the
newly-formed company. The capital amount invested as at June 30, 2010 was approximately US$550.
The difference between the fair value and carrying amount of US$321 on this transaction was
accounted for in equity in accordance with the accounting rules related to the gains/losses when
control is retained.
In June 2010, we acquired an additional 24.5% stake in the Belvedere coal project (Belvedere)
for US$92 from AMCI Investments Pty Ltd (AMCI). As an outcome of this transaction, Vale
increased its participation in Belvedere from 51.0% to 75.5%.
In May 2010, we entered into an agreement with Oman Oil Company S.A.O.C. (OOC), a company
wholly-owned by the Government of the Sultanate of Oman, to sell 30% of Vale Oman Pelletizing
Company LLC (VOPC), for US$125. The transaction remains subject to the terms set forth in the
definitive share purchase agreement to be signed after the fulfillment of precedent conditions.
We have entered into negotiations and agreements to sell our Kaolin, aluminum and alumina
assets. For further details see Note 13.
c) Other transactions 2009
In September 2009, we acquired from Rio Tinto Plc, Mineração Corumbá Reunidas S.A. (MCR) for
US$802. MCR is the owner of an iron ore mining operations with high iron content and a strategic
importance to our product portfolio, adding a substantial volume of lump ore to our reserves.
The purchase price allocation mainly adjustments refers to fair value of inventories, property
plant and equipment and intangible and there was no goodwill recorded on this transaction.
In September 2009, we concluded an agreement with ThyssenKrupp Steel AG signed in July, to
increase our stake in ThyssenKrupp CSA Siderúrgica do Atlântico Ltda. (CSA) to 26.87% through a
capital subscripton of US$1,424.
In April 2009, we concluded the sale of all common shares we held in, Usiminas Siderúrgicas de
Minas Gerais S.A. Usiminas, for US$273 generating a gain of US$153.
In March 2009, we acquired 100% of Diamond Coal Ltd that owns coal assets in Colombia for
US$300, from Cement Argos. Cash payment was made during the quarter ending June 30, 2009. The
primary reason for the acquisition was that the coal assets are an important part of our growth
strategy. Therefore, Vale is seeking to build a coal asset platform in Colombia, as it is the
worlds third largest exporter of high-quality thermal coal, given its low level of sulfur and
high calorific value. The purchase price allocation mainly adjustments refers to fair value of,
property plant and equipment and there was no goodwill recorded on this transaction.
In March 2009, we acquired 50% of the joint venture with African Rainbow Minerals Limited of
Teal Minerals Incorporated for US$60.
In February 2009, acquired Green Mineral Resources that owns the Regina Project (Canada) and
Colorado Project (Argentina) which are in development stage, from Rio Tinto, for US$850. The
acquisition of potash assets is aligned with Vales strategy to become a large producer of
fertilizers to benefit from the exposure to rising global consumption. The purchase price
allocation mainly adjustments refers to fair value of, property plant and equipment and there
was no goodwill recorded on this transaction.
Income taxes in Brazil comprise of federal income tax and social contribution, which is an
additional federal tax. The statutory composite enacted tax rate applicable in the periods
presented is 34%. In other countries where we have operations, we are subject to various taxes
rates depending on the jurisdiction.
We analyze the potential tax impact associated with undistributed earnings by each of our
subsidiaries. For those subsidiaries in which the undistributed earnings would be taxable when
remitted to the parent company, no deferred tax is recognized, based on generally accepted
accounting principles.
The amount reported as income tax expense in our condensed consolidated financial statements is
reconciled to the statutory rates as follows:
Three-month period ended (unaudited)
December 31, 2010
September 30, 2010
December 31, 2009
Brazil
Foreign
Total
Brazil
Foreign
Total
Brazil
Foreign
Total
Income
before discontinued operations, income taxes, equity
results and noncontrolling interests
5,581
1,301
6,882
7,378
530
7,908
419
324
743
Exchange variation (not taxable) or not
deductible
114
114
751
751
446
446
5,581
1,415
6,996
7,378
1,281
8,659
419
770
1,189
Tax at Brazilian composite rate
(1,898
)
(481
)
(2,379
)
(2,509
)
(436
)
(2,945
)
(142
)
(262
)
(404
)
Adjustments to derive effective tax rate:
Tax benefit on interest attributed to
stockholders
369
369
208
208
502
502
Difference on tax rates of foreign income
699
699
411
411
418
418
Tax incentives
198
198
215
215
66
66
Other non-taxable, income/non deductible
expenses
82
(106
)
(24
)
(38
)
3
(35
)
17
157
174
Income tax per consolidated statements
of income
(1,249
)
112
(1,137
)
(2,124
)
(22
)
(2,146
)
443
313
756
Year ended as of December, 31
2010
2009
2008
Brazil
Foreign
Total
Brazil
Foreign
Total
Brazil
Foreign
Total
Income
before discontinued operations, income taxes, equity results and noncontrolling interests
16,586
3,728
20,314
10,024
(2,901
)
7,123
2,434
10,783
13,217
Exchange variation (not taxable) or not deductible
265
265
5,162
5,162
(2,887
)
(2,887
)
16,586
3,993
20,579
10,024
2,261
12,285
2,434
7,896
10,330
Tax at Brazilian composite rate
(5,639
)
(1,358
)
(6,997
)
(3,408
)
(769
)
(4,177
)
(828
)
(2,685
)
(3,513
)
Adjustments to derive effective tax rate:
Tax benefit on interest attributed to stockholders
995
995
502
502
692
692
Difference on tax rates of foreign income
1,673
1,673
1,079
1,079
1,728
1,728
Tax incentives
642
642
148
148
53
53
Other non-taxable, income/non deductible expenses
13
(31
)
(18
)
100
248
348
287
218
505
Income taxes per consolidated statements of income
(3,989
)
284
(3,705
)
(2,658
)
558
(2,100
)
204
(739
)
(535
)
Vale and some subsidiaries in Brazil were granted with tax incentives that provide for a
partial reduction of the income tax due related to certain regional operations of iron ore,
railroad, manganese, copper, bauxite, alumina, aluminum, kaolin and potash. The tax benefit is
calculated based on taxable profit adjusted by the tax incentive (so-called exploration
profit) taking into consideration the operational profit of the projects that benefit from the
tax incentive during a fixed period. In general, such tax incentives expire in 2018. Part of the
northern railroad and iron ore operations have been granted with tax incentives for a period of
10 years starting from 2009. The tax savings must be registered in a special capital (profit)
reserve in the net equity of the entity that benefits from the tax incentive and cannot be
distributed as dividends to the stockholders.
We are also allowed to reinvest part of the tax savings in the acquisition of new equipment to
be used in the operations that enjoy the tax benefit subject to subsequent approval from the
Brazilian regulatory agencies. Superintendência de Desenvolvimento da Amazônia SUDAM and
Superintendência de Desenvolvimento do Nordeste SUDENE. When the reinvestment is approved, the
corresponding tax benefit must also be accounted for in a special profit reserve and is also
subject to the same restrictions with respect to future dividend distributions to the
stockholders.
We also have income tax incentives related to our Goro project under development in New
Caledonia (The Goro Project). These incentives include an income tax holiday during the
construction phase of the project and throughout a 15-year period commencing in the first year
in which commercial production, as defined by the applicable legislation, is achieved followed
by a five-year, 50 per cent income tax holiday. The Goro Project also qualifies for certain
exemptions from indirect taxes such as import duties during the construction phase and
throughout the commercial life of the project. Certain of these tax benefits, including the
income tax holiday, are subject to an earlier phase out, should the
project achieves a specified
cumulative rate of return. We are subject to a branch profit tax commencing in the first year in
which commercial production is achieved, as defined by the applicable legislation. To date, we
have not recorded any taxable income for New Caledonian tax purposes. The benefits of this
legislation are expected to apply with respect to taxes payable once the Goro Project is in
operation. We obtained tax incentives for our projects in Mozambique, Oman and Malaysia, that
will take effects when those projects start their commercial operation.
We are subject to an examination by the tax authorities for up to five years regarding our
operations in Brazil, up to ten years for Indonesia, and up to seven years for Canada for income
taxes.
Tax loss carryforwards in Brazil and in most of the
jurisdictions where we have tax loss carryforwards have no expiration
date, though in Brazil, offset is restricted to 30% of
annual taxable income.
On January 1, 2007, Company adopted the provision Accounting for Uncertainty in Income Taxes.
The reconciliation of the beginning and ending amounts is as follows: (see note 21(b)) tax
related actions)
Three-month period ended (unaudited)
Year ended as of December, 31
December 31,
September 30,
December 31,
2010
2010
2009
2010
2009
2008
Beginning of the period
392
369
812
396
657
1,046
Increase resulting from tax positions taken
2,121
5
6
2,130
47
103
Decrease resulting from tax positions taken
(2
)
3
(439
)
(24
)
(474
)
(261
)
Changes in tax legislation
2
Cumulative translation adjustments
44
15
17
53
166
(233
)
End of the period
2,555
392
396
2,555
396
657
There has been a write-off of values that were provisioned
relating to compensation
for tax losses and social contribution payments, due to the withdrawal of
action by the Company, resulting in the release of funds that were deposited in escrow.
Recognized deferred income tax assets and liabilities are composed as follows:
As of December 31
2010
2009
Current deferred tax assets
Accrued expenses deductible only when disbursed
386
852
Long-term deferred tax assets and liabilities
Assets
Employee postretirement benefits provision
665
384
Tax loss carryforwards
732
324
Fair value of financial instruments
379
255
Asset retirement obligation
322
259
Other
temporary differences (mainly contingencies provisions)
All the above mentioned short-term investments are made through the use of low risk fixed
income securities, in a way that: those denominated in Brazilian reais are concentrated in
investments indexed to the CDI, and those denominated in US dollars are mainly time deposits,
with the original due date less than three months.
8
Short-term investments
As of December, 31
2010
2009
Time deposit
1,793
3,747
Represent low risk investments with original due date over three months.
9
Account receivable
Accounts receivable from customers in the steel industry represent 74.47% of receivables at
December 31, 2010.
No single customer accounted for more than 10% of total revenues.
Additional allowances for doubtful accounts charged to the statement of income as expenses in
2010 and 2009 totaled US$23 and US$48, respectively. We wrote-off US$37 in 2010 and US$8 in
2009.
As of December, 31
2010
2009
Customers
Denominated in Brazilian Reais
1,227
885
Denominated in other currencies, mainly US dollars
7,102
2,362
8,329
3,247
Allowance for doubtful accounts
(118
)
(127
)
Total
8,211
3,120
10
Inventories
As of December, 31
2010
2009
Products
Nickel (co-products and by-products)
1,310
1,083
Iron ore and pellets
825
677
Manganese and ferroalloys
203
164
Fertilizer
171
Aluminum products (*)
135
Kaolin (*)
42
Copper concentrate
28
35
Coal
74
51
Others
143
51
Spare parts and maintenance supplies
1,544
958
4,298
3,196
(*)
Classified as held for sale (see note 13)
In December 31, 2010 and December 31, 2009, there were no adjustments to reduce inventories
to market values.
Property, plant and equipment and intangible assets
By type of assets:
As of December 31, 2010
As of December 31, 2009
Accumulated
Accumulated
Cost
Depreciation
Net
Cost
Depreciation
Net
Land
356
356
284
284
Buildings
6,087
(1,110
)
4,977
4,324
1,143
3,181
Installations
14,904
(4,231
)
10,673
14,063
4,160
9,903
Equipment
10,948
(3,637
)
7,311
7,499
2,380
5,119
Railroads
7,337
(2,357
)
4,980
6,685
2,016
4,669
Mine development costs
28,010
(4,071
)
23,939
20,205
2,957
17,248
Others
12,088
(2,987
)
9,101
10,418
3,123
7,295
79,730
(18,393
)
61,337
63,478
15,779
47,699
Construction in progress
21,759
21,759
19,938
19,938
Total
101,489
(18,393
)
83,096
83,416
15,779
67,637
Losses on disposal of property, plant and equipment totaled US$623, US$293 and US$376 in
2010, 2009 and 2008, respectively. Mainly relate write-offs of ships and trucks, locomotives and
other equipment, which were replaced in the normal course of business.
Assets given in guarantee of judicial processes totaled US$149 as at December 31, 2010 (US$222
as at December 31, 2009).
Hydroelectric assets
We participate in several jointly-owned hydroelectric plants, already in operation or under
construction, in which we record our undivided interest in these assets as Property, plant and
equipment.
At December 31, 2010 the cost of hydroelectric plants in service totals US$1,432 (December 31,
2009 US$1,382) and the related depreciation in the year was US$422 (December 31, 2009 US$372).
The cost of hydroelectric plant under construction at December 31, 2010 totals US$804 (December
31, 2009 US$521). Income and operating expenses for such plants are not material.
Intangibles
All of the intangible assets recognized in our financial statements were acquired from third
parties, either directly or through a business combination and have definite useful lives from 6
to 30 years.
At December 31, 2010 the intangibles amount to US$1,274 (December 31, 2009 US$1,173), and are
comprised of rights granted by the government North-South Railroad of US$1,020 and off
take-agreements of US$254.
In connection with our strategy of active portfolio asset management, on May 2, 2010, we entered
into an agreement with Norsk Hydro ASA (Hydro), to sell all our stakes in Albras Alumínio
Brasileiro S.A. (Albras), Alunorte Alumina do Norte do Brasil S.A. (Alunorte) and Companhia de
Alumina do Pará (CAP), 60% of our Paragominas bauxite mine and all our other Brazilian bauxite
mineral rights (Aluminum Business).
For the participations of Albras, Alunorte, and CAP we will receive US$405 in cash, the
assumption of US$700 of net debt by Hydro and a 22% stake in Hydro. For 60% of Paragominas and
mineral rights we will receive US$600. We will sell the remaining 40% of Paragominas in two
tranches, in 2013 and 2015, each for US$200 in cash. The sale is expected to be concluded in
the near future.
The Company has assessed that the expected fair value of the transaction is higher than the net
asset carrying value and accordingly has maintained the original amounts. Also, because of the
significant influence retained by the Company on Hydro, aluminum was not considered a
discontinued operation.
Kaolin
As part of our portfolio management, we have entered into negotiations to sell our kaolin net
assets. In 2010, a part of our kaolins assets was sold and we remeasured the remaining
assets at fair value less costs to sell, and the effect of realized
and unrealized loss was recorded as discontinued
operations in our Statement of Income in 2010. For 2010 the values
are presented below for comparative purposes.
Assets held for sale
Inventories
366
Property, plant and equipment
4,844
Advances to suppliers energy
496
Recoverable taxes
627
Other assets
654
Total
6,987
Liabilities associated with assets held for sale
Suppliers
290
Long term debt
705
Noncontrolling interests
1,885
Other
272
Total
3,152
14
Impairment of goodwill and long-lived assets
As described in note 3(g), we test goodwill and long-lived assets for impairment when
events or changes in circumstances indicate that they might be impaired. For impairment test
purposes, goodwill is allocated to reporting units and are tested at least annually.
No impairment charges were recognized in 2010 and 2009, as a result of the annual goodwill
impairment tests performed.
Management determined cash flows based on approved financial budgets. Gross margin projections
were based on past performance and managements expectations of market developments. Information
about sales prices are consistent with the forecasts included in industry reports, considering
quoted prices when available and when appropriate. The discount rates used, reflect specific
risks relating to the relevant assets in each reporting unit, depending on their composition and
location.
Recognition of additional goodwill impairment charges in the future would depend on several
estimates including market conditions, recent actual results and managements forecasts. This
information shall be obtained at the time when our assessment is to be updated. It is not
possible at this time to determine if any such future impairment charge would result or, if it
does, whether such charge would be material.
Investments in affiliated companies and joint ventures
December 31, 2010
Investments
Equity in earnings (losses) of investee adjustments
Dividends Received
Net income
Three-month period ended (unaudited)
Year ended as of December, 31
Three-month period ended (unaudited)
Year ended as of December, 31
(loss) of the
December
September
December
December
September
December
Participation in capital (%)
Net equity
period
2010
2009
31, 2010
30, 2010
31, 2009
2010
2009
2008
31, 2010
30, 2010
31, 2009
2010
2009
2008
Voting
Total
Bulk Material
Iron ore and pellets
Companhia Nipo-Brasileira de Pelotização NIBRASCO (1)
51.11
51.00
334
93
171
132
12
30
(15
)
48
(12
)
84
3
3
20
Companhia Hispano-Brasileira de Pelotização HISPANOBRÁS (1)
51.00
50.89
250
77
128
83
35
1
(3
)
40
(12
)
59
6
Companhia Coreano-Brasileira de Pelotização KOBRASCO (1)
50.00
50.00
173
86
87
59
9
25
(9
)
43
(17
)
44
11
11
13
Companhia Ítalo-Brasileira de Pelotização ITABRASCO (1)
51.00
50.90
169
33
86
90
14
1
4
18
12
34
25
Minas da Serra Geral SA MSG
50.00
50.00
73
11
36
31
4
6
2
1
SAMARCO Mineração SA SAMARCO (2)
50.00
50.00
1,058
1,596
561
673
261
247
58
798
299
315
575
225
140
950
190
300
Baovale Mineração SA BAOVALE
50.00
50.00
61
8
31
30
2
1
4
(3
)
6
Zhuhai YPM Pellet e Co,Ltd ZHUHAI
25.00
25.00
101
37
25
13
4
3
9
3
7
Tecnored Desenvolvimento Tecnológico SA
37.40
37.40
106
(28
)
40
46
(10
)
1,165
1,157
341
304
39
956
272
550
575
239
140
989
210
319
Coal
Henan Longyu Resources Co Ltd
25.00
25.00
999
305
250
250
64
(26
)
19
76
74
79
44
83
27
Shandong Yankuang International Company Ltd
25.00
25.00
(106
)
(77
)
(27
)
(7
)
(7
)
(5
)
(4
)
(19
)
(18
)
(17
)
223
243
57
(31
)
15
57
56
62
44
83
27
Base Metals
Bauxite
Mineração Rio do Norte SA MRN
40.00
40.00
381
(4
)
152
143
(8
)
4
(32
)
(2
)
(10
)
62
10
13
10
42
99
Copper
Teal Minerals Incorpored
50.00
50.00
181
(20
)
90
80
3
(8
)
(10
)
(18
)
Nickel
Heron Resources Inc
7
8
Korea Nickel Corp
11
13
2
2
Others
5
9
(34
)
23
30
2
2
(34
)
Logistic
LOG-IN Logística Intermodal SA
31.33
31.33
401
10
135
125
4
4
2
20
3
3
MRS Logística SA
37.86
41.50
1,233
217
511
468
28
26
65
90
141
113
37
90
72
124
34
646
593
32
26
65
94
143
133
37
90
72
127
37
Others
Steel
California Steel Industries Inc CSI
50.00
50.00
310
25
155
150
(1
)
(2
)
(2
)
12
(10
)
11
7
7
13
THYSSENKRUPP CSA Companhia Siderúrgica
26.87
26.87
6,846
(316
)
1,840
2,049
(75
)
(10
)
(6
)
(85
)
(6
)
Usinas Siderúrgicas de Minas Gerais SA USIMINAS
8
18
7
18
1,995
2,199
(76
)
(12
)
(8
)
(73
)
(8
)
29
7
7
7
31
Other affiliates and joint ventures
Vale Soluções em Energia (1)
51.00
51.00
226
(64
)
115
99
(33
)
(33
)
Others
88
41
(15
)
14
(4
)
(2
)
(8
)
203
140
(48
)
14
(37
)
(2
)
(8
)
Total
4,497
4,585
303
305
71
987
433
794
629
283
243
1,161
386
513
(1)
Although Vale held a majority of the voting interest of investees accounted for under the
equity method, existing veto rights held by noncontrolling shareholders under shareholder
agreements preclude consolidation;
(2)
Investment includes goodwill of US$62 in December, 2009 and US$64 in December, 2010.
Short-term borrowings outstanding on December 31, 2010 are from commercial banks for import financing denominated in US dollars with average annual interest rates of 2.0%.
17
Long-term debt
Current liabilities
Long-term liabilities
2010
2009
2010
2009
Foreign debt
Loans and financing denominated in the following currencies:
US dollars
2,384
1,543
2,530
4,332
Others
18
29
217
411
Fixed Rate Notes
US dollars
10,242
8,481
EUR
1,003
Debt securities
150
Perpetual notes
78
78
Accrued charges
233
198
2,635
1,920
14,070
13,302
Brazilian debt
Brazilian Reais indexed to Long-term Interest Rate TJLP/CDI
and General Price Index-Market (IGPM)
76
62
3,891
3,433
Basket of currencies
1
1
125
3
Non-convertible debentures
861
2,767
2,592
US dollars denominated
1
738
568
Accrued charges
110
89
188
1,013
7,521
6,596
Total
2,823
2,933
21,591
19,898
The long-term portion at December 31, 2010 falls due as follows:
2012
1,117
2013
3,311
2014
1,046
2015
745
2016
14,927
No due date
445
21,591
At December 31, 2010 annual interest rates on long-term debt were as follows:
Up to 3%
5,645
3.1% to 5% (*)
2,185
5.1% to 7%
7,620
7.1% to 9% (**)
4,306
9.1% to 11% (**)
2,712
Over 11% (**)
1,866
Variable
80
24,414
(*)
Includes Eurobonds. For this operation we have entered into derivative transactions at a
cost of 4.71% per year in US dollars.
(**)
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$5,835 of which US$5,461 has an original interest rate above 7.1%
per year. The average cost after taking into account the derivative transactions is 3.13% per
year in US dollars.
The average cost of all derivative transactions is 3.35% per year in US dollars.
Vale has non-convertible debentures at Brazilian Real denominated as follow:
Quantity as of December 31, 2010
Balance
Non Convertible Debentures
Issued
Outstanding
Maturity
Interest
2010
2009
1st Series
150,000
150,000
November 20, 2010
101.75% CDI
869
2nd Series
400,000
400,000
November 20, 2013
100% CDI + 0.25%
2,429
2,318
Tranche B
5
5
No due date
6.5% p.a + IGP-DI
367
295
2,796
3,482
Short-term portion
861
Long-term portion
2,767
2,592
Accrued chages
29
29
2,796
3,482
The indexation indices/ rates applied to our debt were as follows:
Year ended as of
Three-month period ended (unaudited)
December, 31
December
September
December
31, 2010
30, 2010
31, 2009
2010
2009
TJLP Long-Term Interest Rate (effective rate)
1.5
1.5
1.5
6.0
6.2
IGP-M General Price Index Market
3.2
2.1
(0.1
)
10.9
(1.7
)
Appreciation (devaluation) of Real against US dollar
1.7
6.3
2.1
4.7
34.2
In September 2010, Vale also entered into agreements with The Export-Import Bank of China and
the Bank of China Limited for the financing to build 12 very large ore carriers with 400,000
dwt, comprising of facility in an amount up to US$1,229. The financing has a 13-year total term
to be repaid, and the funds will be disbursed during the next 3 years according to the
construction schedule. As of December 31, 2010, we had drawn US$291 under the facility.
In September 2010, we issued US$1 billion notes due 2020 and US$750 notes due 2039. The 2020
notes were sold at a price of 99.030% of the principal amount and will bear a coupon of 4.625%
per year, payable semi-annually. The 2039 notes that were sold at a price of 110.872% of the
principal amount will be consolidated with and form a single series with Vale Overseas US$1
billion 6.875% Guaranteed Notes due 2039 issued on November 10, 2009.
In June 2010, Vale established some facilities in the total amount of R $774 or US$430 with
Banco Nacional de Desenvolvimento Economico Social BNDES to finance the acquisition of
certain equipment. As of December 31, 2010, we had drawn the equivalent of US$123 under this
facility.
In June 2010, we entered into a bilateral pre-export finance agreement in the amount of US$500
and final tenor of 10 years.
In March 2010, we issued EUR750, equivalent to US$1 billion, of 8-year euronotes at a price of
99.564% of the principal amount. These notes will mature in March 2018 and will bear a coupon of
4.375% per year, payable annually.
In January 2010, we redeemed all outstanding export receivables securitization 10-year notes
issued in September 2000 at an interest rate of 8.926% per year and the notes issued in July
2003 at an interest rate of 4.43% per year. The outstanding principal amounts of those September
2010 notes were US$28 and for the July 2013 notes were US$122, totaling US$150 of debt redeemed.
Credit Lines
We have revolving credit lines available under which amounts can be drawn down and repaid at the
option of the borrower. At December 31, 2010, the total amount available under revolving credit
lines was US$1,600, of which US$850 was granted to Vale International and the balance to Vale
Canada Limited. As of December 31, 2010, neither Vale International nor Vale Canada Limited had
drawn any amounts under these facilities, but US$114 of letters of credit were issued and
remained outstanding pursuant Vale Canada Limiteds facility.
In January 2011 (subsequent period), we entered into an agreement with some commercial banks
with the guarantee of the Italian credit agency, Servizi Assicurativi Del Commercio Estero S.p.A
(SACE), to provide us with a US$300 facility with a final tenor of 10 years.
In October 2010, we entered into agreement with Export Development Canada (EDC), for the
financing of our capital expenditure program. Pursuant to the agreement, EDC will provide a
facility in an amount up to US$1 billion. US$500 will be available for investments in Canada and
the remaining US$500 will be related to existing and future Canadian purchases of goods and
services. As of December 2010, Vale had drawn US$250 under the facility.
In May 2008, we entered into framework agreements with the Japan Bank for International
Cooperation in the amount of US$3 billion and Nippon Export and Investment Insurance in the
amount of US$2 billion for the financing of mining, logistics and power generation projects. In
November, 2009, Vale 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, 2010, PT International had drawn down US$150 on this facility.
In 2008, we established a credit line for R$7,300, or US$4 billion, with Banco Nacional de
Desenvolvimento Econômico e Social BNDES (the Brazilian National Development Bank) to support
our investment program. As of December 31, 2010, we had drawn the equivalent of US$1,153 under
this facility.
Guarantee
On December 31, 2010, US$2 (December 31, 2009 US$753) of the total aggregate outstanding debt
were secured by receivables. The remaining outstanding debt in the amount of US$24,412 (December
31, 2009 US$22,078) were unsecured.
Our principal covenants require us to maintain certain ratios, such as debt to EBITDA and
interest coverage. We have not identified any events of noncompliance as of December 31, 2010.
18
Stockholders equity
Each holder of common and preferred class A stock is entitled to one vote for each share on all
matters brought before stockholders meetings, except for the election of the Board of
Directors, which is restricted to the holders of common stock. The Brazilian Government holds
twelve preferred special shares which confer permanent veto rights over certain matters.
Both common and preferred stockholders are entitled to receive a mandatory minimum dividend of
25% of annual adjusted net income under Brazilian GAAP, once declared at the annual
stockholders meeting. In the case of preferred stockholders, this dividend cannot be less than
6% of the preferred capital as stated in the statutory accounting records or, if greater, 3% of
the Brazilian GAAP equity value per share.
In January 2011 (subsequent period), the Board of Directors approved the extraordinary payment
from January 31, 2011, of interest on capital, in the total gross amount of US $1 billion,
which corresponds to approximately US$0.191634056 per outstanding shares, common or preferred,
of Vale issuance, referred to the anticipated distribution of income of the year of 2010,
calculated on the balance of June 2010, this value is subject to the incidence of income tax
withheld at the rate in force.
On October 14, 2010, the Board of Directors approved the following proposals: (i) payment of the
second tranche of the minimum dividend of US$1,250 billion and (ii) payment of an additional
dividend of US$500. The payments were made on October 29, 2010.
On September 23, 2010, the Board of Directors approved a share buy-back program. The shares are
to be held in treasury for subsequent sale or cancellation, amounting up to US$2 billion and
involving up to 64,810,513 common shares and up to 98,367,748 preferred shares. As of December
31, 2010 we had acquired 10,029,700 common shares and 21,125,300 preferred shares. The share
buy-back program was completely executed in October 2010.
In April 2010, we paid US$1,250 as a first installment of the dividend to stockholders. The
distribution was made in the form of interest on stockholders equity.
In June 2010, the notes series Rio and Rio P were converted into ADS and represent an aggregate
of 49,305,205 common shares and 26,130,033 preferred class A shares respectively. The conversion
was made using 75,435,238 treasury stocks held by the Company. The difference between the
conversion amount and the book value of the treasury stocks of US$1,379 was accounted for in
additional paid-in capital in the stockholders equity.
The outstanding issued mandatory convertible notes as of December 31, 2010, are as follows:
The notes pay a coupon quarterly and are entitled to an additional remuneration equivalent to
the cash distribution paid to ADS holders. These notes were classified as a capital instrument,
mainly due to the fact that neither the Company nor the holders have the option to settle the
operation, whether fully or partially, with cash, and the conversion is mandatory, consequently,
they were recognized as a specific component of shareholders equity, net of financial charges.
The funds linked to future mandatory conversion, net of charges are equivalent to the maximum of
common shares and preferred shares, as follows. All the shares are currently held in treasury.
Maximum amount of action
Value
Headings
Common
Preferred
Common
Preferred
Tranches
Vale and Vale P - 2012
18,415,859
47,284,800
293
649
In January 2011 (subsequent period), Vale paid additional
remuneration to holders of mandatorily convertible notes, series
VALE-2012 and VAPE.P-2012, R$0.7776700 and R$0.8994610, respectively,
and in October 2010, VALE-2012 and VAPE P-2012, R$1.381517 and
R$1.597876 per note, respectively.
In April, 2010, we paid additional interest to holders of mandatorily convertible notes: series
RIO and RIO P, US$0.417690 and US$0.495742 per note, respectively, and series VALE-2012 and
VALE.P-2012, US$0.602336 and US$0.696668 per note, respectively.
Brazilian law permits the payment of cash dividends only from retained earnings as stated in the
BR GAAP statutory records and such payments are made in Brazilian reais. Pursuant to the
Companys statutory books, undistributed retained earnings at December 31, 2010, total
US$26,150, comprising of the unrealized income and expansion reserves, which could be freely
transferred to retained earnings and paid as dividends, if approved by the stockholders, after
deducting of the minimum annual mandatory dividend, which is 25% of net income of the parent
Company.
No withholding tax is payable on distribution of profits earned, except for distributions in the
form of interest attributed to stockholders equity (Note 3 (p)).
Brazilian laws and our By-laws require that certain appropriations be made from retained
earnings to reserve accounts on an annual basis, all determined in accordance with amounts
stated in the statutory accounting records, as detailed below:
The purpose and basis of appropriation to such reserves is described below:
Unrealized income reserve this represents principally our share of the earnings of affiliates
and joint ventures, not yet received in the form of cash dividends.
Expansion reserve this is a general reserve for expansion of our activities.
Legal reserve this reserve is a requirement for all Brazilian corporations and represents the
appropriation of 5% of annual net income up to a limit of 20% of capital stock all determined
under Brazilian GAAP.
Fiscal incentive investment reserve this reserve results from an option to designate a portion
of income tax otherwise payable, for investment in government approved projects and is recorded
in the year following that in which the taxable income was earned. As from 2000, this reserve
basically contemplates income tax incentives (Note 6).
If the conversion of the convertible notes had been included in the calculation of diluted
earnings per share they would have generated the following dilutive effect as shown below:
Three-month period ended (unaudited)
Year ended as of December, 31
December 31,
September 30,
December 31,
2010
2010
2009
2010
2009
2008
Income available to preferred stockholders
2,307
2,378
599
6,791
2,100
5,151
Income available to common stockholders
3,610
3,660
920
10,473
3,249
8,067
Weighted average number of shares outstanding
(thousands of shares) preferred shares
2,044,561
2,103,758
2,108,578
2,083,068
2,108,280
1,976,749
Weighted average number of shares outstanding
(thousands of shares) common shares
3,222,619
3,249,181
3,256,725
3,228,439
3,256,704
3,085,399
Earnings per preferred share
1.13
1.13
0.28
3.26
1.00
2.61
Earnings per common share
1.12
1.13
0.28
3.24
1.00
2.61
Continuous operations
Earnings per preferred share
1.13
1.13
3.29
Earnings per common share
1.12
1.13
3.27
Discontinued operations
Earnings per preferred share
(0.03
)
Earnings per common share
(0.03
)
19
Pension plans
Vale sponsors a complementary pension plan with Defined
Benefits characteristics, including substantially all employees, in
which its benefits are calculated based on work time, age,
contribution salary and complementation to the social security
benefits. This plan is managed by VALIA Vale's Pension Fund
and was funded by sponsor and employees contributions on a
monthly basis, which were calculated based on periodic actuarial
estimates.
In May 2000, it was implemented a new complementary
pension plan with variable contribution characteristics,
contemplating the programmed retirement income and the risk benefits
(pension by death, retirement by disability and disability
insurance). On this plan launching (Vale Mais Benefit Plan), it was
offered to the active employees the opportunity to migrate to it.
Over 98% of the active employees decided to do this migration. The
Defined Benefit Plan is still running, covering almost exclusively retired participants and their beneficiaries.
Additionally, a specific group of ex-employees has the right
to additional payments over the regular Velias benefits,
through the Abono Complementção added by a
post-retirement benefit that includes medical, dental and
pharmaceutical assistance.
In 2010 with the purchase of fertilizer business, Vale
consolidated commitments assumed with pension fund of defined benefit
and other post-retirement benefits plans, as follow:
Defined benefit plan maintained through the Fundação PETROBRAS de Seguridade
Social PETROS, for employees hired before September 1993 of Ultrafertil S.A., wholly
owned subsidiary of Vale Fertilizers. This pension plan has 1.684, of which 1.466 are
already receiving supplemental retirement and pension.
Private Pension Plan, in the modality of Benefits Guarantee Fund, managed by
Bradesco Previdência e Seguros S.A., aims to meet the eligible employees of Vale
Fertilizantes and employees not served by PETROS of subsidiary Ultrafertil S.A.
The Vale Fertilizantes and its wholly subsidiaries pay to employees who are
eligible the fine FGTS according to union agreement and provide certain health
benefits for retired employees who are eligible.
Vale Fosfatados has a plan in a modality of defined contribution plan administered
by Bungeprev, which guarantees a minimum benefit at retirement for eligible employees,
moreover, the company provides certain health benefits for retired employees.
Upon the acquisition of Inco, we assumed benefits through defined benefit pension plans that
cover essentially all its employees and post retirement benefits other than pensions that also
provide certain health care and life insurance benefits for retired employees.
The following information details the status of the defined benefit elements of all plans in
accordance with employers disclosure about pensions and other post retirement benefits and
employers accounting for defined benefit pension and other postretirement plans, as amended.
We use a measurement date of December 31 for our pension and post retirement benefit plans.
Plan assets managed by Valia on December 31, 2010, 31
December 2009 and January 1, 2009 include investments in
portfolio of our own stock of US$519, US$587 and US$188, investments
in debentures worth US$64, US$69 and US$53 and equity investments
from related parties amounting to US$81, US$164 and US$44,
respectively. They also include on December 31, 2010, 31
December 2009 and January 1, 2009, US$4,150, US$3,261 and US$2,152 of
securities of the Federal Government. The assets of the pension plans
of the Vale Canada
Limited in securities of the Government of Canada on
December 31, 2010, 2009 and January 1, 2009, amounted to
US$436, US$391and US$347, respectively. The assets of Vale
Fertilizantes, Ultrafértil and Vale Fosfatados in December 31,
2010 in securities of the Federal Government worth US$158.
c)Funded Status and Financial Position
As of December 31
2010
2009
Overfunded
Underfunded
Underfunded
Overfunded
Underfunded
Underfunded
pension plans
pension plans
other benefits
pension plans
pension plans
other benefits
Noncurrent assets
1,962
1,335
Current liabilities
(35
)
(133
)
(62
)
(82
)
Non-current liabilities
(1,042
)
(1,400
)
(632
)
(1,338
)
Funded status
1,962
(1,077
)
(1,533
)
1,335
(694
)
(1,420
)
d)Assumptions used (nominal terms)
All calculations involve future actuarial projections about
of some parameters, such as salaries, interest, inflation, the
behavior of INSS benefits, mortality, disability, etc. No actuarial
results can be analyzed without prior knowledge of the scenario of
assumptions used in the assessment.
The economic actuarial assumptions adopted were formulated
considering the long period for its maturing and should therefore be
examined in that light. So, in the short term, they may not
necessarily be realized.
In the evaluations were adopted the following economic
assumptions:
The Investment Policy Statements of pension plans sponsored for Brazilian employees are based on
a long term macroeconomic scenario and expected returns. An Investment Policy Statement was
established for each obligation by following results of this strategic asset allocation study in
2009.
Plans asset allocations comply with pension funds local regulation issued by CMN Conselho
Monetário Nacional (Resolução CMN 3792/09). We are allowed to invest in six different asset
classes, defined as Segments by the law, as follows: Fixed Income, Equity, Structured
Investments (Alternative Investments and Infra-Structure Projects), International Investments,
Real Estate and Loans to Participants.
The Investment Policy Statements are approved by the Board, the Executive Directors and two
Investments Committees. The internal and external portfolio managers are allowed to exercise the
investment discretion under the limitations imposed by the Board and the Investment Committees.
The pension fund has a risk management process with established policies that intend to identify
measure and control all kind of risks faced by our plans, such as: market, liquidity, credit,
operational, systemic and legal.
Foreign plans
The strategy for each of the pension plans sponsored by Vale Inco is based upon a combination of
local practices and the specific characteristics of the pension plans in each country, including
the structure of the liabilities, the risk versus reward trade-off between different asset
classes and the liquidity required to meet benefit payments.
Overfunded pension plans
Brazilian Plans
The Defined Benefit Plan (the Old Plan) has the majority of its assets allocated in fixed
income, mainly in Brazilian government bonds (like TIPS) and corporate long term inflation
linked bonds with the objective to reduce the asset-liability volatility. The target is 55% of
the total assets. This LDI (Liability Driven Investments) strategy, when considered together
with Loans to Participants segment, aims to hedge plans liabilities against inflation risk and
volatility. Other segments or asset classes have their targets, as follows: Fixed Income 52%; Equity 28%;
Structured Investments 6%; International Investments 2%; Real estate 7% and Loans to
Participants 5%. Structured Investments segment has invested only in Private Equity Funds in
an amount of US$128 and US$87 at the end of December 31, 2010 and 2009, respectively.
The Investment Policy has the objective to achieve the adequate diversification, current income
and long term capital growth through the combination of all asset classes described above to
fulfill its obligations with the adequate level of risk. This plan has an average nominal return
of 20.87% p.a. in dollars terms in the last 11 years.
- Fair value measurements by category Overfunded Plans
As of December 31
2010
2009
Asset by category
Total
Level 1
Level 2
Level 3
Total
Level 1
Level 2
Level 3
Cash and cash equivalents
6
6
1
1
Accounts Receivable
81
81
16
16
Equity securities liquid
1,321
1,321
1,303
1,303
Equity securities non-liquid
75
75
64
64
Debt securities Corporate bonds
229
229
143
143
Debt securities Financial Institutions
191
191
226
226
Debt securities Government bonds
2,114
2,114
1,744
1,744
Investment funds Fixed Income
1,610
1,610
2,037
2,037
Investment funds Equity
513
513
577
577
International investments
23
23
Structured investments Private Equity funds
128
128
97
97
Structured investments Real estate funds
19
19
Real estate
288
288
249
249
Loans to Participants
182
182
282
282
Total
6,780
5,668
495
617
6,739
5,678
433
628
Funds not related to risk plans
(1,195
)
(1,743
)
Fair value of plan assets at end of year
5,585
4,996
- Fair value measurements using significant unobservable inputs Level 3 (Overfunded)
As of December 31
2010
2009
Private Equity
Real Estate
Loans to
Private Equity
Loans to
Funds
Funds
Real State
Participants
Total
Funds
Real State
Participants
Total
Beginning of the year
97
249
282
628
72
156
229
457
Actual return os plan assets
(3
)
1
49
25
72
30
21
123
91
Initial recognized consolidation of Fosfertil
22
5
27
Assets sold during the period
(3
)
(1
)
(24
)
(75
)
(103
)
(57
)
(11
)
(171
(180
)
Assets purchases, sales and settlemnts
43
25
62
130
28
29
45
102
Cumulative translation adjustment
4
1
9
7
21
24
54
78
156
Transfers in and/or out of Level 3
(10
)
18
(42
)
(124
)
(158
)
End of the year
128
19
288
182
617
97
249
282
628
The return target for private equity assets in 2011 is 11.51%. The target allocation is 6%,
ranging between 2% and 10%. These investments have a longer investment horizon and low liquidity
that aim to profit from economic growth, especially in the infrastructure sector of the
Brazilian economy. Usually non-liquid assets fair value is established considering: acquisition
cost or book value. Some private equity funds, alternatively, apply the following methodologies:
discounted cash flows analysis or analysis based on multiples.
The return target for loans to participants in 2011 is 16.05%. The fair value pricing of these
assets includes provisions for non-paid loans, according to the local pension fund regulation.
The return target for real estate assets in 2011 is 12.89%. Fair value for these assets is
considered book value. The pension fund hires companies specialized in real estate valuation
that do not act in the market as brokers. All valuation techniques follow the local regulation.
Underfunded pension plans
Brazilian Obligation
The Vale Mais Plan (the New Plan) has obligations with characteristics of defined benefit and defined contribution plans, as mentioned. The majority of its investments is in fixed income. It also implemented
a LDI (Liability Driven Investments) strategy to reduce asset-liability
volatility of the defined benefits plans component by using inflation linked bonds (like TIPS). The target allocation is 55% in fixed income. Other
segments or asset classes has their targets, as follows: Fixed Income 59%; Equity 24%; Structured Investments 2%; International Investments 1%;
Real estate 4% and Loans to Participants 10%. Structured Investments segment has invested only in Private Equity Funds in an amount of US$15 and US$10 at the end of
December 31, 2010 and 2009, respectively.
The Defined Contribution Vale Mais component offers
three options of asset classes mix that can be chosen by participants. The options are: Fixed Income
100%; 80% Fixed Income and 20% Equities and 65% Fixed Income and 35% Equities. Loan to participants is included in
the fixed income options. Equities management is done through investment fund that targets Ibovespa index.
The Investment Policy Statement has the objective to
achieve the adequate diversification,
current income and long term capital growth through the combination of all asset classes
described above to fulfill its obligations with the adequate level of risk. This obligation and targets with the adequate level of risk. This plan has an average nominal return of 15.67% p.a. in dollars terms in the last 7 years.
The
obligation of the Abono Complementcäo plan has an exclusive allocation in fixed income. It was also used a
LDI (Liability Driven Investments) strategy for this plan. Most of the resources were invested in long term Brazilian government
bonds (similar to TIPS) and inflation linked corporate bonds with the objective of minimizing asset-liability volatility and
reduce inflation risk.
The Investment Policy Statement has the objective to
achieve the adequate diversification, current income and long term capital growth to fulfill its obligations with the adequate
level of risk. This obligation has an average nominal return of 16.28% per year in local currency in the last 5 years.
For all pension plans except PT Inco, this has resulted in a target asset allocation of 60% in
equity investments and 40% in fixed income investments, with all securities being traded in the
public markets. Fixed income investments are in domestic bonds for each plans market and
involve a mixture of government and corporate bonds. Equity investments are primarily global in
nature and involve a mixture of large, mid and small capitalization companies with a modest
explicit investment in domestic equities for each plan. The Canadian plans also use a currency
hedging strategy (each developed currencys exposure is 50% hedged) due to the large exposure to
foreign securities. For PT Inco, the target allocation is 20% equity investment and the
remainder in fixed income, with the vast majority of these investments being made within the
domestic market.
- Fair value measurements by category Underfunded Pension Plans
As of December 31
2010
2009
Cash and cash equivalents
52
22
30
33
12
21
Accounts Receivable
20
20
Equity securities liquid
1,617
1,617
1,347
1,347
Equity securities non-liquid
11
6
5
Debt securities Corporate bonds
55
55
12
12
Debt securities Financial Institutions
120
120
19
19
Debt securities Government bonds
786
370
416
445
50
395
Investment funds Fixed Income
1,799
1,079
720
988
287
701
Investment funds Equity
437
91
346
409
87
322
International investments
6
3
3
Investment funds Private Equity
216
216
Structured investments Private Equity funds
15
15
Structured investments Real estate funds
1
1
Real estate
37
37
Loans to Participants
151
151
Total
5,323
3,424
1,695
204
3,253
1,783
1,470
Funds not related to risk plans
(678
)
(24
)
Fair value of plan assets at end of year
4,645
3,229
-
Fair value measurements using significant unobservable inputs
Level 3 (Underfunded)
As of December 31
2010
2009
Private Equity
Real Estate
Loans to
Private Equity
Loans to
Funds
Funds
Real State
Participants
Total
Funds
Real State
Participants
Total
Beginning of the year
Actual return os plan assets
(2
)
4
20
22
Assets sold during the period
7
(2
)
(57
)
(52
)
Assets purchases, sales and
settlemnts
10
58
68
Cumulative translation
adjustment
1
6
7
Transfers in and/or out of
Level 3
10
1
24
124
159
End of the year
15
1
37
151
204
The return target for private equity assets in 2011 is 11.51% in local currency. The Vale Mais
plan target allocation is 2%, ranging between 1% and 10%. These investments have a longer
investment horizon and low liquidity that aim to profit from economic growth, especially in the
infra-structure sector of the Brazilian economy. Usually non-liquid assets fair value is
established considering: acquisition cost or book value. Some private equity funds can,
alternatively, apply to the following valuation methodologies: discounted cash flows analysis
or analysis based on multiples.
The return target for the loan to participants segment in 2011 is 16.05%. In the fair value of
these assets non paid loans provisions are considered, according to local pension fund
legislation.
The return target for the real estate segment in 2011 is 12.89%. The fair value of these assets
is the book value. We hired specialized companies in property valuation that are not in the
market as brokers. All the valuation techniques are under the local legislation.
Underfunded other benefits
- Fair value measurements by category Other Benefits
As of December 31
2010
2009
Asset by
category
Total
Level
1
Total
Level
1
Cash
13
13
11
11
Total
13
13
11
11
k) Cash flows contributions
Employer
contributions expected for 2011 are US$310.
l) Estimated future benefit payments
The benefit payments, which reflect future service, are expected to be made as follows:
Under the terms of the long-term incentive compensation plan, the participants, restricted
to certain executives, may elect to allocate part of their annual bonus to the plan. The
allocation is applied to purchase preferred shares of Vale, through a predefined financial
institution, at market conditions and with no benefit provided by Vale.
The shares purchased by each executive are unrestricted and may, at the participants
discretion, be sold at any time. However, the shares must be held for a three-year period and
the executive must be continually employed by Vale during that period. The participant then
becomes entitled to receive from Vale a cash payment equivalent to the total amount of shares
held, based on the market rates. The total shares linked to the plan at December 31, 2010 and
December 31, 2009, are 2,458,627 and 1,809,117, respectively.
Additionally, as a long-term incentive certain eligible executives have the opportunity to
receive at the end of the triennial cycle, a certain number of shares at market rates, based on
an evaluation of their career and performance factors measured as an indicator of total return
to stockholders.
We account for the compensation cost provided to our executives under this long-term incentive
compensation plan, following the requirements for Accounting for Stock-Based Compensation.
Liabilities are measured at each reporting date at fair value, based on market rates.
Compensation costs incurred are recognized, over the defined three-year vesting period. At
December 31, 2010, December 31, 2009 and December 31, 2008, we recognized a liability of US$120,
US$72 and US$7, respectively, through the Statement of Income.
21 Commitments and contingencies
a) In connection with a tax-advantaged lease financing arrangement sponsored by the French
Government, we provided certain guarantees on December 30, 2004 on behalf of Vale New Caledonia
S.A.S. (VNC) pursuant to which we guaranteed payments due from VNC of up to a maximum amount of
US$100 (Maximum Amount) in connection with an indemnity. This guarantee was provided to BNP
Paribas for the benefit of the tax investors of GniFi, the special purpose vehicle which owns a
portion of the assets in our nickel cobalt processing plant in New Caledonia (Girardin
Assets). We also provided an additional guarantee covering the payments due from VNC of (a)
amounts exceeding the Maximum Amount in connection with the indemnity and (b) certain other
amounts payable by VNC under a lease agreement covering the Girardin Assets. This guarantee was
provided to BNP Paribas for the benefit of GniFi.
Another commitment incorporated in the taxadvantaged lease financing arrangement was that the
Girardin Assets would be substantially complete by December 31, 2010. In light of the delay in
the start up of VNC processing facilities, the December 31, 2010 substantially complete date was
not met. Management proposed an extension to the substantially complete date from December 31,
2010 to December 31, 2011. Both the French government authorities and the tax investors have
agreed to this extension, although a signed waiver has not yet been received from the tax
investors. The French tax authorities issued their signed extension on December 31, 2011.
Accordingly the benefits of the financing structure are fully expected to be maintained and we
anticipate that there will be no recapture of the tax advantages provided under this financing
structure.
In 2009, two new bank guarantees totaling US$58 (43 million) as at December 31, 2010 were
established by us on behalf of VNC in favor of the South Province of New Caledonia in order to
guarantee the performance of VNC with respect to certain environmental obligations in relation
to the metallurgical plant and the Kwe West residue storage facility.
Sumic Nickel Netherlands B.V. (Sumic), a 21% stockholder of VNC, has a put option to sell to
us 25%, 50%, or 100% of the shares they own of VNC. The put option can be exercised if the
defined cost of the initial nickel-cobalt development project, as measured by funding provided
to VNC, in natural currencies and converted to U.S. dollars at specified rates of exchange, in
the form of Girardin funding, shareholder loans and equity contributions by stockholders to VNC,
exceeded US$4.2 billion and an agreement cannot be reached on how to proceed with the project.
On February 15, 2010, we formally amended our agreement with Sumic to increase the threshold to
approximately US$4.6 billion at specified rates of exchange. On May 27, 2010 the threshold was
reached and on October 22, 2010, we have signed an agreement to extend the put option date into
the first half of 2011. On January 25, 2011 a further extension to the agreement was signed
extending the put option date into the second half of 2011.
We provided a guarantee covering certain termination payments due from VNC to the supplier under
an electricity supply agreement (ESA) entered into in October 2004 for the VNC project. The
amount of the termination payments guaranteed depends upon a number of factors, including
whether any termination of the ESA is a result of a default by VNC and the date on which an
early termination of the ESA were to occur. During the first quarter of 2010, the supply of
electricity under the ESA to the project began and the guaranteed amount now decreases over the
life of the ESA from its maximum amount. As at December 31, 2010 the guarantee was US$169 (126
million).
In February 2009, we and our subsidiary, Vale Newfoundland and Labrador Limited (VNL), entered
into a fourth amendment to the Voiseys Bay Development agreement with the Government of
Newfoundland and Labrador, Canada, that permitted VNL to ship up to 55,000 metric tonnes of
nickel concentrate from the Voiseys Bay area mines. As part of the agreement, VNL agreed to
provide the Government of Newfoundland and Labrador financial assurance in the form of letters
of credit, each in the amount of US$16 (CAD$16 million) for each shipment of nickel concentrate
shipped out of the province from January 1, 2009 to August 31, 2009. The amount of this
financial assurance was US$110 (CAD$112 million) based on seven shipments of nickel concentrate
and as of December 31, 2010, US$11 (CAD$11 million) remains outstanding.
As at December 31, 2010, there was an additional US$114 in letters of credit issued and
outstanding pursuant to our syndicate revolving credit facility, as well as an additional US$39
of letters of credit and US$57 in bank guarantees that were issued and outstanding. These are
associated with environmental reclamation and other operating associated items such as
insurance, electricity commitments and import and export duties.
b) We and our subsidiaries are defendants in numerous legal actions in the normal course of
business. Based on the advice of our legal counsel, management believes that the amounts
recognized are sufficient to cover probable losses in connection with such actions.
The provision for contingencies and the related judicial deposits are composed as follows:
December 31, 2010
December 31, 2009
Provision for
Provision for
contingencies
Judicial deposits
contingencies
Judicial deposits
Labor and social security claims
748
874
657
657
Civil claims
510
410
582
307
Tax related actions
746
442
489
175
Others
39
5
35
4
2,043
1,731
1,763
1,143
Labor and social security related actions principally comprise of claims by Brazilian
current and former employees for (i) payment of time spent traveling from their residences to
the work-place, (ii) additional health and safety related payments and (iii) various other
matters, often in connection with disputes about the amount of indemnities paid upon dismissal
and the one-third extra holiday pay.
Civil actions principally relate to claims made against us by contractors in Brazil in
connection with losses alleged to have been incurred by them as a result of various past
Government economic plans, during which full inflation indexation of contracts was not
permitted, as well, as for accidents and land appropriation disputes.
Tax related actions principally comprise of challenges initiated by us, on certain taxes on
revenues and uncertain tax positions. We continue to vigorously pursue our interests in all the
actions but recognize that we probably will incur some losses in the final instance, for which
we have made provisions.
Judicial deposits are made by us following court requirements in order to be entitled to either
initiate or continue a legal action. These amounts are released to us upon receipt of a final
favorable outcome from the legal action, and in the case of an unfavorable outcome, the deposits
are transferred to the prevailing party.
Contingencies settled during the three-month periods ended December 31, 2010, September 30, 2010
and December 31, 2009, totaled US$224, US$67 and US$236, respectively. Provisions recognized in
the three-month periods ended December 31, 2010, September 30, 2010 and December 31, 2009,
totaled US$41, US$68 and US$294, respectively, classified as other operating expenses.
Contingencies settled during the year ended 2010, 2009 and December 31, 2008, totaled US$352,
US$236 and
US$856, respectively. Provisions recognized in the year ended 2010, 2009 and December 31, 2008,
totaled US$112, US$294 and US$331, respectively, classified as other operating expenses.
In addition to the contingencies for which we have made provisions, we are defendants in claims
where in our opinion, and based on the advice of our legal counsel, the likelihood of loss is
reasonably possible but not probable, in the total amount of US$4,787 at December 31, 2010, and for which
no provision has been made (2009 US$4,190).
c) At the time of our privatization in 1997, the Company issued debentures to its then-existing
stockholders, including the Brazilian Government. The terms of the debentures, were set to
ensure that the pre-privatization stockholders, including the Brazilian Government would
participate in possible future financial benefits that could be obtained from exploiting certain
mineral resources.
A total of 388,559,056 Debentures were issued at a par value of R$0.01 (one cent), whose value
will be restated in accordance with the variation in the General Market Price Index (IGP-M), as
set forth in the Issue Deed.
The debentures holders have the right to receive premiums, paid semiannually, equivalent to a
percentage of net revenues from specific mine resources as set forth in the indenture.
In April and October 2010 we paid remuneration on these debentures of US$5 and US$5,
respectively.
d) We are committed under a take-or-pay agreement to purchase approximately 23,620 thousand
metric tons of bauxite from Mineração Rio do Norte S.A. MRN at a formula driven price,
calculated based on the current London Metal Exchange LME quotation for aluminum. Based on a
market price of US$24.50 per metric ton as of December 31, 2010, this arrangement represents the
following total commitment per metric ton as of December 31, 2010:
2011
141
2012
145
2013
146
2014
146
578
e) Description of Leasing Arrangements
Part of our railroad operations include leased facilities. The 30-year lease, renewable for a
further 30 years, expires in August, 2026 and is classified as an operating lease. At the end of
the lease term, we are required to return the concession and the leased assets. In most cases,
management expects that in the normal course of business, leases will be renewed.
The following is a schedule by year of future minimum rental payments required under the
railroad operating leases that have initial or remaining non-cancelable lease terms in excess of
one year as of December 31, 2010.
2011
90
2012
90
2013
90
2014
90
2015 thereafter
1,068
Total minimum payments required
1,428
The total expenses of operating leases for the years ended December 31, 2010, 2009 and 2008 were
US$90, US$80 and US$53, respectively.
During 2008, we entered into operating lease agreements with our joint ventures Nibrasco,
Itabrasco and Kobrasco, under wich we leased four pellet plants. The lease terms are from 5 to
30 years.
The following is a schedule by year of future minimum rental payments required under the
pellet plants operating leases that have initial or remaining non-cancelable lease terms in
excess of one year as of December 31, 2010:
2011
107
2012
107
2013
107
2014
107
2015 thereafter
1,092
Total
1,520
The total expenses of operating leases for the years ended December 31, 2010, 2009 and 2008 was
US$107, US$114 and US$49, respectively.
f) Asset retirement obligations
We use various judgments and assumptions when measuring our asset retirement obligations.
Changes in circumstances, law or technology may affect our estimates and we periodically review
the amounts accrued and adjust them as necessary. Our accruals do not reflect unasserted claims
because we are currently not aware of any such issues. Also the amounts provided are not reduced
by any potential recoveries under cost sharing, insurance or indemnification arrangements
because such recoveries are considered uncertain.
The changes in the provisions for asset retirement obligations are as follows:
Three-month period ended (unaudited)
Year ended as of December, 31
December 31,
September 30,
December 31,
2010
2010
2009
2010
2009
Beginning of period
1,230
1,162
1,102
1,116
887
Accretion expense
34
21
31
113
75
Liabilities settled in the current period
(33
)
(2
)
(21
)
(45
)
(46
)
Revisions in estimated cash flows (*)
110
(11
)
(14
)
125
(23
)
Cumulative translation adjustment
27
60
18
59
223
End of period
1,368
1,230
1,116
1,368
1,116
Current liabilities
75
79
89
75
89
Non-current liabilities
1,293
1,151
1,027
1,293
1,027
Total
1,368
1,230
1,116
1,368
1,116
(*)
Includes US$44 for the purchase of Vale Fertilizantes S.A. and Vale Fosfatados S.A.
The income statement line Other operating
expenses totaled US$2,205 for the year ended December 31,
2010, (US$1,522 in 2009 and
US$1,254 in 2008). It includes pre operational expenses US$360 (US$0
in 2009 and US$0 in 2008),
loss of material US$108 (US$9 in 2009 and US$199 in 2008) and idle
capacity and stoppage operations expenses US$757 (US$880 in 2009 and
US$0 in 2008). In 2008, we also had US$204 of expenses relating to
tax assessments on transportation services and US$65 of expenses
relating to write-off of intangible asset (patent rights).
23
Fair value disclosure of financial assets and liabilities
The Financial Accounting Standards Board, through Accounting Standards Codification and
Accounting Standards Updates, defines fair value and set out a framework for measuring fair
value, which refers to valuation concepts and practices and requires certain disclosures about
fair value measurements.
a)Measurements
The pronouncements define fair value as the exchange price that would be received for an asset,
or paid to transfer a liability (an exit price) in the principal or most advantageous market for
the asset or liability, in an orderly transaction between market participants on the measurement
date. In determining fair value, the Company uses various methods including market, income and
cost approaches. Based on these approaches, the Company often utilizes certain assumptions that
market participants would use in pricing the asset or liability, including assumptions about
risk and or the risks inherent in the inputs to the valuation technique.
These inputs can be readily observable, market corroborated, or generally unobservable inputs.
The Company utilizes techniques that maximize the use of observable inputs and minimize the use
of unobservable inputs. Under this standard, those inputs used to measure the fair value are
required to be classified on three levels. Based on the characteristics of the inputs used in
valuation techniques the Company is required to provide the following information according to
the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the
information used to determine fair values. Financial assets and liabilities carried at fair
value are classified and disclosed as follows:
Level 1 Unadjusted quoted prices on an active, liquid and visible market for identical
assets or liabilities that are accessible at the measurement date;
Level 2 Quoted prices for identical or similar assets or liabilities on active markets,
inputs other than quoted prices that are observable, either directly or indirectly, for the
term of the asset or liability;
Level 3 Assets and liabilities, which quoted prices do not exist, or those prices or
valuation techniques are supported by little or no market activity, unobservable or
illiquid. At this point, fair market valuation becomes highly subjective.
b)Measurements on a recurring basis
The description of the valuation methodologies used for recurring assets and liabilities
measured at fair value in the Companys Consolidated Balance Sheet at December 31, 2010 and 2009
are summarized below:
Available-for-sale securities
They are securities that are not classified either as held-for-trading or as
held-to-maturity for strategic reasons and have readily available market prices. We evaluate
the carrying value of some of our investments in relation to publicly quoted market prices
when available. When there is no market value, we use inputs other than quoted prices.
Derivatives
The market approach is used to estimate the fair value of the swaps discounting their cash
flows using the interest rate of the currency they are denominated and, also for the
commodities contracts, since the fair value is computed by using forward curves for each
commodity.
The fair value is measured by the market approach method, and the reference price is
available on the secondary market.
The tables below present the balances of assets and liabilities measured at fair value on a
recurring basis as follows:
As of December 31, 2010
Carrying amount
Fair value
Level 1
Level 2
Unrealized gain on derivatives
257
257
1
256
Debentures
(1,284
)
(1,284
)
(1,284
)
As of December 31, 2009
Carrying amount
Fair value
Level 1
Level 2
Available-for-sale securities
17
17
17
Unrealized gains on derivatives
832
832
832
Debentures
(752
)
(752
)
(752
)
c)Measurements on a non-recurring basis
The Company also has assets under certain conditions that are subject to measurement at fair
value on a non-recurring basis. These assets include goodwill and assets acquired and
liabilities assumed in business combinations. During the year ended December 31, 2010, we have
not recognized any additional impairment for those items.
d)Financial Instruments
Long-term debt
The valuation method used to estimate the fair value of our debt is the market approach for the
contracts that are quoted on the secondary market, such as bonds and debentures. The fair value
of both fixed and floating rate debt is determined by discounting future cash flows of Libor and
Vales bonds curves (income approach).
Time deposits
The method used is the income approach, through the prices available on the active market. The
fair value is close to the carrying amount due to the short-term maturities of the instruments.
Our long-term debt is reported at amortized cost, and the income of time deposits is accrued
monthly according to the contract rate. The estimated fair value measurement is disclosed as
follows:
As of December 31, 2010
Carrying amount
Fair value
Level 1
Level 2
Time deposits
1,793
1,793
1,793
Long-term debt (less interests) (*)
(24,071
)
(25,264
)
(19,730
)
(5,534
)
As of December 31, 2009
Carrying amount
Fair value
Level 1
Level 2
Time deposits
3,747
3,747
3,747
Long-term debt (less interests) (*)
(22,544
)
(23,344
)
(12,424
)
(10,920
)
(*)
Less accrued charges of US$343 and US$287 as of December 31, 2010 and December 31, 2009,
respectively.
We adopt disclosures about segments of an enterprise and related information with respect
to the information we present about our operating segments. The relevant standard requiring such
disclosures introduced a management approach concept for reporting segment information,
whereby such information is required to be reported on the basis that the chief decision-maker
uses internally for evaluating segment performance and deciding how to allocate resources to
segments. In line with our strategy to become a leading global player in the fertilizer
business, on May 27, 2010 we acquired 58.6% of the equity capital of Fertilizantes Fosfatados
S.A. Fosfertil (Fosfertil) and the Brazilian fertilizer assets of Bunge Participações e
Investimentos S.A. (BPI), currently renamed Vale Fosfatados S.A.. Considering this new segment
acquisition, fertilizers, and the related reorganization that occurred for the operating
segments are:
Bulk Material comprised of iron ore mining and pellet production, as well as our Brazilian
Northern and Southern transportation systems, including railroads, ports and terminals, as they
pertain to mining operations. Manganese mining and ferroalloys are also included in this
segment.
Base Metals comprised of the production of non-ferrous minerals, including nickel
(co-products and by-products), copper and aluminum comprised of aluminum trading activities,
alumina refining and aluminum metal smelting and investments in joint ventures and affiliates
engaged in bauxite mining.
Fertilizers comprised of the three important groups of nutrients: potash, phosphates and
nitrogen. This business is being formed through a combination of acquisitions and organic
growth.
Logistic Services comprised of our transportation systems as they pertain to the operation of
our ships, ports and railroads for third-party cargos.
Others comprised of our investments in joint ventures and affiliates engaged in other
businesses.
Information presented to senior management with respect to the performance of each segment is
generally derived directly from the accounting records maintained in accordance with accounting
practices adopted in Brazil together with certain minor inter-segment allocations.
These amounts are included in the following statement of income line items:
Year ended as of December, 31
2010
2009
2008
Income
Expense
Income
Expense
Income
Expense
Sales / Cost of iron ore and pellets
910
786
223
233
1,698
1,382
Revenues / expense from logistic services
23
603
26
457
25
624
Sales / Cost of aluminum products
156
210
249
Financial income/expenses
10
20
29
32
18
38
943
1,565
288
922
1,741
2,293
Additionally we have loans payable to Banco Nacional de Desenvolvimento Social and BNDES
Participações S.A in the amounts of US$2,172 and US$739 respectively, accruing interest at
market rates, which fall due through 2029. The operations generated interest expenses of
US$147. We also maintain cash equivalent balances with Banco Bradesco S.A. in the amount of
US$574 it December 31, 2010. The effect of these operations in results was US$5.
26
Derivative financial instruments
Risk management policy
Vale has developed its risk management strategy in order to provide an integrated approach of
the risks the Company is exposed to. To do that, Vale evaluate not only the impact of market
risk factors in the business results (market risk), but also the risk arising from third party
obligations with Vale (credit risk) and those risks inherent in Vales operational processes
(operational risk).
Vale considers that the effective management of risk is a key objective to support its growth
strategy and financial flexibility. The risk reduction on Vales future cash flows contributes
to a better perception of the Companys credit quality, improving its ability to access
different markets. As a commitment to the risk management strategy, the Board of Directors has
established an enterprise-wide risk management policy and a risk management committee.
The risk management policy determines that Vale should
evaluate regularly its cash flow risks
and potential risk mitigation strategies. Whenever considered necessary, mitigation strategies
should be put in place to reduce cash flow volatility. The executive board is responsible for
the evaluation and approval of long-term risk mitigation strategies recommended by the risk
management committee.
The risk management committee assists our executive officers in overseeing and reviewing our
enterprise risk management activities, including the principles, policies, process, procedures
and instruments employed to manage risk. The risk management committee reports periodically to
the executive board on how risks have been monitored, what are the most important risks we are
exposed to and their impact on cash flows.
The risk management policy and procedures that complement the normative of risk management
governance model, explicitly prohibit speculative transactions with derivatives and require the
diversification of operations and counterparties.
Besides the risk management governance model, Vale has put in place a well defined corporate
governance structure. The recommendation and execution of the derivative transactions are
implemented by independent areas. The strategy and risk management department is responsible for
defining and proposing to the risk management committee, market risk mitigation strategies
consistent with Vales and its wholly owned subsidiaries corporate strategy. The finance
department is responsible for the execution of the risk mitigation strategies through the use of
derivatives. The independence of the areas guarantees an effective control on these operations.
When measuring our exposures, the correlations between market risk factors are taken into
consideration once we must be able to evaluate the net impact on our cash flows from all main
market variables. We are also able to identify a natural diversification of products and
currencies in our portfolio and therefore a natural reduction of the overall risk of the
Company.
The consolidated market risk exposure and the portfolio of derivatives are measured monthly and
monitored in order to evaluate the financial results and market risk impacts on our cash flow,
as well as to guarantee that the initial goals
will be achieved. The mark-to-market of the
derivatives portfolio is reported weekly to management.
Considering the nature of Vales business and operations, the main market risk factors which the
Company is exposed are:
Interest rates;
Foreign exchange;
Product prices and input costs
Foreign exchange and interest rate risk
Vales cash flows are exposed to volatility of several different currencies. While most of our
product prices are indexed to the US dollars, most of our costs, disbursements and investments
are indexed to currencies other than the US dollar, mainly the
Brazilian real and Canadian
dollar.
Derivative instruments may be used to reduce Vales potential cash flow volatility arising from
its currency mismatch. Vales foreign exchange and interest rate derivative portfolio consists,
basically, of interest rate swaps to convert floating cash flows in Brazilian real to fixed or
floating US dollar cash flows, without any leverage.
Vale is also exposed to interest rate risks on loans and financings. Our floating rate debt
consists mainly of loans including export pre-payments, commercial banks and multilateral
organizations loans.
In general, our US dollars floating rate debt is subject to changes in the LIBOR (London
Interbank Offer Rate in US dollars). To mitigate the impact of the interest rate volatility on
its cash flows, Vale takes advantage of natural hedges resulting from the correlation of metal
prices and US dollar floating rates. When natural hedges are not present, we may opt to look for
the same effect by using financial instruments.
Our Brazilian real denominated debt subject to floating interest rates refers to debentures,
loans obtained from Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and property
and services acquisition financing in the Brazilian market. These debts are mainly linked to CDI
and TJLP.
The swap transactions used to convert debt linked to Brazilian reais into U.S. Dollars have
similar and sometimes shorter settlement dates than the final maturity of the debt
instruments. Their amounts are similar to the principal and interest payments, subjected to
liquidity market conditions. The swaps with shorter settlement date than the debts final
maturity are renegotiated through time so that their final maturity match or become closer
to the debt final maturity. At each settlement date, the results on the swap transactions
partially offset the impact of the foreign exchange rate in our obligations, contributing to
stabilize the cash disbursements in U.S. Dollars for the interest and/or principal payment of
our Brazilian Real denominated debt.
In the event of an appreciation (depreciation) of the Brazilian real against the US dollar, the
negative (positive) impact on our Brazilian real denominated debt obligations (interest and/or
principal payment) measured in US dollars will be partially offset by a positive (negative)
effect from a swap transaction, regardless of the US dollar / Brazilian real exchange rate on
the payment date.
We have other exposures associated with our outstanding debt portfolio. In order to reduce cash
flow volatility associated with a financing from KFW (Kreditanstalt Für Wiederaufbau) indexed to
Euribor, Vale entered into a swap contract where the cash flows in Euros are converted into cash
flows in US dollars. We have also entered into a swap to convert the cash flow from a debt
instrument issued originally in Euro into US dollars. In this derivative transaction, we receive
fixed interest rates in Euros and pay fixed interest rates in US dollars.
In order to reduce the cash flows volatility associated with the foreign exchange exposure from
some coal fixed price sales, Vale purchased forward Australian dollars.
Product price risk
Vale is also exposed to several market risks associated with commodities price volatilities.
Currently, our derivative
transactions include nickel, aluminum, coal, copper, bunker oil and
maritime freight (FFA) derivatives and all have the same purpose of mitigating Vales cash flow
volatility.
Nickel The Company has the following derivative instruments in this category:
Strategic derivative program in order to protect our cash flows in 2010 and 2011,
we entered into derivative transactions where we fixed the prices of some of our nickel
sales during the period.
Fixed price sales program we use to enter into nickel future contracts on the
London Metal Exchange (LME) with the purpose of maintaining our exposure to nickel price
variation, regarding the fact that, in some cases, the commodity is sold at a fixed price to some customers.
Whenever the Strategic derivative program is executed, the Fixed price sales program is
interrupted.
Nickel purchase program Vale has also sold nickel futures on the LME, in order to
minimize the risk of mismatch between the pricing on the costs of intermediate products and
finished goods.
Aluminum In order to protect our cash flow in 2010, we entered into derivatives transactions
where we fixed the prices of some of our aluminum sales during the period. Aluminum operations
are available for sale since June 2010.
Coal In order to protect our cash flow in 2010,
we entered into derivatives transactions
where we fixed the prices of some of our coal sales during the period.
Copper We entered into derivatives transactions in order to reduce the cash flow volatility
due to the quotation period mismatch between the pricing period of copper scrap purchase and the
pricing period of final products sale to the clients.
Bunker Oil In order to reduce the impact of bunker oil price fluctuation on Vales freight
hiring and, therefore, on Vales cash flow, Vale implemented a derivative program that consists
of forward purchases and swaps.
Maritime Freight In order to reduce the impact of freight price fluctuations on the Companys
cash flows, Vale implemented a derivative program that consists of purchasing Forward Freight
Agreements (FFA).
Embedded derivatives In addition to the
contracts mentioned above, Vale Inco Ltd., Vales
wholly-owned subsidiary, has nickel concentrate and raw materials purchase agreements, where
there are provisions based on the movement of nickel and copper prices. These provisions are
considered embedded derivatives. There is also an embedded derivative related to energy purchase
in our subsidiary Albras, on which there is a premium that can be charged based on the movement
of aluminum prices. Aluminum operations are available for sale since June 2010.
Under the Standard Accounting for Derivative Financial Instruments and Hedging Activities, all
derivatives, whether designated in hedging relationships or not, are required to be recorded in
the balance sheet at fair value and the gain or loss in fair value is included in current
earnings, unless if qualified as hedge accounting. A derivative must be designated in a hedging
relationship in order to qualify for hedge accounting. These requirements include a
determination of what portions of hedges are deemed to be effective versus ineffective. In
general, a hedging relationship is effective when a change in the fair value of the derivative
is offset by an equal and opposite change in the fair value of the underlying hedged item. In
accordance with these requirements, effectiveness tests are performed in order to assess
effectiveness and quantify ineffectiveness for all designated hedges.
At December 31, 2010, we have outstanding positions designated as cash flow hedge. A cash flow hedge is a hedge of the exposure to variability in expected future
cash flows that is attributable to a particular risk, such as a forecasted purchase or sale. If
a derivative is designated as cash flow hedge, the effective portion of the changes in the
fair value of the derivative is recorded in other comprehensive income and recognized in
earnings when the hedged item affects earnings. However, the ineffective portion of changes in
the fair value of the derivatives designated as hedges is recognized in earnings. If a portion
of a derivative contract is excluded for purposes of effectiveness testing, such as time value,
the value of such excluded portion is included in earnings.
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused
this report to be signed on its behalf by the undersigned, thereunto duly authorized.
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10
R19.xml
IDEA: Recoverable taxes
2.2.0.25falsefalse0211 - Disclosure - Recoverable taxestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0vale_RecoverableTaxesAbstractvalefalsenadurationRecoverable taxes.falsefalsefalsefalsefalsefalsefalsefalsefalse
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<!-- Begin Block Tagged Note 11 - vale:RecoverableTaxesTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>11</b></td>
<td width="1%"> </td>
<td><b>Recoverable taxes</b></td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>As of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income tax
</div></td>
<td> </td>
<td> </td>
<td align="right">459</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">908</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Value-added tax — ICMS
</div></td>
<td> </td>
<td> </td>
<td align="right">484</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">290</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">PIS and COFINS
</div></td>
<td> </td>
<td> </td>
<td align="right">962</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,052</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">78</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,964</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,328</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Current
</div></td>
<td> </td>
<td> </td>
<td align="right">1,603</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,511</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-current
</div></td>
<td> </td>
<td> </td>
<td align="right">361</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">817</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,964</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,328</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
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<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringRecoverable taxes.No authoritative reference available.falsefalse12Recoverable taxesUnKnownUnKnownUnKnownUnKnownfalsetrueXML
11
R29.xml
IDEA: Commitments and contingencies
2.2.0.25falsefalse0221 - Disclosure - Commitments and contingenciestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0vale_CommitmentsAndContingenciesAbstractvalefalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_CommitmentsAndContingenciesDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLI
C "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 21 - us-gaap:CommitmentsAndContingenciesDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>21   Commitments and contingencies</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b> </b></td>
<td width="1%"> </td>
<td><b>a)</b> In connection with a tax-advantaged lease financing arrangement sponsored by the French
Government, we provided certain guarantees on December 30, 2004 on behalf of Vale New Caledonia
S.A.S. (VNC) pursuant to which we guaranteed payments due from VNC of up to a maximum amount of
US$100 (“Maximum Amount”) in connection with an indemnity. This guarantee was provided to BNP
Paribas for the benefit of the tax investors of GniFi, the special purpose vehicle which owns a
portion of the assets in our nickel cobalt processing plant in New Caledonia (“Girardin
Assets”). We also provided an additional guarantee covering the payments due from VNC of (a)
amounts exceeding the Maximum Amount in connection with the indemnity and (b) certain other
amounts payable by VNC under a lease agreement covering the Girardin Assets. This guarantee was
provided to BNP Paribas for the benefit of GniFi.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Another commitment incorporated in the tax—advantaged lease financing arrangement was that the
Girardin Assets would be substantially complete by December 31, 2010. In light of the delay in
the start up of VNC processing facilities, the December 31, 2010 substantially complete date was
not met. Management proposed an extension to the substantially complete date from December 31,
2010 to December 31, 2011. Both the French government authorities and the tax investors have
agreed to this extension, although a signed waiver has not yet been received from the tax
investors. The French tax authorities issued their signed extension on December 31, 2011.
Accordingly the benefits of the financing structure are fully expected to be maintained and we
anticipate that there will be no recapture of the tax advantages provided under this financing
structure.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In 2009, two new bank guarantees totaling US$58 (€43 million) as at December 31, 2010 were
established by us on behalf of VNC in favor of the South Province of New Caledonia in order to
guarantee the performance of VNC with respect to certain environmental obligations in relation
to the metallurgical plant and the Kwe West residue storage facility.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Sumic Nickel Netherlands B.V. (“Sumic”), a 21% stockholder of VNC, has a put option to sell to
us 25%, 50%, or 100% of the shares they own of VNC. The put option can be exercised if the
defined cost of the initial nickel-cobalt development project, as measured by funding provided
to VNC, in natural currencies and converted to U.S. dollars at specified rates of exchange, in
the form of Girardin funding, shareholder loans and equity contributions by stockholders to VNC,
exceeded US$4.2 billion and an agreement cannot be reached on how to proceed with the project.
On February 15, 2010, we formally amended our agreement with Sumic to increase the threshold to
approximately US$4.6 billion at specified rates of exchange. On May 27, 2010 the threshold was
reached and on October 22, 2010, we have signed an agreement to extend the put option date into
the first half of 2011. On January 25, 2011 a further extension to the agreement was signed
extending the put option date into the second half of 2011.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
</div>
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We provided a guarantee covering certain termination payments due from VNC to the supplier under
an electricity supply agreement (“ESA”) entered into in October 2004 for the VNC project. The
amount of the termination payments guaranteed depends upon a number of factors, including
whether any termination of the ESA is a result of a default by VNC and the date on which an
early termination of the ESA were to occur. During the first quarter of 2010, the supply of
electricity under the ESA to the project began and the guaranteed amount now decreases over the
life of the ESA from its maximum amount. As at December 31, 2010 the guarantee was US$169 (€126
million).
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In February 2009, we and our subsidiary, Vale Newfoundland and Labrador Limited (“VNL”), entered
into a fourth amendment to the Voisey’s Bay Development agreement with the Government of
Newfoundland and Labrador, Canada, that permitted VNL to ship up to 55,000 metric tonnes of
nickel concentrate from the Voisey’s Bay area mines. As part of the agreement, VNL agreed to
provide the Government of Newfoundland and Labrador financial assurance in the form of letters
of credit, each in the amount of US$16 (CAD$16 million) for each shipment of nickel concentrate
shipped out of the province from January 1, 2009 to August 31, 2009. The amount of this
financial assurance was US$110 (CAD$112 million) based on seven shipments of nickel concentrate
and as of December 31, 2010, US$11 (CAD$11 million) remains outstanding.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">As at December 31, 2010, there was an additional US$114 in letters of credit issued and
outstanding pursuant to our syndicate revolving credit facility, as well as an additional US$39
of letters of credit and US$57 in bank guarantees that were issued and outstanding. These are
associated with environmental reclamation and other operating associated items such as
insurance, electricity commitments and import and export duties.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>b) </b>We and our subsidiaries are defendants in numerous legal actions in the normal course of
business. Based on the advice of our legal counsel, management believes that the amounts
recognized are sufficient to cover probable losses in connection with such actions.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The provision for contingencies and the related judicial deposits are composed as follows:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Provision for</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Provision for</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>contingencies</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Judicial deposits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>contingencies</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Judicial deposits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Labor and social security claims
</div></td>
<td> </td>
<td> </td>
<td align="right">748</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">874</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">657</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">657</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Civil claims
</div></td>
<td> </td>
<td> </td>
<td align="right">510</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">410</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">582</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">307</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax — related actions
</div></td>
<td> </td>
<td> </td>
<td align="right">746</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">442</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">489</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">175</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">39</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>2,043</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,731</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,763</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,143</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Labor and social security related actions principally comprise of claims by Brazilian
current and former employees for (i) payment of time spent traveling from their residences to
the work-place, (ii) additional health and safety related payments and (iii) various other
matters, often in connection with disputes about the amount of indemnities paid upon dismissal
and the one-third extra holiday pay.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Civil actions principally relate to claims made against us by contractors in Brazil in
connection with losses alleged to have been incurred by them as a result of various past
Government economic plans, during which full inflation indexation of contracts was not
permitted, as well, as for accidents and land appropriation disputes.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Tax related actions principally comprise of challenges initiated by us, on certain taxes on
revenues and uncertain tax positions. We continue to vigorously pursue our interests in all the
actions but recognize that we probably will incur some losses in the final instance, for which
we have made provisions.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Judicial deposits are made by us following court requirements in order to be entitled to either
initiate or continue a legal action. These amounts are released to us upon receipt of a final
favorable outcome from the legal action, and in the case of an unfavorable outcome, the deposits
are transferred to the prevailing party.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Contingencies settled during the three-month periods ended December 31, 2010, September 30, 2010
and December 31, 2009, totaled US$224, US$67 and US$236, respectively. Provisions recognized in
the three-month periods ended December 31, 2010, September 30, 2010 and December 31, 2009,
totaled US$41, US$68 and US$294, respectively, classified as other operating expenses.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Contingencies settled during the year ended 2010, 2009 and December 31, 2008, totaled US$352,
US$236 and
US$856, respectively. Provisions recognized in the year ended 2010, 2009 and December 31, 2008,
totaled US$112, US$294 and US$331, respectively, classified as other operating expenses.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In addition to the contingencies for which we have made provisions, we are defendants in claims
where in our opinion, and based on the advice of our legal counsel, the likelihood of loss is
reasonably possible but not probable, in the total amount of US$4,787 at December 31, 2010, and for which
no provision has been made (2009 — US$4,190).
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>c) </b>At the time of our privatization in 1997, the Company issued debentures to its then-existing
stockholders, including the Brazilian Government. The terms of the debentures, were set to
ensure that the pre-privatization stockholders, including the Brazilian Government would
participate in possible future financial benefits that could be obtained from exploiting certain
mineral resources.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">A total of 388,559,056 Debentures were issued at a par value of R$0.01 (one cent), whose value
will be restated in accordance with the variation in the General Market Price Index (IGP-M), as
set forth in the Issue Deed.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The debentures holders have the right to receive premiums, paid semiannually, equivalent to a
percentage of net revenues from specific mine resources as set forth in the indenture.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In April and October 2010 we paid remuneration on these debentures of US$5 and US$5,
respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>d) </b>We are committed under a take-or-pay agreement to purchase approximately 23,620 thousand
metric tons of bauxite from Mineração Rio do Norte S.A. — MRN at a formula driven price,
calculated based on the current London Metal Exchange — LME quotation for aluminum. Based on a
market price of US$24.50 per metric ton as of December 31, 2010, this arrangement represents the
following total commitment per metric ton as of December 31, 2010:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td> </td>
<td align="right">141</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">145</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">146</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">146</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>578</b></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>e) Description of Leasing Arrangements</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Part of our railroad operations include leased facilities. The 30-year lease, renewable for a
further 30 years, expires in August, 2026 and is classified as an operating lease. At the end of
the lease term, we are required to return the concession and the leased assets. In most cases,
management expects that in the normal course of business, leases will be renewed.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The following is a schedule by year of future minimum rental payments required under the
railroad operating leases that have initial or remaining non-cancelable lease terms in excess of
one year as of December 31, 2010.
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td> </td>
<td align="right">90</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">90</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">90</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">90</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2015 thereafter
</div></td>
<td> </td>
<td> </td>
<td align="right">1,068</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total minimum payments required</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,428</b></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The total expenses of operating leases for the years ended December 31, 2010, 2009 and 2008 were
US$90, US$80 and US$53, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">During 2008, we entered into operating lease agreements with our joint ventures Nibrasco,
Itabrasco and Kobrasco, under wich we leased four pellet plants. The lease terms are from 5 to
30 years.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The following is a schedule by year of future minimum rental payments required under the
pellet plants operating leases that have initial or remaining non-cancelable lease terms in
excess of one year as of December 31, 2010:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px">2011
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">107</td>
</tr>
<tr valign="bottom">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px">2012
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">107</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px">2013
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">107</td>
</tr>
<tr valign="bottom">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px">2014
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">107</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px">2015 thereafter
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top">1,092</td>
</tr>
<tr style="font-size: 1px">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px"><b>Total</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top"><b>1,520</b></td>
</tr>
<tr style="font-size: 1px">
<td valign="top">
<div style="margin-left:0px; text-indent:-0px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" align="right" valign="top"> </td>
<td align="right" valign="top" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The total expenses of operating leases for the years ended December 31, 2010, 2009 and 2008 was
US$107, US$114 and US$49, respectively.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td><b>f) Asset retirement obligations</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We use various judgments and assumptions when measuring our asset retirement obligations.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Changes in circumstances, law or technology may affect our estimates and we periodically review
the amounts accrued and adjust them as necessary. Our accruals do not reflect unasserted claims
because we are currently not aware of any such issues. Also the amounts provided are not reduced
by any potential recoveries under cost sharing, insurance or indemnification arrangements
because such recoveries are considered uncertain.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The changes in the provisions for asset retirement obligations are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="40%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Beginning of period</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,230</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,162</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,102</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,116</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>887</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Accretion expense
</div></td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">113</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Liabilities settled in the current period
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(33</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(21</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(45</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(46</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Revisions in estimated cash flows (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">110</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">125</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cumulative translation adjustment
</div></td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">60</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">223</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>End of period</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,368</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,230</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,116</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,368</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,116</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Current liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">89</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">89</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-current liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">1,293</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,151</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,027</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,293</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,027</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,368</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,230</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,116</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,368</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,116</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Includes US$44 for the purchase of Vale Fertilizantes S.A. and Vale Fosfatados S.A.</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringIncludes disclosure of commitments and contingencies. This element may be used as a single block of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 14
-Paragraph 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
falsefalse12Commitments and contingenciesUnKnownUnKnownUnKnownUnKnownfalsetrueXML
12
R11.xml
IDEA: Summary of significant accounting policies
2.2.0.25falsefalse0203 - Disclosure - Summary of significant accounting policiestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0vale_SummaryOfSignificantAccountingPoliciesAbstractvalefalsenadurationSummary of significant accounting policies.falsefalsefalsefalsefalsefalsefalsef
alsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringSummary of significant accounting policies.falsefalse3false0us-gaap_SignificantAccountingPoliciesTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 3 - us-gaap:SignificantAccountingPoliciesTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>3 </b></td>
<td width="1%"> </td>
<td><b>Summary of significant accounting policies</b></td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The preparation of financial statements requires management to make estimates and
assumptions that affect the reported amounts of assets and liabilities and disclosure of
contingent assets and liabilities at the date of the financial statements and the reported
amounts of revenues and expenses during the reporting period. Estimates are used for, but not
limited to, the selection of useful lives of property, plant and equipment, impairment,
provisions necessary for contingent liabilities, fair values assigned to assets and liabilities
acquired in business combinations, income tax valuation allowances, employee post retirement
benefits and other similar evaluations. Actual results could differ from those estimated.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>a) Basis of presentation</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We have prepared our consolidated financial statements in accordance with United States
generally accepted accounting principles (“US GAAP”), which differ in certain respects from the
accounting practices adopted in Brazil (“Brazilian GAAP”), compliant with International
Financial Reporting Standards (“IFRS”) as issued by the
IASB, which are the basis for our statutory financial
statements.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">These financial statements reflect the retrospective adoption of the new segment information as
of December 31, 2010 and the three years then ended as shown in Note 24. The new segment
information was set up during 2010 based on new acquisitions and project developments. The
information disclosed under Notes 15 and 24 retroactively reflects these changes for all periods
covered by those Financial Statements.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Since December 2007, significant modifications have been made to Brazilian GAAP as part of a
convergence project with International Financial Reporting Standards (“IFRS”) and as from
December 31, 2010, the convergence will be completed and therefore IFRS will be the accounting
practice adopted in Brazil. The Company does not expect to discontinue the US GAAP reporting
during 2011.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Our consolidated interim financial statements for the three-month periods ended December 31,
2010, September 30, 2010 and December 31, 2009 presented herein are unaudited. However, in our
opinion, such consolidated financial statements include all adjustments necessary for a fair
statement of the results for these periods.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The Brazilian Real is the parent Company’s functional currency. We have selected the US dollar
as our reporting currency.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">All assets and liabilities have been translated to US dollars at the closing rate of exchange at
each balance sheet date (or, if unavailable, the first available exchange rate). All statement
of income accounts have been translated to US dollars at the average exchange rates prevailing
during the respective periods. Capital accounts are recorded at historical exchange rates.
Translation gains and losses are recorded in the Cumulative Translation Adjustments account
(“CTA”) in stockholders’ equity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The results of operations and financial position of our entities that have a functional currency
other than the US dollar, have been translated into US dollars and adjustments to translate
those statements into US dollars are recorded in the CTA in stockholders’ equity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The exchange rates used to translate the assets and liabilities of the Brazilian operations at
December 31, 2010 and 2009, were R$1.6662 and R$1.7412, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The net transaction gain (loss) included in our statement of income (“Foreign exchange and
indexation gains (losses), net”) was US$102, US$665 and US$(1,011) in the years ended December
31, 2010, 2009 and 2008, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The Company has performed an evaluation of subsequent events through February 24, 2011 which is
the date the financial statements were issued.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>b) Cash equivalents and short-term investments</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Cash flows from overnight investments and fundings are reported net. Short-term investments
that have a ready market and original maturities of 90 days or less are classified as “Cash
equivalents”. The remaining investments, between 91 day and 360 day maturities are stated at
fair value and presented as “Short-term investments”.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>c) Long-term</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Assets and liabilities that are realizable or due more than 12 months after the balance sheet
date are classified as long-term.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>d) Inventories</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Inventories are recorded at the average cost of purchase or production, reduced to market value
(net realizable value less a reasonable margin) when lower. Stockpiled inventories are accounted
for as processed when they are removed from the mine. The cost of finished goods of comprises
depreciation and all direct costs necessary to convert stockpiled inventories into finished
goods.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We classify proven and probable reserve quantities attributable to stockpiled inventories as
inventories. These reserve quantities are not included in the total proven and probable reserve
quantities used in the units of production, depreciation, depletion and amortization
calculations.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We periodically assess our inventories to identify obsolete or slow-moving inventories, and if
needed we recognize definitive allowances for them.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>e) Removal of waste materials to access mineral deposits</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Stripping costs (the costs associated with the removal of overburdened and other waste
materials) incurred during the development of a mine, before production commences, are
capitalized as part of the depreciable cost of developing the property. Such costs are
subsequently amortized over the useful life of the mine based on proven and probable reserves.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Post-production stripping costs are included in the cost of the inventory produced (that is
extracted), at each mine individually during the period that stripping costs are incurred.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>f) Property, plant and equipment and intangible assets</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Property, plant and equipment are recorded at cost, including interest cost incurred during the
construction of major new facilities. We compute depreciation on the straight-line method at
annual average rates which take into consideration the useful lives of the assets, as follows:
3.73% for railroads, 1.5% for buildings, 4.23% for installations and 7.73% for other equipment.
Expenditures for maintenance and repairs are charged to operating costs and expenses as
incurred.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We capitalize the costs of developing major new ore bodies or expanding the capacity of
operating mines and amortize these to operations on the unit-of-production method based on the
total probable and proven quantity of ore to be recovered. Exploration costs are expensed.
Once the economic viability of mining activities is established, subsequent development costs
are capitalized.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Separately acquired intangible assets are shown at historical cost. Intangible assets acquired
in a business combination are recognized at fair value at the acquisition date. All our
intangible assets have definite useful lives and are carried at cost less accumulated
amortization, which is calculated using the straight-line method over their estimated useful
lives.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>g) Business combinations</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We apply accounting for business combinations to record acquisitions of interests in other
companies. This “purchase method”, requires that we reasonably determine the fair value of the
identifiable tangible and intangible assets and liabilities of acquired companies and segregate
goodwill as an intangible asset.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We assign goodwill to reporting units and test each reporting unit’s goodwill for impairment at
least annually, and whenever circumstance indicating that recognized goodwill may not be fully
recovered are identified. We perform the annual goodwill impairment tests during the last
quarter of the year.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Goodwill is reviewed for impairment utilizing a two step process. In the first step, we compare
a reporting unit’s fair value with its carrying amount to identify any potential goodwill
impairment loss. If the carrying amount of a reporting unit exceeds the unit’s fair value,
based on a discounted cash flow analysis, we carry out the second step of the impairment test,
measuring and recording the amount, if any, of the unit’s goodwill impairment loss.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>h) Impairment of long-lived assets</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">All long-lived assets, are tested to determine if they are recoverable from operating earnings
on an undiscounted cash flow basis over their useful lives whenever events or changes in
circumstance indicate that the carrying value may not be recoverable.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">When we determine that the carrying value of long-lived assets and definite-life intangible
assets may not be recoverable, we measure any impairment loss based on a projected discounted
cash flow method using a discount rate determined to be commensurate with the risk inherent in
our current business model.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>i) Available-for-sale equity securities</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Equity securities classified as “available-for-sale” are recorded pursuant to accounting for
certain investments in debt and equity securities. Accordingly, we classify unrealized holding
gains and losses, net of taxes, as a separate component of stockholders’ equity until realized.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>j) Compensated absences</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The liability for future compensation for employee vacations is fully accrued as earned.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>k) Derivatives and hedging activities</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We apply accounting for derivative financial instruments and hedging activities, as amended.
This standard requires that we recognize all derivative financial instruments as either assets
or liabilities on our balance sheet and measure such instruments at fair value. Changes in the
fair value of derivatives are recorded in each period in current earnings or in other
comprehensive income, in the latter case depending on whether a transaction is designated as an
effective hedge and has been effective during the period.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>l) Asset retirement obligations</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Our retirement obligations consist primarily of estimated closure costs, the initial measurement
of which is recognized as a liability discounted to present value and subsequently accreted
through earnings. An asset retirement cost equal to the initial liability is capitalized as part
of the related asset’s carrying value and depreciated over the asset’s useful life.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>m) Revenues and expenses</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Revenues are recognized when title is transferred to the customer or services are rendered.
Revenue from exported products is recognized when such products are loaded on board the ship.
Revenue from products sold in the domestic market is recognized when delivery is made to the
customer. Revenue from logistic services is recognized when the service order has been
fulfilled. Expenses and costs are recognized on the accrual basis.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>n) Income taxes</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The deferred tax effects of tax loss carryforwards and temporary differences are recognized
pursuant to accounting for income taxes. A valuation allowance is made when we believe that it
is more likely than not that tax assets will not be fully recovered in the future.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>o) Earnings per share</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Earnings per share are computed by dividing net income by the weighted average number of common
and preferred shares outstanding during the period.
</div>
<!-- Folio -->
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</div>
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<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>p) Interest attributed to stockholders’ equity (dividend)</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Brazilian corporations are permitted to distribute interest attributable to stockholders’
equity. The calculation is based on the stockholders’ equity amounts as stated in the statutory
accounting records and the interest rate applied may not exceed the long-term interest rate
(TJLP) determined by the Brazilian Central Bank. Also, such interest may not exceed 50% of net
income for the year nor 50% of retained earnings plus revenue reserves as determined by
“Brazilian GAAP”.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">As the notional interest charge is tax deductible in Brazil, the benefit to us, as opposed to
making a dividend payment is a reduction in our income tax charge. Income tax of 15% is withheld
on behalf of the stockholders relative to the interest distribution. Under Brazilian law,
interest attributed to stockholders’ equity is considered as part of the annual minimum
mandatory dividend (Note 18). This notional interest distribution is treated for accounting
purposes as a deduction from stockholders’ equity in a manner similar to a dividend and the tax
credit recorded in income.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>q) Pension and other post retirement benefits</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We sponsor private pensions and other post retirement benefits for our employees which are
actuarially determined and recognized as an asset or liability or both depending on the funded
or unfunded status of each plan in accordance with employees ´ accounting for defined benefit
pension and other post retirement plans”. The cost of our defined benefit and prior service
costs or credits that arise during the period and are not components of net periodic benefit
costs are recorded in other cumulative comprehensive income (deficit).
</div>
</div>
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-Name Accounting Principles Board Opinion (APB)
-Number 22
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R10.xml
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<div align="left" style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>2 </b></td>
<td width="1%"> </td>
<td><b>Basis of consolidation</b></td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">All majority-owned subsidiaries in which we have both share and management control are
consolidated. All significant intercompany accounts and transactions are eliminated.
Subsidiaries over which control is achieved through other means, such as stockholders agreement,
are also consolidated even if we hold less than 51% of voting capital. Our variable interest
entities in which we are the primary beneficiary are consolidated. Investments in unconsolidated
affiliates and joint ventures are accounted for under the equity method (Note 15).
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We evaluate the carrying value of our equity investments in relation to publicly quoted market
prices when available. If the quoted market price is below book value, and such decline is
considered other than temporary, we write-down our equity investments to quoted market value.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We define joint ventures as businesses in which we and a small group of other partners each
participate actively in the overall entity management, based on a stockholders agreement. We
define affiliates as businesses in which we participate as a noncontrolling interest but with
significant influence over the operating and financial policies of the investee.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Our participation in hydroelectric projects in Brazil is made via consortium contracts under
which we have undivided interests in the assets, and are liable for our proportionate share of
liabilities and expenses, which are based on our proportionate share of power output. We do not
have joint liability for any obligations. No separate legal or tax status is granted to
consortia under Brazilian law. Accordingly, we recognize our proportionate share of costs and
our undivided interest in assets relating to hydroelectric projects (Note 12).
</div>
<!-- Folio -->
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</div>
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<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">    
</div>
</div>
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in its statement of financial position, including the carrying amounts of such assets, (3) the nature of, and changes in, the risks associated with an enterprise's involvement with the VIE, and (4) how an enterprise's involvement with the VIE affects the enterprise's financial position, financial performance, and cash flows. Describes procedure if disclosures are provided in more than one note to the financial statements.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FAS140-4 and FIN46(R)-8
-Paragraph 8, C1, C7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 94-6
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-Name FASB Interpretation (FIN)
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R30.xml
IDEA: Other expenses
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USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_OtherExpensesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0vale_OtherExpensesTextBlockvalefalsenadurationOperating expenditures that is not closely related to cost of sales, selling, general, administrative, and miscellaneous...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
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<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>22</b></td>
<td width="1%"> </td>
<td><b>Other expenses</b></td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The income statement line “Other operating
expenses” totaled US$2,205 for the year ended December 31,
2010, (US$1,522 in 2009 and
US$1,254 in 2008). It includes pre operational expenses US$360 (US$0
in 2009 and US$0 in 2008),
loss of material US$108 (US$9 in 2009 and US$199 in 2008) and idle
capacity and stoppage operations expenses US$757 (US$880 in 2009 and
US$0 in 2008). In 2008, we also had US$204 of expenses relating to
tax assessments on transportation services and US$65 of expenses
relating to write-off of intangible asset (patent rights).</td>
</tr>
</table>
</div>
</div>
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-Number 210
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alsefalsefalsetruenegated1truefalsefalse-306000000-306falsefalsefalsefalsefalse2truefalsefalse344000000344falsefalsefalsefalsefalse3truefalsefalse-578000000-578falsefalsefalsefalsefalse4truefalsefalse-53000000-53falsefalsefalsefalsefalse5truefalsefalse1000000010falsefalsefalsefalsefalse6truefalsefalse-194000000-194falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAmounts recognized in other comprehensive income (but not yet recognized in net periodic benefit cost), including the net gain (loss) and net prior service cost (credit) arising during the period, which are attributable to the parent entity. Also includes reclassification adjustments out of other comprehensive income as a result of being recognized as components of net periodic benefit cost for the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29, 30
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hasScenarios>5truefalsefalse-14000000-14falsefalsefalsefalsefalse6truefalsefalse8500000085falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTax effects of the net changes to accumulated comprehensive income during the period related to benefit plans that is attributable to the parent entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29, 30
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Id>truefalsefalse-213000000-213falsefalsefalsefalsefalse2truefalsefalse218000000218falsefalsefalsefalsefalse3truefalsefalse-384000000-384falsefalsefalsefalsefalse4truefalsefalse-21000000-21falsefalsefalsefalsefalse5truefalsefalse-4000000-4falsefalsefalsefalsefalse6truefalsefalse-109000000-109falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryNet changes to accumulated comprehensive income during the period related to benefit plans, after tax, attributable to the parent entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29, 30
falsefalse15true0us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParentAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalse
Cell>Otherxbrli:stringItemTypestringNo definition available.falsefalse16false0us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesBeforeTaxPortionAttributableToParentus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-190000000-190falsefalsefalsefalsefalse2truefalsefalse2000000020falsefalsefalsefalsefalse3truefalsefalse-2000000-2falsefalsefalsefalsefalse4truefalsefalse-16000000-16falsefalsefalsefalsefalse5truefalsefalse1100000011falsefalsefalsefalsefalse6truefalsefalse-29000000-29falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryPre-tax change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges, net of reclassifications into earnings during the period, attributable to the parent entity. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. Includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.Reference 1: http://www.xbrl.org/2003/role/prese
ntationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29, 30
falsefalse17false0us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesTaxPortionAttributableToParentus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegatedtotal1truefalsefalse5700000057falsefalsefalsefalsefalse2truefalsefalse-33000000-33falsefalsefalsefalsefalse3truefalsefalse-9000000-9falsefalsefalsefalsefalse4truefalsefalse-10000000-10falsefalsefalsefalsefalse5truefalsefalse-9000000-9falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalse<
/hasScenarios>Monetaryxbrli:monetaryItemTypemonetaryTotal tax effect of the change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes that is attributable to the parent entity. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29, 30
truefalse18false0us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToParentus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-133000000-133falsefalsefalsefalsefalse2truefalsefalse-13000000-13falsefalsefalsefalsefalse3truefalsefalse-11000000-11falsefalsefalsefalsefalse4truefalsefalse-26000000-26falsefalsefalsefalsefalse5truefalsefalse20000002falsefalsefalsefalsefalse6truefalsefalse-29000000-29falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryNet of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges, after taxes, that is attributable to the parent entity. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29, 30
truefalse19false0us-gaap_ComprehensiveIncomeNetOfTaxus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse55850000005585falsefalsefalsefalsefalse2truefalsefalse95960000009596falsefalsefalsefalsefalse3truef
alsefalse18950000001895falsefalsefalsefalsefalse4truefalsefalse1873900000018739falsefalsefalsefalsefalse5truefalsefalse1505100000015051falsefalsefalsefalsefalse6truefalsefalse5300000053falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the reporting entity. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, but excludes any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A5
-Appendix A
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 8, 9, 10, 11, 12, 13, 14
truefalse20true0us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse<
/Cell>5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse21false0us-gaap_NetIncomeLossAttributableToNoncontrollingInterestus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse131000000131falsefalsefalsefalsefalse2truefalsefalse3700000037falsefalsefalsefalsefalse3truefalsefalse5100000051falsefalsefalsefalsefalse4truefalsefalse189000000189falsefalsefalsefalsefalse5truefalsefalse107000000107falsefalsefalsefalsefalse6truefalsefalse258000000258falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe portion of net income (loss) attributable to the noncontrolling interest (if any) deducted in order to derive the portion attributable to the parent.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(1)
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
falsefalse22false0us-gaap_OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationAdjustmentNetOfTaxPortionAttributableToNoncontrollingInterestus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-85000000-85falsefalsefalsefalsefalse2truefalsefalse211000000211falsefalsefalsefalsefalse3truefalsefalse7900000079falsefalsefalsefalsefalse4truefalsefalse104000000104falsefalsefalsefalsefalse5truefalsefalse823000000823falsefalsefalsefalsefalse6truefalsefalse-445000000-445falsefalsefa
lsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAdjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, attributable to noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29, 30
falsefalse23false0us-gaap_OtherComprehensiveIncomeDerivativesQualifyingAsHedgesNetOfTaxPortionAttributableToNoncontrollingInterestus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse50000005falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse<
/hasScenarios>3truefalsefalse-30000000-30falsefalsefalsefalsefalse4truefalsefalse4000000040falsefalsefalsefalsefalse5truefalsefalse-18000000-18falsefalsefalsefalsefalse6truefalsefalse-21000000-21falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryNet of tax effect change in accumulated gains and losses from derivative instruments designated and qualifying as the effective portion of cash flow hedges after taxes, attributable to noncontrolling interest. A cash flow hedge is a hedge of the exposure to variability in the cash flows of a recognized asset or liability or a forecasted transaction that is attributable to a particular risk. The change includes an entity's share of an equity investee's increase (decrease) in deferred hedging gains or losses.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29, 30
truefalse24false0us-gaap_ComprehensiveIncomeNetOfTaxAttributableToNoncontrollingInterestus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse5100000051falsefalsefalsefalsefalse2truefalsefalse248000000248falsefalsefalsefalsefalse3tr
uefalsefalse100000000100falsefalsefalsefalsefalse4truefalsefalse333000000333falsefalsefalsefalsefalse5truefalsefalse912000000912falsefalsefalsefalsefalse6truefalsefalse-208000000-208falsefalsefalsefalsefalse<
/Cells>Monetaryxbrli:monetaryItemTypemonetaryThe change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to noncontrolling interests, if any. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 30
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph c(3)
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A5
-Appendix A
truefalse25false0us-gaap_ComprehensiveIncomeNetOfTaxIncludingPortionAttributableToNoncontrollingInterestus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse56360000005636falsetruefalsefalsefalse2truefalsefalse98440000009844falsetruefalsefalsefalse3truefalsefalse19950000001995falsetruefalsefalsefalse4truefalsefalse1907200000019072falsetruefalsefalsefalse5truefalsefalse1596300000015963falsetruefalsefalsefalse6truefalsefalse-155000000-155falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe change in equity [net assets] of a business enterprise during a period from transactions and other events and circumstances from non-owner sources which are attributable to the economic entity, including both controlling (parent) and noncontrolling interests. It includes all changes in equity during a period except those resulting from investments by owners and distributions to owners, including any and all transactions which are directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A5
-Appendix A
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
truefalse622Consolidated Statements of Comprehensive Income (USD $)MillionsUnKnownUnKnownUnKnownfalsetrueXML
16
R22.xml
IDEA: Impairment of goodwill and long - lived assets
2.2.0.25falsefalse0214 - Disclosure - Impairment of goodwill and long - lived assetstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ImpairmentOfLongLivedAssetsHeldAndUsedAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 14 - us-gaap:DetailsOfImpairmentOfLongLivedAssetsHeldAndUsedByAssetTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>14</b></td>
<td width="1%"> </td>
<td><b>Impairment of goodwill and long-lived assets</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>As described in note 3(g), we test goodwill and long-lived assets for impairment when
events or changes in circumstances indicate that they might be impaired. For impairment test
purposes, goodwill is allocated to reporting units and are tested at least annually.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>No impairment charges were recognized in 2010 and 2009, as a result of the annual goodwill
impairment tests performed.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Management determined cash flows based on approved financial budgets. Gross margin projections
were based on past performance and management’s expectations of market developments. Information
about sales prices are consistent with the forecasts included in industry reports, considering
quoted prices when available and when appropriate. The discount rates used, reflect specific
risks relating to the relevant assets in each reporting unit, depending on their composition and
location.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Recognition of additional goodwill impairment charges in the future would depend on several
estimates including market conditions, recent actual results and management’s forecasts. This
information shall be obtained at the time when our assessment is to be updated. It is not
possible at this time to determine if any such future impairment charge would result or, if it
does, whether such charge would be material.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 1pt; margin-top: 0pt"><!-- LANDSCAPE -->
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringFor long-lived assets to be held and used by an entity, disclosures may include a description of the impaired long-lived asset and facts and circumstances leading to the impairment, amount of the impairment loss and where the loss is located in the income statement, method(s) for determining fair value, and the segment in which the impaired long-lived asset is reported.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 26
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 5
-Section CC
-Subsection 3
falsefalse12Impairment of goodwill and long - lived assetsUnKnownUnKnownUnKnownUnKnownfalsetrueXML
17
R31.xml
IDEA: Fair value disclosure of financial assets and liabilities
2.2.0.25falsefalse0223 - Disclosure - Fair value disclosure of financial assets and liabilitiestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0vale_FairValueDisclosureOfFinancialAssetsAndLiabilitiesAbstractvalefalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_FairValueDisclosuresTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 23 - us-gaap:FairValueDisclosuresTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>23</b></td>
<td width="1%"> </td>
<td><b>Fair value disclosure of financial assets and liabilities</b></td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Financial Accounting Standards Board, through Accounting Standards Codification and
Accounting Standards Updates, defines fair value and set out a framework for measuring fair
value, which refers to valuation concepts and practices and requires certain disclosures about
fair value measurements.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>a)</b>
<b>Measurements</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The pronouncements define fair value as the exchange price that would be received for an asset,
or paid to transfer a liability (an exit price) in the principal or most advantageous market for
the asset or liability, in an orderly transaction between market participants on the measurement
date. In determining fair value, the Company uses various methods including market, income and
cost approaches. Based on these approaches, the Company often utilizes certain assumptions that
market participants would use in pricing the asset or liability, including assumptions about
risk and or the risks inherent in the inputs to the valuation technique.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>These inputs can be readily observable, market corroborated, or generally unobservable inputs.
The Company utilizes techniques that maximize the use of observable inputs and minimize the use
of unobservable inputs. Under this standard, those inputs used to measure the fair value are
required to be classified on three levels. Based on the characteristics of the inputs used in
valuation techniques the Company is required to provide the following information according to
the fair value hierarchy. The fair value hierarchy ranks the quality and reliability of the
information used to determine fair values. Financial assets and liabilities carried at fair
value are classified and disclosed as follows:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b> </b></td>
<td width="1%"><b> </b></td>
<td><b>Level 1 </b>— Unadjusted quoted prices on an active, liquid and visible market for identical
assets or liabilities that are accessible at the measurement date;</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b> </b></td>
<td width="1%"><b> </b></td>
<td><b>Level 2 </b>— Quoted prices for identical or similar assets or liabilities on active markets,
inputs other than quoted prices that are observable, either directly or indirectly, for the
term of the asset or liability;</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b> </b></td>
<td width="1%"><b> </b></td>
<td><b>Level 3 </b>— Assets and liabilities, which quoted prices do not exist, or those prices or
valuation techniques are supported by little or no market activity, unobservable or
illiquid. At this point, fair market valuation becomes highly subjective.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">
<b>b)</b> <b>Measurements on a recurring basis</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The description of the valuation methodologies used for recurring assets and liabilities
measured at fair value in the Company’s Consolidated Balance Sheet at December 31, 2010 and 2009
are summarized below:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td><b>Available-for-sale securities</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>They are securities that are not classified either as held-for-trading or as
held-to-maturity for strategic reasons and have readily available market prices. We evaluate
the carrying value of some of our investments in relation to publicly quoted market prices
when available. When there is no market value, we use inputs other than quoted prices.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td><b>Derivatives</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The market approach is used to estimate the fair value of the swaps discounting their cash
flows using the interest rate of the currency they are denominated and, also for the
commodities contracts, since the fair value is computed by using forward curves for each
commodity.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"><b> </b></td>
<td><b>Debentures</b></td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The fair value is measured by the market approach method, and the reference price is
available on the secondary market.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The tables below present the balances of assets and liabilities measured at fair value on a
recurring basis as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="15" style="border-bottom: 1px solid #000000"><b>As of December 31, 2010</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Carrying amount</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fair value</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 1</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 2</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Unrealized gain on derivatives
</div></td>
<td> </td>
<td> </td>
<td align="right">257</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">257</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">256</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Debentures
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,284</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,284</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,284</td>
<td nowrap="nowrap">)</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="15" style="border-bottom: 1px solid #000000"><b>As of December 31, 2009</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Carrying amount</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fair value</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 1</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 2</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Available-for-sale securities
</div></td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Unrealized gains on derivatives
</div></td>
<td> </td>
<td> </td>
<td align="right">832</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">832</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">832</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Debentures
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(752</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(752</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(752</td>
<td nowrap="nowrap">)</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">
<b>c)</b> <b>Measurements on a non-recurring basis</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company also has assets under certain conditions that are subject to measurement at fair
value on a non-recurring basis. These assets include goodwill and assets acquired and
liabilities assumed in business combinations. During the year ended December 31, 2010, we have
not recognized any additional impairment for those items.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">
<b>d)</b> <b>Financial Instruments</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Long-term debt</b></td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The valuation method used to estimate the fair value of our debt is the market approach for the
contracts that are quoted on the secondary market, such as bonds and debentures. The fair value
of both fixed and floating rate debt is determined by discounting future cash flows of Libor and
Vale’s bonds curves (income approach).</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Time deposits</b></td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The method used is the income approach, through the prices available on the active market. The
fair value is close to the carrying amount due to the short-term maturities of the instruments.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Our long-term debt is reported at amortized cost, and the income of time deposits is accrued
monthly according to the contract rate. The estimated fair value measurement is disclosed as
follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="15" style="border-bottom: 1px solid #000000"><b>As of December 31, 2010</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Carrying amount</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fair value</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 1</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 2</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Time deposits
</div></td>
<td> </td>
<td> </td>
<td align="right">1,793</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,793</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,793</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Long-term debt (less interests) (*)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(24,071</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(25,264</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(19,730</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5,534</td>
<td nowrap="nowrap">)</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="15" style="border-bottom: 1px solid #000000"><b>As of December 31, 2009</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Carrying amount</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fair value</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 1</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Level 2</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Time deposits
</div></td>
<td> </td>
<td> </td>
<td align="right">3,747</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,747</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,747</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Long-term debt (less interests) (*)
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(22,544</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(23,344</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(12,424</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10,920</td>
<td nowrap="nowrap">)</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Less accrued charges of US$343 and US$287 as of December 31, 2010 and December 31, 2009,
respectively.</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis item represents the complete disclosure regarding the fair value of financial instruments (as defined), including financial assets and financial liabilities (collectively, as defined), and the measurements of those instruments, assets, and liabilities. Such disclosures about the financial instruments, assets, and liabilities would include: (1) the fair value of the required items together with their carrying amounts (as appropriate); (2) for items for which it is not practicable to estimate fair value,
disclosure would include: (a) information pertinent to estimating fair value (including, carrying amount, effective interest rate, and maturity, and (b) the reasons why it is not practicable to estimate fair value; (3) significant concentrations of credit risk including: (a) information about the activity, region, or economic characteristics identifying a concentration, (b) the maximum amount of loss the Company is exposed to based on the gross fair value of the related item, (c) policy for requiring collateral or other security and information as to accessing such collateral or security, and (d) the nature and brief description of such collateral or security; (4) quantitative information about market risks and how such risk is are managed; (5) for items measured on both a recurring and nonrecurring basis information regarding the inputs used to develop the fair value measurement; and (6) for items presented in the financial statement for which fair value measurement is elected: (a) information necessary to
understand the reasons for the election, (b) discussion of the effect of fair value changes on earnings, (c) a description of [similar groups] items for which the election is made and the relation thereof to the balance sheet, the aggregate carrying value of items included in the balance sheet that are not eligible for the election; (7) all other required (as defined) and desired information.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15B
-Subparagraph a, b
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 3, 10, 14, 15
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44A, 44B
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 157
-Paragraph 32, 33, 34
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15C, 15D
Reference 6: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 15A
-Subparagraph a-d
Reference 7: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Paragraph 17-22, 27, 28
falsefalse12Fair value disclosure of financial assets and liabilitiesUnKnownUnKnownUnKnownUnKnownfalsetrueXML
18
R18.xml
IDEA: Inventories
2.2.0.25falsefalse0210 - Disclosure - Inventoriestruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_InventoryNetAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_InventoryDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "ht
tp://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 10 - us-gaap:InventoryDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>10</b></td>
<td width="1%"> </td>
<td><b>Inventories</b></td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>As of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Products</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Nickel (co-products and by-products)
</div></td>
<td> </td>
<td> </td>
<td align="right">1,310</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,083</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Iron ore and pellets
</div></td>
<td> </td>
<td> </td>
<td align="right">825</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">677</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Manganese and ferroalloys
</div></td>
<td> </td>
<td> </td>
<td align="right">203</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">164</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Fertilizer
</div></td>
<td> </td>
<td> </td>
<td align="right">171</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Aluminum products (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">135</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Kaolin (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">42</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Copper concentrate
</div></td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">35</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td> </td>
<td align="right">74</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">51</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">51</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Spare parts and maintenance supplies</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">1,544</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">958</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>4,298</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,196</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Classified as held for sale (see note 13)</td>
</tr>
</table>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In December 31, 2010 and December 31, 2009, there were no adjustments to reduce inventories
to market values.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element represents the complete disclosure related to inventory. This may include, but is not limited to, the basis of stating inventory, the method of determining inventory cost, the major classes of inventory, and the nature of the cost elements included in inventory. If inventory is stated above cost, accrued net losses on firm purchase commitments for inventory and losses resulting from valuing inventory at the lower-of-cost-or-market may also be included. For LIFO inventory, may disclose the amoun
t and basis for determining the excess of replacement or current cost over stated LIFO value and the effects of a LIFO quantities liquidation that impacts net income.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 3
-Section A
-Paragraph 9
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 6
-Subparagraph a, b, c
-Article 5
falsefalse12InventoriesUnKnownUnKnownUnKnownUnKnownfalsetrueXML
19
R32.xml
IDEA: Segment and geographical information
2.2.0.25falsefalse0224 - Disclosure - Segment and geographical informationtruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0vale_SegmentAndGeographicalInformationAbstractvalefalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_SegmentReportingDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUB
LIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 24 - us-gaap:SegmentReportingDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>24</b></td>
<td width="1%"> </td>
<td><b>Segment and geographical information</b></td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We adopt disclosures about segments of an enterprise and related information with respect
to the information we present about our operating segments. The relevant standard requiring such
disclosures introduced a “management approach” concept for reporting segment information,
whereby such information is required to be reported on the basis that the chief decision-maker
uses internally for evaluating segment performance and deciding how to allocate resources to
segments. In line with our strategy to become a leading global player in the fertilizer
business, on May 27, 2010 we acquired 58.6% of the equity capital of Fertilizantes Fosfatados
S.A. — Fosfertil (Fosfertil) and the Brazilian fertilizer assets of Bunge Participações e
Investimentos S.A. (BPI), currently renamed Vale Fosfatados S.A.. Considering this new segment
acquisition, fertilizers, and the related reorganization that occurred for the operating
segments are:</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Bulk Material </b>— comprised of iron ore mining and pellet production, as well as our Brazilian
Northern and Southern transportation systems, including railroads, ports and terminals, as they
pertain to mining operations. Manganese mining and ferroalloys are also included in this
segment.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Base Metals </b>— comprised of the production of non-ferrous minerals, including nickel
(co-products and by-products), copper and aluminum — comprised of aluminum trading activities,
alumina refining and aluminum metal smelting and investments in joint ventures and affiliates
engaged in bauxite mining.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Fertilizers </b>— comprised of the three important groups of nutrients: potash, phosphates and
nitrogen. This business is being formed through a combination of acquisitions and organic
growth.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Logistic Services </b>— comprised of our transportation systems as they pertain to the operation of
our ships, ports and railroads for third-party cargos.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Others </b>— comprised of our investments in joint ventures and affiliates engaged in other
businesses.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Information presented to senior management with respect to the performance of each segment is
generally derived directly from the accounting records maintained in accordance with accounting
practices adopted in Brazil together with certain minor inter-segment allocations.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><!-- LANDSCAPE -->
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Consolidated net income and principal assets are reconciled as follows:
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Results by segment — before eliminations (aggregated)</b>
</div>
<div align="center">
<table style="font-size: 6pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="10%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="83" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="27" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="27" style="border-bottom: 1px solid #000000"><b>September 30, 2010</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="27" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Bulk</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Base</b></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Bulk</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Base</b></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Bulk</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Base</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Material</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Metals</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fertilizers</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Logistic</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Others</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Elimination</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Material</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Metals</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fertilizers</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Logistic</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Others</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Elimination</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Material</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Metals</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fertilizers</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Logistic</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Others</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Elimination</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">RESULTS
</div></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> </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> </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> </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> </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>
<div style="margin-left:15px; text-indent:-15px">Gross revenues
</div></td>
<td> </td>
<td> </td>
<td align="right">18,709</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,760</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">862</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">456</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">311</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8,891</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">15,207</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20,013</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,533</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">842</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">462</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">188</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9,542</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">14,496</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,789</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,418</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">109</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">337</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">216</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,328</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,541</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cost and expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11,359</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,792</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(776</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(400</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(230</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">8,891</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6,666</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11,960</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,012</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(788</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(346</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(184</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9,542</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5,748</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4,946</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,143</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(59</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(280</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(243</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,328</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4,343</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Research and development
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(103</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(109</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(39</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(30</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(20</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(301</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(70</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(68</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(21</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(34</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(216</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(73</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(47</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(140</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(296</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation, depletion and amortization
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(421</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(480</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(128</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(41</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,073</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(379</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(224</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(48</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(32</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(696</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(393</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(354</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(40</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(799</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Operating income</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>6,826</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>379</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(81</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(15</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>58</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7,167</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7,604</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>229</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(15</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>61</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(43</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7,836</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,377</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(126</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>21</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(169</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,103</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Financial income
</div></td>
<td> </td>
<td> </td>
<td align="right">696</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">198</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(806</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">117</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">550</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">194</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(703</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">56</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">599</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(511</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">707</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(730</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">65</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Financial expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,160</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(503</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(60</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">806</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(926</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(995</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(391</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">703</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(741</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(888</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">313</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(693</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">730</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(548</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Gains (losses) on derivatives, net
</div></td>
<td> </td>
<td> </td>
<td align="right">486</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">473</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">642</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(137</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">500</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">312</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">296</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign exchange and monetary
gains (losses), net
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(46</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">80</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(21</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">51</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">89</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">157</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">257</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(21</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">40</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Discontinued operations, net of
tax
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain on sale of assets
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(70</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(120</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(190</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity in results of affiliates
and joint ventures and
change in provision for losses on equity investments
</div></td>
<td> </td>
<td> </td>
<td align="right">403</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">32</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(141</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">303</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">302</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(26</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">305</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">54</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(50</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">66</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">71</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Income taxes
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,268</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">125</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,137</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,116</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(26</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,146</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">428</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">325</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">756</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncontrolling interests
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(144</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(131</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(46</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(21</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(49</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(51</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income attributable to the
Company’s stockholders</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,935</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>131</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(16</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>6</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(139</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,917</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,081</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(38</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(4</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>80</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(81</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,038</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,770</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(193</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>21</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>60</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(139</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,519</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Sales classified by geographic
destination:
</div></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> </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> </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> </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> </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>
<div style="margin-left:15px; text-indent:-15px">Foreign market
</div></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> </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> </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> </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> </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" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">America, except United States
</div></td>
<td> </td>
<td> </td>
<td align="right">459</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">550</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">—</td>
<td nowrap="nowrap"> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(263</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">774</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">289</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">423</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(212</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">514</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">121</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">338</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(156</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">307</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">United States
</div></td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">294</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">333</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">62</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">171</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(36</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">197</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">166</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">161</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Europe
</div></td>
<td> </td>
<td> </td>
<td align="right">3,555</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,152</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,046</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,681</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,110</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">704</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,321</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,493</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,710</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">688</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,063</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,335</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Middle East/Africa/Oceania
</div></td>
<td> </td>
<td> </td>
<td align="right">739</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">120</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(247</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">630</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">976</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">40</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(543</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">473</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">318</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">70</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(216</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">172</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Japan
</div></td>
<td> </td>
<td> </td>
<td align="right">2,113</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">453</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(912</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,662</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,348</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">370</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,044</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,674</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">940</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">373</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(438</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">876</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">China
</div></td>
<td> </td>
<td> </td>
<td align="right">8,961</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">380</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4,074</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5,267</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,103</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">210</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4,155</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5,158</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,734</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">210</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(984</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,988</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Asia, other than Japan and China
</div></td>
<td> </td>
<td> </td>
<td align="right">1,604</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">603</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(856</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,364</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,813</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">393</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(858</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,348</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">355</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">388</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(215</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">528</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Brazil
</div></td>
<td> </td>
<td> </td>
<td align="right">1,225</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">208</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">797</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">456</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">289</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(479</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,496</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,312</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">222</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">828</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">462</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">188</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(373</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,639</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">611</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">185</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">109</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">305</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">212</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(248</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,174</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>18,709</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,760</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>862</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>456</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>311</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(8,891</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>15,207</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>20,013</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,533</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>842</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>462</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>188</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(9,542</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>14,496</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,789</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,418</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>109</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>337</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>216</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(3,328</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>6,541</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Operating segment — after eliminations (disaggregated)</b>
</div>
<div align="center">
<table style="font-size: 6pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td colspan="39" nowrap="nowrap" align="right" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Depreciation,</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Property, plant</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Addition to</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Value added </b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Cost and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>depletion and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>and equipment, </b> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>property, plant</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Revenue</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>tax</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net</b> <b>revenues</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>expenses</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>profit</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>amortization</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>income</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>and equipment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Investments</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Bulk Material</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Iron ore
</div></td>
<td> </td>
<td> </td>
<td align="right">8,477</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(101</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">8,376</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,275</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,101</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(360</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5,741</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30,412</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">831</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">107</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pellets
</div></td>
<td> </td>
<td> </td>
<td align="right">1,927</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(55</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,872</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(785</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,087</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,058</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,445</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,058</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Manganese
</div></td>
<td> </td>
<td> </td>
<td align="right">44</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">42</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(33</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ferroalloys
</div></td>
<td> </td>
<td> </td>
<td align="right">186</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">172</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(81</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">91</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">292</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td> </td>
<td align="right">241</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">241</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(279</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(38</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(24</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(62</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,020</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">289</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">223</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pig iron
</div></td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">123</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>10,897</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(172</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>10,725</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(3,478</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>7,247</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(421</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>6,826</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>35,316</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,226</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,388</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Base Metals</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Nickel and other products (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">2,017</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,017</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,346</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">671</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(454</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">217</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28,623</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">724</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Copper concentrate
</div></td>
<td> </td>
<td> </td>
<td align="right">311</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">300</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(201</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">99</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">74</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,579</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">90</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Aluminum products
</div></td>
<td> </td>
<td> </td>
<td align="right">691</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">687</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(598</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">89</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">88</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">395</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">216</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">152</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>3,019</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(15</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>3,004</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(2,145</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>859</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(480</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>379</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>32,597</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>915</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>265</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Fertilizers</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Potash
</div></td>
<td> </td>
<td> </td>
<td align="right">73</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">73</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(131</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(58</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(65</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">474</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">348</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Phosphates
</div></td>
<td> </td>
<td> </td>
<td align="right">541</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(12</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">529</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(443</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">86</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(79</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,560</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">188</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Nitrogen
</div></td>
<td> </td>
<td> </td>
<td align="right">151</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">132</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(115</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(42</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">809</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Others fertilizers products
</div></td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">146</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>769</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(33</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>736</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(689</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>47</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(128</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(81</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>8,989</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>540</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Logistics</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Railroads
</div></td>
<td> </td>
<td> </td>
<td align="right">262</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(39</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">223</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(190</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">33</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,278</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">71</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">511</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Ports
</div></td>
<td> </td>
<td> </td>
<td align="right">72</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">64</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(71</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,044</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">769</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ships
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">135</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>334</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(47</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>287</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(261</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>26</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(41</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(15</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>2,322</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>840</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>646</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Others</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">188</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">177</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(116</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">58</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,872</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,221</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,198</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>15,207</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(278</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>14,929</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(6,689</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>8,240</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,073</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>7,167</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>83,096</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,742</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,497</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Includes nickel co-products and by-products (copper, precious metals, cobalt and others).</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Operating segment — after eliminations (disaggregated)</b>
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>September 30, 2010</b></td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Depreciation,</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Property, plant</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Addition to</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Value added</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Cost and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>depletion and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>and equipment,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>property, plant</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Revenue</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>tax</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net revenues</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>expenses</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>profit</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>amortization</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>income</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>and equipment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Investments</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Bulk Material</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Iron ore
</div></td>
<td> </td>
<td> </td>
<td align="right">8,725</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(108</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">8,617</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,982</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,635</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(325</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,310</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">29,523</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,591</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">95</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pellets
</div></td>
<td> </td>
<td> </td>
<td align="right">2,082</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(81</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,001</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(774</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,227</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,204</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,325</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">137</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,407</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Manganese
</div></td>
<td> </td>
<td> </td>
<td align="right">67</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">68</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(41</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ferroalloys
</div></td>
<td> </td>
<td> </td>
<td align="right">166</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">150</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(74</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">76</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">74</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">287</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td> </td>
<td align="right">217</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">217</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(199</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,771</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">58</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">203</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pig iron
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">123</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>11,257</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(204</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>11,053</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(3,070</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>7,983</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(379</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>7,604</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>34,053</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,788</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,705</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Base Metals</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Nickel and other products (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1,074</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,074</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(758</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">316</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(206</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">110</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27,719</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">448</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Copper concentrate
</div></td>
<td> </td>
<td> </td>
<td align="right">236</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">228</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(152</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">76</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(22</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">54</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,748</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">566</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Aluminum products
</div></td>
<td> </td>
<td> </td>
<td align="right">609</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">594</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(533</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">57</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">65</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">152</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,919</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(23</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,896</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,443</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>453</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(232</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>221</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>30,551</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,079</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>251</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Fertilizers</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Potash
</div></td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">82</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(53</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">208</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Phosphates
</div></td>
<td> </td>
<td> </td>
<td align="right">556</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">531</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(524</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(33</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(26</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,521</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">206</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Nitrogen
</div></td>
<td> </td>
<td> </td>
<td align="right">147</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(20</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">127</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(133</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(12</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,446</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">46</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Others fertilizers products
</div></td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">325</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>802</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(53</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>749</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(716</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>33</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(48</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(15</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>8,500</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>252</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Logistics</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Railroads
</div></td>
<td> </td>
<td> </td>
<td align="right">308</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(57</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">251</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(184</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">67</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(27</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">40</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,138</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">43</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">545</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Ports
</div></td>
<td> </td>
<td> </td>
<td align="right">100</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">85</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(59</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">269</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ships
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">128</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>408</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(72</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>336</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(243</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>93</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(32</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>61</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,407</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>54</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>673</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Others</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">110</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(42</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">68</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(98</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(30</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(35</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,186</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">679</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,282</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>14,496</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(394</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>14,102</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(5,570</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>8,532</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(696</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>7,836</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>78,697</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,852</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,911</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Includes nickel co-products and by-products (copper, precious metals, cobalt and others).</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Operating segment — after eliminations (disaggregated)</b>
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<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>
<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 nowrap="nowrap" align="center" colspan="3"><b>Property,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Addition to</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Depreciation,</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>plant and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>property,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Value added</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Cost and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>depletion and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>equipment,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>plant and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Revenue</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>tax</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>revenues</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>expenses</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>profit</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>amortization</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>income</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>equipment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Investments</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Bulk Material</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Iron ore
</div></td>
<td> </td>
<td> </td>
<td align="right">3,459</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(67</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,392</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,665</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,727</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(334</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,393</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,736</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,405</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">107</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pellets
</div></td>
<td> </td>
<td> </td>
<td align="right">483</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">454</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(417</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(20</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">947</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,050</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Manganese
</div></td>
<td> </td>
<td> </td>
<td align="right">64</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">63</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(40</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ferroalloys
</div></td>
<td> </td>
<td> </td>
<td align="right">123</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">107</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(69</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">38</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">32</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">261</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">56</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td> </td>
<td align="right">137</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">137</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(176</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(39</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(31</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(70</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,723</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">128</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">243</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pig iron
</div></td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(42</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">144</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>4,292</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(113</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>4,179</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(2,409</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,770</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(393</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,377</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>24,836</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,590</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,400</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Base Metals</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Nickel and other products (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">872</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">872</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(776</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">96</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(264</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(168</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">23,967</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">393</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Kaolin
</div></td>
<td> </td>
<td> </td>
<td align="right">48</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">45</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(41</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">190</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Copper concentrate
</div></td>
<td> </td>
<td> </td>
<td align="right">207</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">206</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(129</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">77</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(18</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,127</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">92</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">80</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Aluminum products
</div></td>
<td> </td>
<td> </td>
<td align="right">611</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">602</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(551</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">51</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(66</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,663</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,738</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(13</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,725</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,497</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>228</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(354</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(126</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>32,947</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>514</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>253</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Fertilizers</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Potash
</div></td>
<td> </td>
<td> </td>
<td align="right">109</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">101</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(70</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">159</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>109</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(8</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>101</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(70</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>31</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(10</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>21</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>159</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Logistics</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Railroads
</div></td>
<td> </td>
<td> </td>
<td align="right">218</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(41</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">177</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(155</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,045</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">468</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Ports
</div></td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">74</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(49</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,441</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ships
</div></td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,104</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">300</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">125</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>307</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(54</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>253</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(213</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>40</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(40</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,590</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>326</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>593</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Others</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">95</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(20</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(242</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(167</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(169</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,105</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">325</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,339</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>6,541</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(208</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>6,333</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(4,431</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,902</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(799</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,103</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>67,637</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,755</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,585</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Includes nickel co-products and by-products (copper, precious metals, cobalt and others).</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 6pt">     <!-- LANDSCAPE -->
</div>
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Results by segment — before eliminations (aggregated)</b>
</div>
<div align="center">
<table style="font-size: 6pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="83" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="27" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="27" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="27" style="border-bottom: 1px solid #000000"><b>2008</b></td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Bulk</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Base</b></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Bulk</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Base</b></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Bulk</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Base</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Material</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Metals</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fertilizers</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Logistic</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Others</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Elimination</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Material</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Metals</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fertilizers</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Logistic</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Others</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Elimination</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Material</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Metals</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Fertilizers</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Logistic</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Others</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Elimination</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Consolidated</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>RESULTS</b>
</div></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> </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> </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> </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> </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>
<div style="margin-left:15px; text-indent:-15px">Gross revenues
</div></td>
<td> </td>
<td> </td>
<td align="right">59,573</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,805</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,990</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,727</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">719</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(28,333</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">46,481</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25,940</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,886</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">413</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,168</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">446</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(12,914</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">23,939</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">38,288</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,714</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">295</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,691</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">245</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(16,724</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">38,509</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cost and expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(36,682</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8,521</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,814</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,382</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(582</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">28,333</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(20,648</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(17,880</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7,769</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(158</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(876</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(410</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">12,914</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(14,179</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(24,542</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9,658</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(128</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,097</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(218</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">16,724</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(18,919</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Research and development
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(289</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(277</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(72</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(75</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(165</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(878</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(235</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(207</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(46</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(57</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(436</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(981</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(380</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(372</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(101</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(224</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,085</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Depreciation, depletion and
amortization
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,538</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,359</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(200</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(146</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,260</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,205</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,356</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(126</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,722</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,054</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,604</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(128</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,807</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Impairment of goodwill
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(950</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(950</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Operating income</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>21,064</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>648</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(96</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>124</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(45</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>21,695</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,620</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(446</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>180</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>109</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(406</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,057</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>12,312</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,130</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>140</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>365</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(199</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>14,748</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Financial income
</div></td>
<td> </td>
<td> </td>
<td align="right">2,557</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">778</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,093</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">290</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,439</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">711</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,789</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">381</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,048</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">798</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,255</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">602</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Financial expenses
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,873</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,718</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(36</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(99</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,093</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,646</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,982</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(653</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(695</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,789</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,558</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,515</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,490</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,255</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,765</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Gains (losses) on
derivatives, net
</div></td>
<td> </td>
<td> </td>
<td align="right">772</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(141</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">631</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,647</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(119</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,528</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(719</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(93</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(812</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign exchange and
monetary gains (losses), net
</div></td>
<td> </td>
<td> </td>
<td align="right">109</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">208</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">65</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">344</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">173</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">445</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">68</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">675</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">764</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(265</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(32</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(103</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">364</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Discontinued Operations,
Net of tax
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(143</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(143</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Gain on sale of investments
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(108</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">40</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">80</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">80</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Equity in results of
affiliates and joint
ventures and change in
provision for
losses on equity investments
</div></td>
<td> </td>
<td> </td>
<td align="right">1,013</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">94</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(110</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">987</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">328</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">433</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">612</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">133</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">794</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income taxes
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,980</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">240</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(12</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,705</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,613</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">525</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,100</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(697</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(535</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncontrolling interests
</div></td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(209</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(189</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(121</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(107</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(256</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(258</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income attributable to
the Company’s stockholders</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>17,667</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(347</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(15</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>190</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(231</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>17,264</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,716</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(493</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>180</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>221</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(275</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,349</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>12,637</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>235</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>140</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>484</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(278</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13,218</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="top"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </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> </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> </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>
<div style="margin-left:15px; text-indent:-15px">Sales classified by geographic
destination:
</div></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> </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> </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> </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> </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" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign market
</div></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> </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> </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> </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> </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>
<div style="margin-left:15px; text-indent:-15px">America, except United States
</div></td>
<td> </td>
<td> </td>
<td align="right">1,332</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,496</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">42</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(879</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,010</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">465</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,368</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(595</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,252</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,805</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,215</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,201</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,820</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">United States
</div></td>
<td> </td>
<td> </td>
<td align="right">128</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">774</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(76</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">828</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">824</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">35</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(64</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">832</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">648</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,201</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(392</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,467</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Europe
</div></td>
<td> </td>
<td> </td>
<td align="right">13,147</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,306</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7,563</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">8,912</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,136</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,618</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4,726</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,036</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11,224</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,132</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5,933</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9,449</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Middle East/Africa/Oceania
</div></td>
<td> </td>
<td> </td>
<td align="right">2,655</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">264</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,147</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,790</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,005</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">233</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(707</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">531</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,058</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">394</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(952</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,500</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Japan
</div></td>
<td> </td>
<td> </td>
<td align="right">6,927</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,425</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,120</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5,240</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,551</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">972</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,115</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,412</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,761</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,893</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,918</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,737</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">China
</div></td>
<td> </td>
<td> </td>
<td align="right">26,071</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">964</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11,656</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">15,379</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12,084</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">878</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">63</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4,022</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9,003</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,747</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">887</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,949</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,706</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Asia, other than Japan and China
</div></td>
<td> </td>
<td> </td>
<td align="right">4,833</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,788</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,462</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,172</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,883</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,258</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(923</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,218</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,703</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,946</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,497</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,155</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Brazil
</div></td>
<td> </td>
<td> </td>
<td align="right">4,480</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">788</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,911</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,715</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">686</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,430</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">8,150</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,779</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">735</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">413</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,101</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">389</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(762</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,655</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,342</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,046</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">295</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,640</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">234</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(882</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,675</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>59,573</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>10,805</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,990</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,727</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>719</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(28,333</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>46,481</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>25,940</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>8,886</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>413</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,168</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>446</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(12,914</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>23,939</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>38,288</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>14,714</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>295</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,691</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>245</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(16,724</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>38,509</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Operating segment — after eliminations (disaggregated)</b>
</div>
<div align="center">
<table style="font-size: 6.5pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>As of and for the year ended December 31,</b></td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>2010</b></td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Depreciation,</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Property, plant</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Addition to</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<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 nowrap="nowrap" align="center" colspan="3"><b>Cost and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>depletion and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>and equipment,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>property, plant</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Revenue</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Value added tax</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net revenues</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>expenses</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>profit</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>amortization</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>income</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>and equipment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Investments</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Bulk Material</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Iron ore
</div></td>
<td> </td>
<td> </td>
<td align="right">26,384</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(366</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">26,018</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7,364</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">18,654</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,307</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">17,347</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30,412</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,015</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">107</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pellets
</div></td>
<td> </td>
<td> </td>
<td align="right">6,402</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(266</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,136</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,515</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,621</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(110</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,511</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,445</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">353</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,058</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Manganese
</div></td>
<td> </td>
<td> </td>
<td align="right">258</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">251</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(136</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">115</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">105</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ferroalloys
</div></td>
<td> </td>
<td> </td>
<td align="right">664</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(62</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">602</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(306</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">296</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(26</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">270</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">292</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td> </td>
<td align="right">770</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">770</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(856</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(86</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(83</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(169</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,020</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">499</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">223</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pig iron
</div></td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">123</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>34,509</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(701</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>33,808</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(11,206</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>22,602</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,538</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>21,064</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>35,316</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,896</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,388</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Base Metals</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Nickel and other products (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">4,712</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,712</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,402</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,310</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,145</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">165</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28,623</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,880</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Copper concentrate
</div></td>
<td> </td>
<td> </td>
<td align="right">934</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">905</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(621</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">284</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(87</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">197</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,579</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,072</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">90</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Aluminum products
</div></td>
<td> </td>
<td> </td>
<td align="right">2,554</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(32</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,522</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,109</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">413</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(127</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">286</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">395</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">342</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">152</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>8,200</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(61</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>8,139</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(6,132</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>2,007</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,359</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>648</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>32,597</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,294</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>265</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Fertilizers</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Potash
</div></td>
<td> </td>
<td> </td>
<td align="right">280</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">269</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(269</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">474</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">355</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Phosphates
</div></td>
<td> </td>
<td> </td>
<td align="right">1,211</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(47</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,164</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,070</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">94</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(121</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(27</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7,560</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">438</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Nitrogen
</div></td>
<td> </td>
<td> </td>
<td align="right">337</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(43</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">294</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(285</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(50</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(41</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">809</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Others fertilizers products
</div></td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">146</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,846</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(107</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,739</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,635</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>104</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(200</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(96</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>8,989</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>843</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Logistics</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Railroads
</div></td>
<td> </td>
<td> </td>
<td align="right">1,107</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(183</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">924</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(716</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">208</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(123</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">85</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,278</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">160</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">511</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Ports
</div></td>
<td> </td>
<td> </td>
<td align="right">353</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(47</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">306</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(236</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">70</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">47</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,044</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">783</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Ships
</div></td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">135</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,465</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(230</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,235</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(965</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>270</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(146</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>124</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,322</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>943</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>646</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Others</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">461</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(89</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">372</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(400</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(45</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,872</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,671</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,198</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>46,481</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,188</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>45,293</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(20,338</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>24,955</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(3,260</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>21,695</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>83,096</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>12,647</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,497</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Includes nickel co-products and by-products (copper, precious metals, cobalt and
others).</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Operating segment — after eliminations (disaggregated)</b>
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>As of and for the year ended December 31,</b></td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="39" style="border-bottom: 1px solid #000000"><b>2009</b></td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<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>
<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 nowrap="nowrap" align="center" colspan="3"><b>Property,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Addition to</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Depreciation,</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>plant and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>property,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Value added</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Cost and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>depletion and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>equipment,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>plant and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Revenue</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>tax</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>revenues</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>expenses</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>profit</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>amortization</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>income</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>equipment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Investments</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Bulk Material</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Iron ore
</div></td>
<td> </td>
<td> </td>
<td align="right">12,831</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(172</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">12,659</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4,957</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7,702</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,043</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,659</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,736</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,361</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">107</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pellets
</div></td>
<td> </td>
<td> </td>
<td align="right">1,352</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(92</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,260</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,165</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">95</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(76</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">947</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,050</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Manganese
</div></td>
<td> </td>
<td> </td>
<td align="right">145</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(103</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">40</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ferroalloys
</div></td>
<td> </td>
<td> </td>
<td align="right">372</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(45</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">327</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(278</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">49</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">261</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">112</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td> </td>
<td align="right">505</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">505</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(549</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(44</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(61</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(105</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,723</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">362</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">243</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pig iron
</div></td>
<td> </td>
<td> </td>
<td align="right">45</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(63</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(18</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(18</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">144</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">48</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>15,250</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(311</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>14,939</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(7,115</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>7,824</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,204</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>6,620</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>24,836</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,971</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,400</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Base Metals</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Nickel and other products (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">3,947</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,947</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3,292</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">655</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,016</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(361</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">23,967</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,464</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Kaolin
</div></td>
<td> </td>
<td> </td>
<td align="right">173</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">164</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(146</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(34</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">190</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Copper concentrate
</div></td>
<td> </td>
<td> </td>
<td align="right">682</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">663</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(462</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">201</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(72</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">129</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,127</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">558</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">80</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Aluminum products
</div></td>
<td> </td>
<td> </td>
<td align="right">2,050</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,013</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,969</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">44</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(235</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(191</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,663</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>6,852</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(65</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>6,787</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(5,869</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>918</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,357</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(439</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>32,947</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,218</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>253</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Fertilizers</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Potash
</div></td>
<td> </td>
<td> </td>
<td align="right">413</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">396</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(187</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">209</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">180</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">159</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>413</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(17</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>396</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(187</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>209</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(29</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>180</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>159</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Logistics</b>
</div></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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Railroads
</div></td>
<td> </td>
<td> </td>
<td align="right">838</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(137</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">701</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(539</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">162</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(97</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">65</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,045</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">96</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">468</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Ports
</div></td>
<td> </td>
<td> </td>
<td align="right">264</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(38</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">226</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(161</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">65</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">36</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,441</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">106</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Ships
</div></td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,104</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">738</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">125</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,104</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(175</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>929</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(709</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>220</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(126</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>94</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,590</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>940</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>593</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Others</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">320</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(60</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">260</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(652</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(392</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(398</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6,105</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">967</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,339</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>23,939</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(628</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>23,311</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(14,532</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>8,779</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(2,722</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>6,057</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>67,637</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>8,096</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,585</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Includes nickel co-products and by-products (copper, precious metals, cobalt and others).</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>Operating segment — after eliminations (disaggregated)</b>
</div>
<div align="center">
<table style="font-size: 6.5pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="3%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="43" style="border-bottom: 1px solid #000000"><b>As of and for the year ended December 31,</b></td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="43" style="border-bottom: 1px solid #000000"><b>2008</b></td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<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>
<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>
<td nowrap="nowrap" align="center" colspan="3"><b>Property, plant</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Addition to</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Depreciation,</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>property,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Value added</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Cost and</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>depletion and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Impairment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Operating</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>equipment,</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>plant and</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 6.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Revenue</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>tax</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net revenues</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>expenses</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>amortization</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>of goodwill</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>income</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>equipment</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Investments</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>BulkMaterials</b>
</div></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> </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> </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>
<div style="margin-left:30px; text-indent:-15px">Iron ore
</div></td>
<td> </td>
<td> </td>
<td align="right">17,775</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(364</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">17,411</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(6,547</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">10,864</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(876</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,988</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,595</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,645</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pellets
</div></td>
<td> </td>
<td> </td>
<td align="right">4,301</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(189</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,112</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,394</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,718</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(112</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,606</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">645</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">127</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">721</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Manganese
</div></td>
<td> </td>
<td> </td>
<td align="right">266</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">251</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(77</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">174</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">169</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ferroalloys
</div></td>
<td> </td>
<td> </td>
<td align="right">1,211</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(128</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,083</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(457</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">626</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(22</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">604</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">166</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">32</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td> </td>
<td align="right">577</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">577</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(441</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">136</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(33</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">103</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">826</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">144</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">187</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Pig iron
</div></td>
<td> </td>
<td> </td>
<td align="right">146</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">146</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(67</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">76</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">144</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">122</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>24,276</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(696</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>23,580</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(9,983</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>13,597</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,051</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>12,546</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>16,394</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,073</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>955</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Base Metals</b>
</div></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> </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> </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>
<div style="margin-left:30px; text-indent:-15px">Nickel and other products (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">7,829</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,829</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4,425</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3,404</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,323</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(950</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,131</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,525</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,813</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Kaolin
</div></td>
<td> </td>
<td> </td>
<td align="right">209</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">200</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(213</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(32</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(45</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">199</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Copper concentrate
</div></td>
<td> </td>
<td> </td>
<td align="right">893</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(22</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">871</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(683</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">188</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(77</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">111</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,543</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">283</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Aluminum products
</div></td>
<td> </td>
<td> </td>
<td align="right">3,042</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(66</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2,976</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(2,288</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">688</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(172</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">516</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,831</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">440</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">140</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>11,973</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(97</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>11,876</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(7,609</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>4,267</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,604</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(950</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,713</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>29,098</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,542</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>193</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Fertilizers</b>
</div></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> </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> </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>
<div style="margin-left:30px; text-indent:-15px">Potash
</div></td>
<td> </td>
<td> </td>
<td align="right">295</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">279</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(120</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">159</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">140</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">159</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">43</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>295</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(16</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>279</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(120</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>159</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(19</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>140</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>159</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>43</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Logistics</b>
</div></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> </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> </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" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Railroads
</div></td>
<td> </td>
<td> </td>
<td align="right">1,303</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(205</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,098</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(749</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">349</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(103</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">246</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">760</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">121</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">326</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Ports
</div></td>
<td> </td>
<td> </td>
<td align="right">304</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(39</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">265</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(198</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">67</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(26</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">41</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,441</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">242</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Ships
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">374</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">343</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">94</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,607</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(244</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,363</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(947</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>416</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(129</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>287</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,575</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>706</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>420</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Others</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">358</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(30</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">328</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(262</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">66</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">62</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">228</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">608</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">840</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>38,509</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(1,083</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>37,426</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(18,921</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>18,505</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(2,807</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right"><b>(950</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>14,748</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>48,454</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>8,972</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,408</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Includes nickel co-products and by-products (copper, precious metals, cobalt and
others).</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
</div>
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<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>4 </b></td>
<td width="1%"> </td>
<td><b>Accounting pronouncements</b></td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>a) Newly issued accounting pronouncements</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update (ASU) number 2010-29 Disclosure of Supplementary Pro Forma
Information for Business Combinations a consensus of the FASB Emerging Issues Task Force.
The objective of this Update is to address diversity in practice about the interpretation
of the pro forma revenue and earnings disclosure requirements for business combinations.
The amendments in this Update specify that if a public entity presents comparative
financial statements, the entity should disclose revenue and earnings of the combined
entity as though the business combination(s) that occurred during the current year had
occurred as of the beginning of the comparable prior annual reporting period only. The
amendments also expand the supplemental pro forma disclosures to include a description of
the nature and amount of material, nonrecurring pro forma adjustments directly attributable
to the business combination included in the reported pro forma revenue and earnings. The
impact of this statement will occur for business combinations for which the acquisition
date is on or after January 1, 2011.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The Company understands that the other recently issued accounting pronouncements that are
not effective as of and for the year ending December 31, 2010, are not expected to be
relevant for its consolidated financial statements.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>b) Accounting standards adopted in 2010</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update (ASU) number 2010-25 Plan Accounting — Defined Contribution Pension
Plan (Topic 962) amendments in this update require that participant loans be classified as
notes receivable from participants, which are segregated from plan investments and measured
at their unpaid principal balance plus any accrued but unpaid interest. This codification
does not impact our financial position, results of operations or liquidity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update (ASU) number 2010-20 Receivables (Topic 310) improves the
disclosures that an entity provides about the credit quality of its financing receivables
and the related allowance for credit losses. As a result of these amendments, an entity is
required to disaggregate by portfolio segment or class certain existing disclosures and
provide certain new disclosures about its financing receivables and related allowance for
credit losses. We adopted the disclosure in our financial statements.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update (ASU) number 2010-18 Receivables (Topic 310) clarifies that
modifications of loans that are accounted for within a pool under Subtopic 310-30, which
provides guidance on accounting for acquired loans that have evidence of credit
deterioration upon acquisition, do not result in the removal of those loans from the pool
even if the modification would otherwise be considered a troubled debt restructuring. An
entity will continue to be required to consider whether the pool of assets in which the
loan is included is impaired if expected cash flows for
the pool change. The amendments do
not affect the accounting for loans under the scope of Subtopic 310-30 that are not
accounted for within pools. Loans accounted for individually under Subtopic 310-30 continue
to be subject to the troubled debt restructuring accounting provisions within Subtopic
310-40. We adopted the change in the disclosure of our financial statements
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update (ASU) number 2010-11 Derivatives and Hedging (Topic 815) clarifies
the type of embedded credit derivative that is exempt from embedded derivative bifurcation
requirements. Only one form of embedded credit derivative qualifies for the exemption one
that is related only to the subordination of one financial instrument to another. As a
result, entities that have contracts containing an embedded credit derivative feature in a
form other than such subordination may need to separately account for the embedded credit
derivative feature. This Codification does not impact our financial position, results of
operations or liquidity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update (ASU) number 2010-10 Consolidation (Topic 810) defers the effective
date of the amendments to the consolidation requirements made by FASB Statement 167 to a
reporting entity’s interest in certain types of entities and clarifies other aspects of the
Statement 167 amendments. As a result of the deferral, a reporting entity will not be
required to apply the Statement 167 amendments to the Subtopic 810-10 consolidation
requirements to its interest in an entity that meets the criteria to qualify for the
deferral. This Update also clarifies how a related party’s interests in an entity should be
considered when evaluating the criteria for determining whether a decision maker or service
provider fee represents a variable interest. In addition, the Update also clarifies that a
quantitative calculation should not be the sole basis for evaluating whether a decision
maker’s or service provider’s fee is a variable interest. This Codification does not impact
our financial position, results of operations or liquidity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update No. 2010-09 Subsequent Events (Topic 855) addresses both the
interaction of the requirements of Topic 855, Subsequent Events, with the SEC’s reporting
requirements and the intended breadth of the reissuance disclosures provision related to
subsequent events (paragraph 855-10-50-4). The amendments in this Update have the potential
to change reporting by both private and public entities, however, the nature of the change
may vary depending on facts and circumstances. This Codification does not impact our
financial position, results of operations or liquidity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update (ASU) number 2010-06 Fair Value Measurements and Disclosures (Topic
820): Improving Disclosures about Fair Value Measurements. This update provides
amendments to Subtopic 820-10 and are expected to provide more robust disclosures about (1) the
different classes of assets and liabilities measured at fair value, (2) the valuation techniques
and inputs used, (3) the activity in Level 3 fair value measurements, and (4) the transfers
between Levels 1, 2, and 3. The Company fully adopted this standard in 2010 with no impact on
our financial position, results of operations or liquidity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In June 2009, the Financial Accounting Standards Board (“FASB”) issued an amendment to
Interpretation No. 46(R) on the accounting and disclosure requirements for the
consolidation of variable interest entities (“VIEs”). Subsequently, in December 2009, the
Accounting Standards Update (ASU) number 2009-17 Amendments to FASB Interpretation No.
46(R) was issued. The amendments replace the quantitative-based risks and rewards
calculation, for determining which reporting entity has a controlling financial interest in
a VIE, with a qualitative analysis when determining whether or not it must consolidate a
VIE. The newly required approach is focused on identifying which reporting entity has the
power to direct the activities of a variable interest entity that most significantly impact
the entity’s economic performance and (1) the obligation to absorb losses of the entity or
(2) the right to receive benefits from the entity. The amendments also require an
enterprise to continuously reassess whether it must consolidate a VIE. Additionally, the
amendments eliminated the scope exception on qualifying special-purpose entities (“QSPE”)
and require enhanced disclosures about: involvement with VIEs, significant changes in risk
exposures, impacts on the financial statements, and, significant judgments and assumptions
used to determine whether or not to consolidate a VIE. The Company adopted these amendments
in 2010, with no impact on our financial position, results of operations or liquidity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In June 2009, the “FASB” issued an amendment to the accounting and disclosure requirements
for transfers of financial assets. Subsequently, in December 2009, the Accounting Standards
Update (ASU) number 2009-16 Accounting for Transfers of Financial Assets — an amendment of
FASB Statement No. 140 was issued. The amendments improve financial reporting requiring
greater transparency and additional disclosures for transfers of financial assets and the
entity’s continuing involvement with them and also change the requirements for
derecognizing financial assets. In addition, the amendments eliminate the exceptions for
QSPE from the
consolidation guidance and the exception that permitted sale accounting for
certain mortgage securitizations when a transferor has not surrendered control over the
transferred financial assets. The Company adopted these amendments in 2010, with no impact
on our financial position, results of operations or liquidity.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Accounting Standards Update (ASU) number 2009-08 Earning Per Share issued by the FASB provides
additional guidance related to calculation of earnings per share. In particular, the effect
on income available to common stockholders of a redemption or induced conversion of
preferred stock. This guidance amends ASC 260. This codification does not impact our
financial position, results of operations or liquidity.
</div>
</div>
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<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>6</b></td>
<td width="1%"> </td>
<td><b>Income taxes</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Income taxes in Brazil comprise of federal income tax and social contribution, which is an
additional federal tax. The statutory composite enacted tax rate applicable in the periods
presented is 34%. In other countries where we have operations, we are subject to various taxes
rates depending on the jurisdiction.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We analyze the potential tax impact associated with undistributed earnings by each of our
subsidiaries. For those subsidiaries in which the undistributed earnings would be taxable when
remitted to the parent company, no deferred tax is recognized, based on generally accepted
accounting principles.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The amount reported as income tax expense in our condensed consolidated financial statements is
reconciled to the statutory rates as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="19%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="34" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>September 30, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Brazil</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Foreign</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Brazil</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Foreign</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Brazil</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Foreign</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income
before discontinued operations, income taxes, equity
results and noncontrolling interests
</div></td>
<td> </td>
<td> </td>
<td align="right">5,581</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,301</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,882</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,378</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">530</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,908</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">419</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">324</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">743</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Exchange variation (not taxable) or not
deductible
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">114</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">114</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">751</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">751</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">446</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">446</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,581</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,415</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,996</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7,378</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,281</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>8,659</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>419</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>770</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,189</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax at Brazilian composite rate
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,898</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(481</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,379</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,509</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(436</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,945</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(142</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(262</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(404</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Adjustments to derive effective tax rate:
</div></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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax benefit on interest attributed to
stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">369</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">369</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">208</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">208</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">502</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">502</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Difference on tax rates of foreign income
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">699</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">699</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">411</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">411</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">418</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">418</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax incentives
</div></td>
<td> </td>
<td> </td>
<td align="right">198</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">198</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">215</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">215</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">66</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">66</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other non-taxable, income/non deductible
expenses
</div></td>
<td> </td>
<td> </td>
<td align="right">82</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(106</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(24</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(38</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(35</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">157</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">174</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Income tax per consolidated statements
of income
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(1,249</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>112</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(1,137</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(2,124</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(22</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(2,146</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>443</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>313</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>756</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="19%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="4%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="34" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Brazil</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Foreign</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Brazil</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Foreign</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Brazil</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Foreign</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Income
before discontinued operations, income taxes, equity results and noncontrolling interests
</div></td>
<td> </td>
<td> </td>
<td align="right">16,586</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,728</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20,314</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,024</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,901</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7,123</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,434</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,783</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13,217</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Exchange variation (not taxable) or not deductible
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">265</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">265</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,162</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,162</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,887</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,887</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>16,586</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,993</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>20,579</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>10,024</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,261</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>12,285</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,434</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7,896</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>10,330</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax at Brazilian composite rate
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,639</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,358</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6,997</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,408</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(769</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,177</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(828</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,685</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,513</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Adjustments to derive effective tax rate:
</div></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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax benefit on interest attributed to stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">995</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">995</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">502</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">502</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">692</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">692</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Difference on tax rates of foreign income
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,673</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,673</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,079</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,079</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,728</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,728</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax incentives
</div></td>
<td> </td>
<td> </td>
<td align="right">642</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">642</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">148</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">148</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other non-taxable, income/non deductible expenses
</div></td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(31</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">100</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">248</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">348</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">287</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">218</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">505</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Income taxes per consolidated statements of income</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(3,989</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>284</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(3,705</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(2,658</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>558</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(2,100</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>204</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(739</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(535</b></td>
<td nowrap="nowrap"><b>)</b></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Vale and some subsidiaries in Brazil were granted with tax incentives that provide for a
partial reduction of the income tax due related to certain regional operations of iron ore,
railroad, manganese, copper, bauxite, alumina, aluminum, kaolin and potash. The tax benefit is
calculated based on taxable profit adjusted by the tax incentive (so-called “exploration
profit”) taking into consideration the operational profit of the projects that benefit from the
tax incentive during a fixed period. In general, such tax incentives expire in 2018. Part of the
northern railroad and iron ore operations have been granted with tax incentives for a period of
10 years starting from 2009. The tax savings must be registered in a special capital (profit)
reserve in the net equity of the entity that benefits from the tax incentive and cannot be
distributed as dividends to the stockholders.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We are also allowed to reinvest part of the tax savings in the acquisition of new equipment to
be used in the operations that enjoy the tax benefit subject to subsequent approval from the
Brazilian regulatory agencies. Superintendência de Desenvolvimento da Amazônia — SUDAM and
Superintendência de Desenvolvimento do Nordeste — SUDENE. When the reinvestment is approved, the
corresponding tax benefit must also be accounted for in a special profit reserve and is also
subject to the same restrictions with respect to future dividend distributions to the
stockholders.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We also have income tax incentives related to our Goro project under development in New
Caledonia (“The Goro Project”). These incentives include an income tax holiday during the
construction phase of the project and throughout a 15-year period commencing in the first year
in which commercial production, as defined by the applicable legislation, is achieved followed
by a five-year, 50 per cent income tax holiday. The Goro Project also qualifies for certain
exemptions from indirect taxes such as import duties during the construction phase and
throughout the commercial life of the project. Certain of these tax benefits, including the
income tax holiday, are subject to an earlier phase out, should the
project achieves a specified
cumulative rate of return. We are subject to a branch profit tax commencing in the first year in
which commercial production is achieved, as defined by the applicable legislation. To date, we
have not recorded any taxable income for New Caledonian tax purposes. The benefits of this
legislation are expected to apply with respect to taxes payable once the Goro Project is in
operation. We obtained tax incentives for our projects in Mozambique, Oman and Malaysia, that
will take effects when those projects start their commercial operation.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We are subject to an examination by the tax authorities for up to five years regarding our
operations in Brazil, up to ten years for Indonesia, and up to seven years for Canada for income
taxes.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Tax loss carryforwards in Brazil and in most of the
jurisdictions where we have tax loss carryforwards have no expiration
date, though in Brazil, offset is restricted to 30% of
annual taxable income.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On January 1, 2007, Company adopted the provision Accounting for Uncertainty in Income Taxes.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The reconciliation of the beginning and ending amounts is as follows: (see note 21(b)) tax —
related actions)</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Beginning of the period</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>392</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>369</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>812</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>396</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>657</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,046</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Increase resulting from tax positions taken
</div></td>
<td> </td>
<td> </td>
<td align="right">2,121</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,130</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">103</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Decrease resulting from tax positions taken
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(439</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(24</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(474</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(261</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Changes in tax legislation
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cumulative translation adjustments
</div></td>
<td> </td>
<td> </td>
<td align="right">44</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">166</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(233</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>End of the period</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>2,555</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>392</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>396</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,555</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>396</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>657</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>There has been a write-off of values that were provisioned
relating to compensation
for tax losses and social contribution payments, due to the withdrawal of
action by the Company, resulting in the release of funds that were deposited in escrow.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Recognized deferred income tax assets and liabilities are composed as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Current deferred tax assets</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Accrued expenses deductible only when disbursed
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>386</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>852</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Long-term deferred tax assets and liabilities</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Assets</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Employee postretirement benefits provision
</div></td>
<td> </td>
<td> </td>
<td align="right">665</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">384</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tax loss carryforwards
</div></td>
<td> </td>
<td> </td>
<td align="right">732</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">324</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Fair value of financial instruments
</div></td>
<td> </td>
<td> </td>
<td align="right">379</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">255</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Asset retirement obligation
</div></td>
<td> </td>
<td> </td>
<td align="right">322</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">259</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
temporary differences (mainly contingencies provisions)
</div></td>
<td> </td>
<td> </td>
<td align="right">855</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">587</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>2,953</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,809</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Liabilities</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Prepaid retirement benefit
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(617</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(435</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Fair value adjustments in business combinations
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7,745</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6,003</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Social contribution
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,145</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(758</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Other temporary differences
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(421</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(262</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(10,928</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(7,458</b></td>
<td nowrap="nowrap"><b>)</b></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Valuation allowance</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Beginning balance
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(106</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(122</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Translation adjustments
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Change in allowance
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">41</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Ending balance</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(110</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(106</b></td>
<td nowrap="nowrap"><b>)</b></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net long-term deferred tax liabilities</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(8,085</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(5,755</b></td>
<td nowrap="nowrap"><b>)</b></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription containing the entire income tax disclosure. Examples include net deferred tax liability or asset recognized in an enterprise's statement of financial position, net change during the year in the total valuation allowance, approximate tax effect of each type of temporary difference and carryforward that gives rise to a significant portion of deferred tax liabilities and deferred tax assets, utilization of a tax carryback, and tax uncertainties information. This element may be used as a single blo
ck of text to encapsulate the entire disclosure including data and tables.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 136, 172
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 43, 44, 45, 46, 47, 48, 49
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23
R15.xml
IDEA: Cash and cash equivalents
2.2.0.25falsefalse0207 - Disclosure - Cash and cash equivalentstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_CashAndCashEquivalentsAtCarryingValueAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_CashAndCashEquivalentsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html
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<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>7</b></td>
<td width="1%"> </td>
<td><b>Cash and cash equivalents</b></td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>As of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cash
</div></td>
<td> </td>
<td> </td>
<td align="right">560</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">728</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Short-term investments
</div></td>
<td> </td>
<td> </td>
<td align="right">7,024</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,565</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>7,584</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7,293</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>All the above mentioned short-term investments are made through the use of low risk fixed
income securities, in a way that: those denominated in Brazilian reais are concentrated in
investments indexed to the CDI, and those denominated in US dollars are mainly time deposits,
with the original due date less than three months.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThe entire cash and cash equivalents footnote disclosure, which may include the types of deposits and money market instruments, applicable carrying amounts, restricted amounts and compensating balance arrangements. Cash and equivalents include: (1) currency on hand (2) demand deposits with banks or financial institutions (3) other kinds of accounts that have the general characteristics of demand deposits (4) short-term, highly liquid investments that are both readily convertible to known amounts of cash and
so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Generally, only investments maturing within three months from the date of acquisition qualify.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Reference 3: http://www.xbrl.org/2003/role/presentationRef
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 1
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-Publisher FASB
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24
R24.xml
IDEA: Short-term debt
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<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>16</b></td>
<td width="1%"> </td>
<td><b>Short-term debt</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Short-term borrowings outstanding on December 31, 2010 are from commercial banks for import financing denominated in US dollars with average annual interest rates of 2.0%.</td>
</tr>
</table>
</div>
</div>
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 16
-Article 7
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R20.xml
IDEA: Property, plant and equipment and intangible assets
2.2.0.25falsefalse0212 - Disclosure - Property, plant and equipment and intangible assetstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>12</b></td>
<td width="1%"> </td>
<td><b>Property, plant and equipment and intangible assets</b></td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>By type of assets:</b></td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="11" style="border-bottom: 1px solid #000000"><b>As of December 31, 2010</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="11" style="border-bottom: 1px solid #000000"><b>As of December 31, 2009</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Accumulated</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>Accumulated</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Cost</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Depreciation</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Cost</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Depreciation</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Net</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Land
</div></td>
<td> </td>
<td> </td>
<td align="right">356</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">356</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">284</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">284</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Buildings
</div></td>
<td> </td>
<td> </td>
<td align="right">6,087</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,110</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,977</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,324</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,143</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,181</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Installations
</div></td>
<td> </td>
<td> </td>
<td align="right">14,904</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,231</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">10,673</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14,063</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,160</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9,903</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Equipment
</div></td>
<td> </td>
<td> </td>
<td align="right">10,948</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,637</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7,311</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,499</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,380</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,119</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Railroads
</div></td>
<td> </td>
<td> </td>
<td align="right">7,337</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,357</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4,980</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,685</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,016</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4,669</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Mine development costs
</div></td>
<td> </td>
<td> </td>
<td align="right">28,010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,071</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">23,939</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20,205</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,957</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17,248</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">12,088</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2,987</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">9,101</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,418</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,123</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,295</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>79,730</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(18,393</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>61,337</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>63,478</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>15,779</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>47,699</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Construction in progress
</div></td>
<td> </td>
<td> </td>
<td align="right">21,759</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21,759</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19,938</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19,938</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>101,489</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(18,393</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>83,096</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>83,416</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>15,779</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>67,637</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Losses on disposal of property, plant and equipment totaled US$623, US$293 and US$376 in
2010, 2009 and 2008, respectively. Mainly relate write-offs of ships and trucks, locomotives and
other equipment, which were replaced in the normal course of business.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Assets given in guarantee of judicial processes totaled US$149 as at December 31, 2010 (US$222
as at December 31, 2009).</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Hydroelectric assets</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We participate in several jointly-owned hydroelectric plants, already in operation or under
construction, in which we record our undivided interest in these assets as Property, plant and
equipment.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>At December 31, 2010 the cost of hydroelectric plants in service totals US$1,432 (December 31,
2009 US$1,382) and the related depreciation in the year was US$422 (December 31, 2009 US$372).
The cost of hydroelectric plant under construction at December 31, 2010 totals US$804 (December
31, 2009 US$521). Income and operating expenses for such plants are not material.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Intangibles</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>All of the intangible assets recognized in our financial statements were acquired from third
parties, either directly or through a business combination and have definite useful lives from 6
to 30 years.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>At December 31, 2010 the intangibles amount to US$1,274 (December 31, 2009 — US$1,173), and are
comprised of rights granted by the government — North-South Railroad of US$1,020 and off
take-agreements of US$254.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
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USD ($)
USD ($) / shares
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USD ($)
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USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$5falsefalseUSDfalsefalse1/1/2009 - 12/31/2009
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USD ($)
$TwelveMonthsEnded_31Dec2009http://www.sec.gov/CIK0000917851duration2009-01-01T00:00:002009-12-31T00:00:00USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDUSD$6falsefalseUSDfalsefalse1/1/2008 - 12/31/2008
USD ($)
USD ($) / shares
$TwelveMonthsEnded_31Dec2008http://www.sec.gov/CIK0000917851duration2008-01-01T00:00:002008-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instanceshares<
MeasureNamespace>xbrli0USDUSD$3true0us-gaap_SalesRevenueNetAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse4false0us-gaap_RevenueMineralSalesus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse1302100000013021falsetruefalsefalsefalse2truefalsefalse1235000000012350falsetruefalsefalsefalse3truefalsefalse52570000005257falsetruefalsefalsefalse4truefalsefalse3942200000039422falsetruefalsefalsefalse5truefalsefalse1950200000019502falsetruefalsefalsefalse6truefalsefalse3248400000032484falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate revenue from the sale of minerals and related products, and from rendering services such as exploration, development, mining, processing and providing mining support activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
-Article 5
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-Publisher AICPA
-Name Audit and Accounting Guide (AAG)
-Number AAG-AIR
-Chapter 3
-Paragraph 4
-IssueDate 2003-05-01
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CurrencyCode />falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryRevenues from the sale of other goods or rendering of other services, not elsewhere specified in the taxonomy; net of (reduced by) sales adjustments, returns, allowances, and discounts.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
-Article 5
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sefalse2393900000023939falsefalsefalsefalsefalse6truefalsefalse3850900000038509falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal revenue from sale of goods and services rendered during the reporting period, in the normal course of business, reduced by sales returns and allowances, and sales discounts.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
-Article 5
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IsRatio>false-208000000-208falsefalsefalsefalsefalse4truefalsefalse-1188000000-1188falsefalsefalsefalsefalse5truefalsefalse-628000000-628falsefalsefalsefalsefalse6truefalsefalse-1083000000-1083falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe amount of excise and sales taxes included in sales and revenues, which are then deducted as a cost of sales. Includes excise taxes, which are applied to specific types of transactions or items (such as gasoline or alcohol); and sales, use and value added taxes, which are applied to a broad class of revenue-producing transactions involving a wide range of goods and services.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 1
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 06-3
-Paragraph 4
truefalse11false0vale_NetOperatingRevenuesvalefalsecreditdurationNet operating revenues.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalse
false1492900000014929falsefalsefalsefalsefalse2truefalsefalse1410200000014102falsefalsefalsefalsefalse3truefalsefalse63330000006333falsefalsefalsefalsefalse4truefalsefalse4529300000045293falsefalsefalsefalsefalse5truefalsefalse2331100000023311falsefalsefalsefalsefalse6truefalsefalse3742600000037426falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryNet operating revenues.No authoritative reference available.truefalse12true0us-gaap_CostsAndExpensesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefa
lsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse13false0vale_CostOfOresAndMetalsSoldvalefalsedebitdurationCosts incurred related to mineral extraction, processing.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-4258000000-4258falsefalsefalsefalsefalse2truefalsefalse-3503000000-3503falsefalsefalsefalsefalse3truefalsefalse-2839000000-2839falsefalsefalsefalsefalse4truefalsefalse-13326000000-13326falsefalsefalsefalsefalse5truefalsefalse-9853000000-9853falsefalsefalsefalsefalse6truefalsefalse-13938000000<
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ShowCurrencySymbol>falsefalsefalse2truefalsefalse-491000000-491falsefalsefalsefalsefalse3truefalsefalse-571000000-571falsefalsefalsefalsefalse4truefalsefalse-2108000000-2108falsefalsefalsefalsefalse5truefalsefalse-2087000000-2087falsefalsefalsefalsefalse6truefalsefalse-2267000000-2267falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCosts incurred related to the aluminum production.No authoritative reference available.falsefalse15false0vale_CostOfLogisticServicesvalefalsedebitdurationCosts incurred related to the logistic services.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-285000000-285falsefalsefalsefalsefalse2truefalsefalse-263000000-263falsefalsefalsefalsefalse3true
falsefalse-235000000-235falsefalsefalsefalsefalse4truefalsefalse-1040000000-1040falsefalsefalsefalsefalse5true
IsNumeric>falsefalse-779000000-779falsefalsefalsefalsefalse6truefalsefalse-930000000-930falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCosts incurred related to the logistic services.No authoritative reference available.falsefalse16false0vale_CostOfFertilizerProductsvalefalsedebitdurationCosts incurred related to the fertilizer production.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-674000000-674falsefalsefalsefalsefalse2truefalsefalse-669000000-669falsefalsefalsefalsefalse3truefalsefalse-60000000-60falsefalsefalsefalsefalse4truefalsefalse-1556000000-1556falsefalsefalsefalsefalse5truefalsefalse-173000000-173falsefalsefalsefalsefalse6truefalsefalse-117000000-117falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCosts incurred related to the fertilizer production.No authoritative reference available.falsefalse17false0us-gaap_OtherCostOfOperatingRevenueus-gaaptruedebitdurationNo def
inition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegatedtotal1truefalsefalse-258000000-258falsefalsefalsefalsefalse2truefalsefalse-187000000-187falsefalsefalsefalsefalse3truefalsefalse-290000000-290falsefalsefalsefalsefalse4truefalsefalse-784000000-784falsefalsefalsefalsefalse5truefalsefalse-729000000-729falsefalsefalsefalsefalse6truefalsefalse-389000000-389falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryOther costs incurred during the reporting period related to other revenue generating activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 2
-Article 5
truefalse18false0us-gaap_DirectOperatingCostsus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-6040000000-6040falsefalsefalsefalsefalse2truefalsefalse-5113000000-5113falsefalsefalsefalsefalse3truefalsefalse-3995000000-3995falsefalsefalsefalsefalse4truefalsefalse-18814000000-18814falsefalsefalsefalsefalse5true
falsefalse-13621000000-13621falsefalsefalsefalsefalse6truefalsefalse-17641000000-17641falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate direct operating costs incurred during the reporting period.No authoritative reference available.falsefalse19false0us-gaap_SellingGeneralAndAdministrativeExpenseus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-647000000-647falsefalsefalsefalsefalse2truefalsefalse-418000000-418falsefalsefalsefalsefalse3truefalsefalse-378000000-378falsefalsefalsefalsefalse4truefalsefalse-1701000000-1701falsefalsefalsefalsefalse5truefalsefalse-1130000000-1130falsefalsefalsefalsefalse6truefalsefalse-1748000000-1748falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate total costs related to selling a firm's product and services, as well as all other general and administrative expenses. Direct selling expenses (for example, credit, warranty, and advertising) are expenses that can be directly linked to the sale of specific products. Indirect selling expenses are expenses that cannot be directly linked to the sale of specific products, for example telephone expenses, Internet, and postal charges. General and administrative expenses include salaries of non-sales personnel, rent, utilities, communication,
etc.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 4
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 4
-Paragraph 5A
falsefalse20false0us-gaap_ResearchAndDevelopmentExpenseus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-301000000-301falsefalsefalsefalsefalse2truefalsefalse-216000000-216falsefalsefalsefalsefalse3true
falsefalse-296000000-296falsefalsefalsefalsefalse4truefalsefalse-878000000-878falsefalsefalsefalsefalse5truefalsefalse-981000000-981falsefalsefalsefalsefalse6truefalsefalse-1085000000-1085falsefalsefalsefalsefalse
Cell>Monetaryxbrli:monetaryItemTypemonetaryThe aggregate costs incurred (1) in a planned search or critical investigation aimed at discovery of new knowledge with the hope that such knowledge will be useful in developing a new product or service, a new process or technique, or in bringing about a significant improvement to an existing product or process; or (2) to translate research findings or other knowledge into a plan or design for a new product or process or for a significant improvement to an existing product or process whether intended for sale or the entity's use, during the reporting period charged to research and development projects, including the costs of developing computer software up to the point in time of achieving technological feasibility, and costs allocated in accounting for a business combination to in-process projects deemed to have no alternative
future use.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 141
-Paragraph 51
-Subparagraph g
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 2
-Paragraph 12, 13
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 86
-Paragraph 11, 12
falsefalse21false0us-gaap_GoodwillImpairmentLossus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6truefalsefalse-950000000-950falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryLoss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e(2)
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 47
-Subparagraph b
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 20
falsefalse22false0us-gaap_OtherCostAndExpenseOperatingus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegatedtotal1truefalsefalse-774000000-774falsefalsefalsefalsefalse2truefalsefalse-519000000-519falsefalsefalsefalsefalse3truefalsefalse-561000000-561falsefalsefalsefalsefalse4truefalsefalse-2205000000-2205falsefalsefalsefalsefalse5tru
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OriginalInstanceReportColumns />Monetaryxbrli:monetaryItemTypemonetaryThe total amount of other operating cost and expense items that are associated with the entity's normal revenue producing operation.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 3
-Article 5
truefalse23false0us-gaap_CostsAndExpensesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegatedtotal1truefalsefalse-7762000000-7762falsefalsefalsefalsefalse2truefalsefalse-6266000000-6266falsefalsefalsefalsefalse3truefalsefalse-5230000000-5230falsefalsefalsefalsefalse4truefalsefalse-23598000000-23598falsefalsefalsefalsefalse5truefalsefalse-17254000000-17254falsefalsefalsefalsefalse6truefalsefalse-22678000000-22678falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal costs of sales and operating expenses for the period.No authoritative reference available.truefalse24false0us-gaap_OperatingIncomeLossus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse71670000007167falsefalsefalsefalsefalse2truefalsefalse78360000007836falsefalsefalsefalsefalse3truefalsefalse11030000001103falsefalsefalsefalsefalse4truefalsefalse2169500000021695falsefalsefalsefalsefalse5truefalsefalse60570000006057falsefalsefalsefalsefalse6truefalsefalse1474800000014748falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net result for the period of deducting operating expenses from operating revenues.No authoritative reference available.truefalse25true0us-gaap_NonoperatingIncomeExpenseAbstractus-gaaptruenadurationNo
definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefa
lse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse
hasScenarios>4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse26false0vale_FinancialIncomevalefalsecreditdurationIncome derived from investments in debt securities and on cash and cash equivalents and financial interest for assets.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse117000000117falsefalsefalsefalsefalse2truefalsefalse5600000056falsefalsefalsefalsefalse3truefalsefalse6500000065falsefalsefalsefalsefalse4truefalsefalse290000000290falsefalsefalsefalsefalse5truefalsefalse381000000381falsefalsefalsefalsefalse6truefalsefalse602000000602falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncome derived from investments in debt securities and on cash and c
ash equivalents and financial interest for assets.No authoritative reference available.falsefalse27false0vale_FinancialExpensesvalefalsedebitdurationThe cost of borrowed funds accounted for as interest as well as interest expenses for liabilities.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-926000000-926falsefalsefalsefalsefalse2truefalsefalse-741000000-741falsefalse<
DisplayDateInUSFormat>falsefalsefalse3truefalsefalse-548000000-548falsefalsefalsefalsefalse4truefalsefalse-2646000000-2646falsefalsefalsefalsefalse5truefalsefalse-1558000000-1558falsefalsefalsefalsefalse6truefalsefalse-1765000000-1765falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cost of borrowed funds accounted for as interest as well as interest expenses for liabilities.No authoritative reference available.falsefalse28false0us-gaap_GainLossOnDerivativeInstrumentsNetPretaxus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse473000000473falsefalsefalsefalsefalse2true<
IsRatio>falsefalse500000000500falsefalsefalsefalsefalse3truefalsefalse296000000296falsefalsefalsefalsefalse4true
falsefalse631000000631falsefalsefalsefalsefalse5truefalsefalse15280000001528falsefalsefalsefalsefalse6truefalsefalse-812000000-812falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects.No authoritative reference available.falsefalse29false0us-gaap_ForeignCurrencyTransactionGainLossBeforeTaxus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse5100000051falsefalsefalsefalsefalse2truefalsefalse257000000257falsefalsefalsefalsefalse3truefalsefalse170000001
7falsefalsefalsefalsefalse4truefalsefalse344000000344falsefalsefalsefalsefalse5truefalsefalse675000000675falsefalsefalsefalsefalse6truefalsefalse364000000364falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate foreign currency transaction gain or loss (both realized and unrealized) included in determining net income for the reporting period. Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting enterprise's financial statements. For certain enterprises, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or losses may be disclosed as dealer gains or losses.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 52
-Paragraph 30
falsefalse30false0us-gaap_GainLossOnSaleOfInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3true
falsefalse-190000000-190falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5truefalsefalse4000000040falsefalsefalsefalsefalse6truefalsefalse8000000080falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net realized gain or loss on investments sold during the period, which, for cash flow reporting, is a component of proceeds from investing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
truefalse31false0us-gaap_NonoperatingIncomeExpenseus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalse<
/IsRatio>false-285000000-285falsefalsefalsefalsefalse2truefalsefalse7200000072falsefalsefalsefalsefalse3truefalsefalse-360000000-360falsefalsefalsefalsefalse4truefalsefalse-1381000000-1381falsefalsefalsefalsefalse5truefalsefalse10660000001066falsefalsefalsefalsefalse6truefalsefalse-1531000000-1531falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate amount of income (expense) from ancillary business-related activities (that is to say, excluding major activities considered part of the normal operations of the business).Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 7
-Article 5
truefalse32false0us-gaap_IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse68820000006882falsefalsefalsefalsefalse2truefalsefalse79080000007908falsefalsefalsefalsefalse3truefalsefalse743000000743falsefalsefalsefalsefalse4truefalsefalse2031400000020314falsefalsefalsefalsefalse5truefalsefalse71230000007123falsefalsefalsefalsefalse6truefalsefalse1321700000013217falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of operating profit and nonoperating income (expense) before income (loss) from equity method investments, income taxes, extraordinary items, cumulative effects of changes in accounting principles, and noncontrolling interest.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Subparagraph 1(i)
-Article 4
truefalse33true0us-gaap_IncomeTaxExpenseBenefitAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5fa
lsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse34false0us-gaap_CurrentIncomeTaxExpenseBenefitus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-1549000000-1549falsefalsefalsefalsefalse2truefalsefalse-2589000000-2589falsefalsefalsefalsefalse3truefalsefalse583000000583falsefalsefalsefalsefalse4truefalsefalse-4996000000-4996falsefalsefalsefalsefalse5truefalsefalse-2084000000-2084falsefalsefalsefalsefalse6truefalsefalse-1338000000-1338falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe component of income tax expense for the period representing amounts of income taxes paid or payable (or refundable) for the period for all income tax obligations as determined by applying the provisions of relevant enacted tax laws to relevant amounts of taxable income (loss) from continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph h
-Article 4
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph a
falsefalse35false0us-gaap_DeferredIncomeTaxExpenseBenefitus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegatedtotal1truefalsefalse412000000412falsefalsefalsefalsefalse2truefalsefalse443000000443falsefalsefalsefalsefalse3truefalsefalse173000000173falsefalsefalsefalsefalse4truefalsefalse12910000001291falsefalsefalsefalsefalse5truefalsefalse-16000000-16falsefalsefalsefalsefalse6truefalsefalse803000000803falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe component of income tax expense for the period representing the net change in the entity's deferred tax assets and liabilities pertaining to continuing operations.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 6
-Section I
-Subsection 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 45
-Subparagraph b
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
Reference 4: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 289
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-Section 08
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-Name Regulation S-X (SX)
-Number 210
-Section 08
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-Article 4
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-Name Statement of Financial Accounting Standard (FAS)
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-Paragraph 45
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-Name Regulation S-X (SX)
-Number 210
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
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-Name Regulation S-X (SX)
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-Name Accounting Research Bulletin (ARB)
-Number 51
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-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A1, A4, A5
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
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-Name Accounting Research Bulletin (ARB)
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-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A7
-Appendix A
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
-Subparagraph a
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 20
-Article 9
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 10, 15
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-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 87-21
Reference 8: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28, 29, 30
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27
R27.xml
IDEA: Pension plans
2.2.0.25falsefalse0219 - Disclosure - Pension planstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_PensionAndOtherPostretirementBenefitExpenseAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_PensionAndOtherPostretirementBenefitsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOC
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<!-- Begin Block Tagged Note 19 - us-gaap:PensionAndOtherPostretirementBenefitsDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>19</b></td>
<td width="1%"> </td>
<td><b>
Pension plans</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Vale sponsors a complementary pension plan with Defined
Benefits characteristics, including substantially all employees, in
which its benefits are calculated based on work time, age,
contribution salary and complementation to the social security
benefits. This plan is managed by VALIA — Vale's Pension Fund
— and was funded by sponsor and employees contributions on a
monthly basis, which were calculated based on periodic actuarial
estimates.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In May 2000, it was implemented a new complementary
pension plan with variable contribution characteristics,
contemplating the programmed retirement income and the risk benefits
(pension by death, retirement by disability and disability
insurance). On this plan launching (Vale Mais Benefit Plan), it was
offered to the active employees the opportunity to migrate to it.
Over 98% of the active employees decided to do this migration. The
Defined Benefit Plan is still running, covering almost exclusively retired participants and their beneficiaries.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Additionally, a specific group of ex-employees has the right
to additional payments over the regular Velia’s benefits,
through the “Abono Complementção” added by a
post-retirement benefit that includes medical, dental and
pharmaceutical assistance.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In 2010 with the purchase of fertilizer business, Vale
consolidated commitments assumed with pension fund of defined benefit
and other post-retirement benefits plans, as follow:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="6%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Defined benefit plan maintained through the Fundação PETROBRAS de Seguridade
Social — PETROS, for employees hired before September 1993 of Ultrafertil S.A., wholly
owned subsidiary of Vale Fertilizers. This pension plan has 1.684, of which 1.466 are
already receiving supplemental retirement and pension.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="6%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Private Pension Plan, in the modality of Benefits Guarantee Fund, managed by
Bradesco Previdência e Seguros S.A., aims to meet the eligible employees of Vale
Fertilizantes and employees not served by PETROS of subsidiary Ultrafertil S.A.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="6%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>The Vale Fertilizantes and it’s wholly subsidiaries pay to employees who are
eligible the fine FGTS according to union agreement and provide certain health
benefits for retired employees who are eligible.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="6%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Vale Fosfatados has a plan in a modality of defined contribution plan administered
by Bungeprev, which guarantees a minimum benefit at retirement for eligible employees,
moreover, the company provides certain health benefits for retired employees.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Upon the acquisition of Inco, we assumed benefits through defined benefit pension plans that
cover essentially all its employees and post retirement benefits other than pensions that also
provide certain health care and life insurance benefits for retired employees.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The following information details the status of the defined benefit elements of all plans in
accordance with employers’ disclosure about pensions and other post retirement benefits” and
employers’ accounting for defined benefit pension and other postretirement plans”, as amended.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We use a measurement date of December 31 for our pension and post retirement benefit plans.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left">
         <b>a)</b> <b>Change in benefit obligation</b></td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 7.5pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 0px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Benefit obligation at beginning of year</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">3,661</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,923</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,431</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,424</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,031</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,069</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Benefit initial recognized consolidation
</div></td>
<td> </td>
<td> </td>
<td align="right">385</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">58</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Transfers
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(936</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">936</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Service cost
</div></td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">43</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest cost
</div></td>
<td> </td>
<td> </td>
<td align="right">329</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">360</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">102</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">313</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">249</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">88</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Plan amendment
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Assumptions changes
</div></td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">65</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Benefits paid/ Actual distribution
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(237</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(364</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(78</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(226</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(279</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(65</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of exchange rate changes
</div></td>
<td> </td>
<td> </td>
<td align="right">126</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">241</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">71</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">843</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">555</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">187</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Actuarial loss
</div></td>
<td> </td>
<td> </td>
<td align="right">234</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">425</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">296</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">324</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">135</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Benefit obligation at end of year</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>3,623</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,667</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,601</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,661</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,923</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,431</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 6pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>b)</b>
<b>Change in plan assets</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 8pt">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Fair value of plan assets at beginning of year
</div></td>
<td> </td>
<td> </td>
<td align="right">4,996</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,229</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,043</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,507</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Fair value initial recognized consolidation
</div></td>
<td> </td>
<td> </td>
<td align="right">451</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Transfers
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(866</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">866</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Actual return on plan assets
</div></td>
<td> </td>
<td> </td>
<td align="right">1,094</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">541</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,121</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">402</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Employer contributions
</div></td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">169</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">80</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">40</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">155</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">65</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Benefits paid/ Actual distribution
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(265</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(364</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(80</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(226</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(279</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(65</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of exchange rate changes
</div></td>
<td> </td>
<td> </td>
<td align="right">173</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">194</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,018</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">444</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Fair value of plan assets at end of year</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,585</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,645</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,996</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,229</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>11</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Plan assets managed by Valia on December 31, 2010, 31
December 2009 and January 1, 2009 include investments in
portfolio of our own stock of US$519, US$587 and US$188, investments
in debentures worth US$64, US$69 and US$53 and equity investments
from related parties amounting to US$81, US$164 and US$44,
respectively. They also include on December 31, 2010, 31
December 2009 and January 1, 2009, US$4,150, US$3,261 and US$2,152 of
securities of the Federal Government. The assets of the pension plans
of the Vale Canada
Limited in securities of the Government of Canada on
December 31, 2010, 2009 and January 1, 2009, amounted to
US$436, US$391and US$347, respectively. The assets of Vale
Fertilizantes, Ultrafértil and Vale Fosfatados in December 31,
2010 in securities of the Federal Government worth US$158.</td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">
<b>c)</b> <b>Funded Status and Financial Position</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 8pt">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncurrent assets
</div></td>
<td> </td>
<td> </td>
<td align="right">1,962</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,335</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Current liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(35</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(133</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(62</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(82</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Non-current liabilities
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,042</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,400</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(632</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,338</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Funded status</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>1,962</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(1,077</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(1,533</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>1,335</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(694</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(1,420</b></td>
<td nowrap="nowrap"><b>)</b></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">
<b>d)</b> <b>Assumptions used (nominal terms)</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>All calculations involve future actuarial projections about
of some parameters, such as salaries, interest, inflation, the
behavior of INSS benefits, mortality, disability, etc. No actuarial
results can be analyzed without prior knowledge of the scenario of
assumptions used in the assessment.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The economic actuarial assumptions adopted were formulated
considering the long period for its maturing and should therefore be
examined in that light. So, in the short term, they may not
necessarily be realized.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In the evaluations were adopted the following economic
assumptions:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 8pt">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<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>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 0px solid #000000"><b>Brazil</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Discount rate
</div></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right">11.30% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11.30% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">11.30% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11.08% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">11.08% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">11.08% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected return on plan assets
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">12.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">11.50% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">11.91% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">10.50% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Rate of compensation increase — up to 47 years
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">8.15% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">8.15% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">7.64% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Rate of compensation increase — over 47 years
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">5.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">5.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.50% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Inflation
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">5.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">5.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">5.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.50% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.50% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.50% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Health care cost trend rate
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">8.15% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">7.63% p.a.</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 8pt">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 0px solid #000000"><b>Foreign</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Discount rate
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">6.21% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">5,44% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">6.21% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">6.20% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected return on plan assets
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">7.02% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">6.50% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">7.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">6.23% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Rate of compensation increase — up to 47 years
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.11% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">3,58% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.11% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">3.58% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Rate of compensation increase — over 47 years
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.11% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">3,58% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.11% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">3.58% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Inflation
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">2.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">2.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">2.00% p.a.</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">2.00% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Initial health care cost trend rate
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">7.35% p.a</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">7.60% p.a.</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Ultimate health care cost trend rate
</div></td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.49% p.a</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">N/A</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">4.47% p.a.</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>e) Pension costs</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded other</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Service cost — benefits earned during the period
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest cost on projected benefit obligation
</div></td>
<td> </td>
<td> </td>
<td align="right">85</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">91</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected return on assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(139</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(76</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortizations and (gain) / loss
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net deferral
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net periodic pension cost (credit)</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(53</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>29</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>23</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>September 30, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded other</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Service cost — benefits earned during the period
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest cost on projected benefit obligation
</div></td>
<td> </td>
<td> </td>
<td align="right">104</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">92</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected return on assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(159</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(83</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortizations and (gain) / loss
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net deferral
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net periodic pension cost (credit)</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(55</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>41</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>25</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="64%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>December 31, 2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded other</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Service cost — benefits earned during the period
</div></td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest cost on projected benefit obligation
</div></td>
<td> </td>
<td> </td>
<td align="right">117</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">93</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">32</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected return on assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(161</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(68</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortizations and (gain) / loss
</div></td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net deferral
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net periodic pension cost (credit)</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(35</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>44</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>21</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>Year ended of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Service cost — benefits earned during the year
</div></td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">43</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest cost on projected benefit obligation
</div></td>
<td> </td>
<td> </td>
<td align="right">329</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">361</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">313</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">255</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">88</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Expected return on assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(531</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(321</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(431</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(202</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortizations and (gain) / loss
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net deferral
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">—</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000; border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td colspan="11" align="left" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net periodic pension costs (credit)</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(201</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>117</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>110</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(93</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>113</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>71</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000; border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000; border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000; border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td colspan="11" align="left" style="border-top: 3px double #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>f) Accumulated benefit obligation</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Accumulated benefit obligation
</div></td>
<td> </td>
<td> </td>
<td align="right">3,612</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,540</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,601</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,645</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,826</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,431</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Projected benefit obligation
</div></td>
<td> </td>
<td> </td>
<td align="right">3,623</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,667</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,601</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,661</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,923</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,431</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Fair value of plan assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5,585</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,645</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4,996</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3,229</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>g) Impact of 1% variation in assumed health care cost trend rate</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>1% increase</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>1% decrease</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Accumulated postretirement benefit obligation (APBO)
</div></td>
<td> </td>
<td> </td>
<td align="right">213</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">199</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(172</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(163</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest and service costs
</div></td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>h) Other Cumulative Comprehensive Income (Deficit)</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td colspan="10" style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net transition (obligation) / asset
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net prior service (cost)/credit
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net actuarial (loss) / gain
</div></td>
<td> </td>
<td> </td>
<td align="right">243</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(628</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">335</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(330</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">301</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of exchange rate changes
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(91</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Deferred income tax
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(82</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">201</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(111</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">111</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(94</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Amounts recognized in other
cumulative comprehensive income
(deficit)</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>160</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(442</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>223</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(7</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(234</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>203</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>i) Change in Other Cumulative Comprehensive Income (Deficit)</b>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td colspan="10" style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>other benefits</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Net transition (obligation)/asset not yet recognized in NPPC at beginning
of period
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(12</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Net actuarial
(loss) / gain not yet recognized in NPPC at beginning of
period
</div></td>
<td> </td>
<td> </td>
<td align="right">(18</td>
<td>)</td>
<td> </td>
<td> </td>
<td align="right">(337</td>
<td>)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">297</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">(261</td>
<td>)</td>
<td> </td>
<td> </td>
<td align="right">(196</td>
<td>)</td>
<td> </td>
<td> </td>
<td align="right">406</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Transfers
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">8</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Deferred income tax at beginning of period
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">3</td>
<td nowrap="nowrap"></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">111</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">(94</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">93</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">83</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(147</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Effect of initial recognition of cumulative comprehensive Income (deficit)</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>(7</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>(234</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>203</b></td>
<td nowrap="nowrap"><b></b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(180</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(113</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>259</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Reclassifications
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortization of net transition (obligation)/asset
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Amortization of net actuarial (loss)/gain
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">9</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Total net actuarial (loss)/gain arising during period
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">261</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">(277</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">11</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">340</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(112</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(142</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Transfers
</div></td>
<td> </td>
<td> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">8</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Effect of exchange rate changes
</div></td>
<td> </td>
<td> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">17</td>
<td nowrap="nowrap"></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(91</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(42</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">52</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Deferred income tax
</div></td>
<td> </td>
<td> </td>
<td align="right">(85</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">90</td>
<td nowrap="nowrap"></td>
<td> </td>
<td> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(90</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total recognized in other cumulative comprehensive income (deficit)</b>
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>160</b></td>
<td nowrap="nowrap"><b></b></td>
<td> </td>
<td> </td>
<td align="right"><b>(442</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>223</b></td>
<td nowrap="nowrap"><b></b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(7</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(234</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>203</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif; margin-left: 4%">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>j) Plan assets</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Brazilian Plans</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Investment Policy Statements of pension plans sponsored for Brazilian employees are based on
a long term macroeconomic scenario and expected returns. An Investment Policy Statement was
established for each obligation by following results of this strategic asset allocation study in
2009.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">Plans asset allocations comply with pension funds local regulation issued by CMN — Conselho
Monetário Nacional (Resolução CMN 3792/09). We are allowed to invest in six different asset
classes, defined as Segments by the law, as follows: Fixed Income, Equity, Structured
Investments (Alternative Investments and Infra-Structure Projects), International Investments,
Real Estate and Loans to Participants.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Investment Policy Statements are approved by the Board, the Executive Directors and two
Investments Committees. The internal and external portfolio managers are allowed to exercise the
investment discretion under the limitations imposed by the Board and the Investment Committees.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The pension fund has a risk management process with established policies that intend to identify
measure and control all kind of risks faced by our plans, such as: market, liquidity, credit,
operational, systemic and legal.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Foreign plans</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The strategy for each of the pension plans sponsored by Vale Inco is based upon a combination of
local practices and the specific characteristics of the pension plans in each country, including
the structure of the liabilities, the risk versus reward trade-off between different asset
classes and the liquidity required to meet benefit payments.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Overfunded pension plans</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt"><b>Brazilian Plans</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Defined Benefit Plan (the “Old Plan”) has the majority of its assets allocated in fixed
income, mainly in Brazilian government bonds (like TIPS) and corporate long term inflation
linked bonds with the objective to reduce the asset-liability volatility. The target is 55% of
the total assets. This LDI (Liability Driven Investments) strategy, when considered together
with Loans to Participants segment, aims to hedge plan’s liabilities against inflation risk and
volatility. Other segments or asset classes have their targets, as follows: Fixed Income — 52%; Equity — 28%;
Structured Investments — 6%; International Investments — 2%; Real estate — 7% and Loans to
Participants — 5%. Structured Investments segment has invested only in Private Equity Funds in
an amount of US$128 and US$87 at the end of December 31, 2010 and 2009, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt">The Investment Policy has the objective to achieve the adequate diversification, current income
and long term capital growth through the combination of all asset classes described above to
fulfill its obligations with the adequate level of risk. This plan has an average nominal return
of 20.87% p.a. in dollars terms in the last 11 years.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 1pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>- Fair value measurements by category — Overfunded Plans</b>
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 5pt">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="30" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 0px solid #000000"><b>Asset by category</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 1</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 2</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Level 3</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Cash and cash equivalents
</div></td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Accounts Receivable
</div></td>
<td> </td>
<td> </td>
<td align="right">81</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">81</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Equity securities — liquid
</div></td>
<td> </td>
<td> </td>
<td align="right">1,321</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,321</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,303</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,303</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Equity securities — non-liquid
</div></td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">64</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">64</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Debt securities — Corporate bonds
</div></td>
<td> </td>
<td> </td>
<td align="right">229</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">229</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Debt securities — Financial Institutions
</div></td>
<td> </td>
<td> </td>
<td align="right">191</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">191</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">226</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">226</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Debt securities — Government bonds
</div></td>
<td> </td>
<td> </td>
<td align="right">2,114</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,114</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,744</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,744</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Investment funds — Fixed Income
</div></td>
<td> </td>
<td> </td>
<td align="right">1,610</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,610</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,037</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,037</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Investment funds — Equity
</div></td>
<td> </td>
<td> </td>
<td align="right">513</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">513</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">577</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">577</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">International investments
</div></td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Structured investments — Private Equity funds
</div></td>
<td> </td>
<td> </td>
<td align="right">128</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">128</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">97</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Structured investments — Real estate funds
</div></td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Real estate
</div></td>
<td> </td>
<td> </td>
<td align="right">288</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">288</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">249</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">249</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Loans to Participants
</div></td>
<td> </td>
<td> </td>
<td align="right">182</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">182</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">282</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">282</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>6,780</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,668</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>495</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>617</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,739</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,678</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>433</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>628</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Funds not related to risk plans
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,195</td>
<td nowrap="nowrap">)</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 nowrap="nowrap" align="left"> </td>
<td align="right">(1,743</td>
<td nowrap="nowrap">)</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 style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Fair value of plan assets at end of year</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,585</b></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 align="right"><b>4,996</b></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 style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4%"><b>- Fair value measurements using significant unobservable inputs — Level 3 (Overfunded)</b>
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 5pt">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="34" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="18" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Private Equity</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Real Estate</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Loans to</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Private Equity</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Loans to</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Funds</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Funds</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Real State</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Participants</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Funds</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Real State</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Participants</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Beginning of the year</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">249</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">282</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">628</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">72</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">156</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">229</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">457</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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>
<div style="margin-left:30px; text-indent:-15px">Actual return os plan assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">49</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">72</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">123</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">91</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Initial recognized consolidation of Fosfertil
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Assets sold during the period
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(24</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(75</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(103</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(57</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(171</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">(180</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Assets purchases, sales and settlemnts
</div></td>
<td> </td>
<td> </td>
<td align="right">43</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">62</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">130</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">45</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">102</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Cumulative translation adjustment
</div></td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">54</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">78</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">156</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Transfers in and/or out of<br />Level 3
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(42</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(124</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(158</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td nowrap="nowrap"></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr>
<td style="font-size: 10pt"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>End of the year</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>128</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>19</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>288</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>182</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>617</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>97</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>249</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>282</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>628</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%">The return target for private equity assets in 2011 is 11.51%. The target allocation is 6%,
ranging between 2% and 10%. These investments have a longer investment horizon and low liquidity
that aim to profit from economic growth, especially in the infrastructure sector of the
Brazilian economy. Usually non-liquid assets’ fair value is established considering: acquisition
cost or book value. Some private equity funds, alternatively, apply the following methodologies:
discounted cash flows analysis or analysis based on multiples.
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%">The return target for loans to participants in 2011 is 16.05%. The fair value pricing of these
assets includes provisions for non-paid loans, according to the local pension fund regulation.
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%">The return target for real estate assets in 2011 is 12.89%. Fair value for these assets is
considered book value. The pension fund hires companies specialized in real estate valuation
that do not act in the market as brokers. All valuation techniques follow the local regulation.
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%"><b>Underfunded pension plans</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%"><b>Brazilian Obligation</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%">The Vale Mais Plan (the “New Plan”) has obligations with characteristics of defined benefit and defined contribution plans, as mentioned. The majority of its investments is in fixed income. It also implemented
a LDI (Liability Driven Investments) strategy to reduce asset-liability
volatility of the defined benefits plan’s component by using inflation linked bonds (like TIPS). The target allocation is 55% in fixed income. Other
segments or asset classes has their targets, as follows: Fixed Income — 59%; Equity — 24%; Structured Investments — 2%; International Investments — 1%;
Real estate — 4% and Loans to Participants — 10%. Structured Investments segment has invested only in Private Equity Funds in an amount of US$15 and US$10 at the end of
December 31, 2010 and 2009, respectively.
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%">The Defined Contribution Vale Mais component offers
three options of asset classes mix that can be chosen by participants. The options are: Fixed Income
— 100%; 80% Fixed Income and 20% Equities and 65% Fixed Income and 35% Equities. Loan to participants is included in
the fixed income options. Equities management is done through investment fund that targets Ibovespa index.
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%">The Investment Policy Statement has the objective to
achieve the adequate diversification,
current income and long term capital growth through the combination of all asset classes
described above to fulfill its obligations with the adequate level of risk. This obligation and targets with the adequate level of risk. This plan has an average nominal return of 15.67% p.a. in dollars terms in the last 7 years.
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%">The
obligation of the “Abono Complementcäo” plan has an exclusive allocation in fixed income. It was also used a
LDI (Liability Driven Investments) strategy for this plan. Most of the resources were invested in long term Brazilian government
bonds (similar to TIPS) and inflation linked corporate bonds with the objective of minimizing asset-liability volatility and
reduce inflation risk.
</div>
<div align="left" style="font-size: 10pt; margin-top: 5pt; margin-left: 4%">The Investment Policy Statement has the objective to
achieve the adequate diversification, current income and long term capital growth to fulfill its obligations with the adequate
level of risk. This obligation has an average nominal return of 16.28% per year in local currency in the last 5 years.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 1pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>Foreign plans</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">For all pension plans except PT Inco, this has resulted in a target asset allocation of 60% in
equity investments and 40% in fixed income investments, with all securities being traded in the
public markets. Fixed income investments are in domestic bonds for each plan’s market and
involve a mixture of government and corporate bonds. Equity investments are primarily global in
nature and involve a mixture of large, mid and small capitalization companies with a modest
explicit investment in domestic equities for each plan. The Canadian plans also use a currency
hedging strategy (each developed currency’s exposure is 50% hedged) due to the large exposure to
foreign securities. For PT Inco, the target allocation is 20% equity investment and the
remainder in fixed income, with the vast majority of these investments being made within the
domestic market.
</div>
<div align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 4%"><b>- Fair value measurements by category — Underfunded Pension Plans</b>
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 6pt">
<td width="30%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="30" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Cash and cash equivalents
</div></td>
<td> </td>
<td> </td>
<td align="right">52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Accounts Receivable
</div></td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Equity securities — liquid
</div></td>
<td> </td>
<td> </td>
<td align="right">1,617</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,617</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,347</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,347</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Equity securities — non-liquid
</div></td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Debt securities — Corporate bonds
</div></td>
<td> </td>
<td> </td>
<td align="right">55</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Debt securities — Financial Institutions
</div></td>
<td> </td>
<td> </td>
<td align="right">120</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">120</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Debt securities — Government bonds
</div></td>
<td> </td>
<td> </td>
<td align="right">786</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">370</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">416</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">445</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">395</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Investment funds — Fixed Income
</div></td>
<td> </td>
<td> </td>
<td align="right">1,799</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,079</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">720</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">988</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">287</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">701</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Investment funds — Equity
</div></td>
<td> </td>
<td> </td>
<td align="right">437</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">91</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">346</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">409</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">322</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">International investments
</div></td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Investment funds — Private Equity
</div></td>
<td> </td>
<td> </td>
<td align="right">216</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">216</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Structured investments — Private Equity funds
</div></td>
<td> </td>
<td> </td>
<td align="right">15</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Structured investments — Real estate funds
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Real estate
</div></td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Loans to Participants
</div></td>
<td> </td>
<td> </td>
<td align="right">151</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">151</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,323</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,424</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,695</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>204</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>3,253</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,783</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,470</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Funds not related to risk plans
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(678</td>
<td nowrap="nowrap">)</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 nowrap="nowrap" align="left"> </td>
<td align="right">(24</td>
<td nowrap="nowrap">)</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 style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td colspan="14" nowrap="nowrap" align="right" style="border-top: 1px solid #000000"> </td>
<td colspan="2" nowrap="nowrap" align="right" style="border-top: 0px solid #000000"> </td>
<td colspan="14" nowrap="nowrap" align="right" style="border-top: 1px solid #000000"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Fair value of plan assets at end of year
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>4,645</b></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 align="right"><b>3,229</b></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 style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td colspan="14" nowrap="nowrap" align="right" style="border-top: 1px solid #000000"> </td>
<td colspan="2" nowrap="nowrap" align="right" style="border-top: 0px solid #000000"> </td>
<td colspan="14" nowrap="nowrap" align="right" style="border-top: 1px solid #000000"> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 4%"><b>-
Fair value measurements using significant unobservable inputs —
Level 3 (Underfunded)</b>
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 6pt">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="34" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="18" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Private Equity</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Real Estate</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Loans to</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Private Equity</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Loans to</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Funds</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Funds</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Real State</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Participants</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Funds</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Real State</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Participants</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Beginning of the year</b>
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Actual return os plan assets
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Assets sold during the period
</div></td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(57</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(52</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Assets purchases, sales and
settlemnts
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">58</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">68</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Cumulative translation
adjustment
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Transfers in and/or out of
Level 3
</div></td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">124</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">159</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>End of the year</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>15</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>37</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>151</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>204</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The return target for private equity assets in 2011 is 11.51% in local currency. The Vale Mais
plan target allocation is 2%, ranging between 1% and 10%. These investments have a longer
investment horizon and low liquidity that aim to profit from economic growth, especially in the
infra-structure sector of the Brazilian economy. Usually non-liquid assets’ fair value is
established considering: acquisition cost or book value. Some private equity funds can,
alternatively, apply to the following valuation methodologies: discounted cash flows analysis
or analysis based on multiples.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The return target for the loan to participants segment in 2011 is 16.05%. In the fair value of
these assets non paid loans provisions are considered, according to local pension fund
legislation.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The return target for the real estate segment in 2011 is 12.89%. The fair value of these assets
is the book value. We hired specialized companies in property valuation that are not in the
market as brokers. All the valuation techniques are under the local legislation.
</div>
<div align="left" style="font-size: 10pt; margin-top: 10pt; margin-left: 4"><b>Underfunded other benefits</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 9pt; margin-left: 4%"><b>- Fair value measurements by category — Other Benefits</b>
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="80%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 6pt">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Asset by
category</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Level
1</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Level
1</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div>Cash
</div></td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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 style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>13</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>11</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>11</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><b>k) Cash flows contributions</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">Employer
contributions expected for 2011 are US$310.
</div>
<div align="left" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%"><b>l) Estimated future benefit payments</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 8pt; margin-left: 4%">The benefit payments, which reflect future service, are expected to be made as follows:
</div>
<div align="center">
<table style="font-size: 7pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom" style="font-size: 6pt">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>As of December 31, 2010</b></td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Overfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>Underfunded other</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 7pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>pension plans</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>benefits</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Total</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2011
</div></td>
<td> </td>
<td> </td>
<td align="right">271</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">399</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">757</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2012
</div></td>
<td> </td>
<td> </td>
<td align="right">274</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">398</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">91</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">763</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2013
</div></td>
<td> </td>
<td> </td>
<td align="right">273</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">396</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">94</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">763</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2014
</div></td>
<td> </td>
<td> </td>
<td align="right">275</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">392</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">96</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">763</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">2015
</div></td>
<td> </td>
<td> </td>
<td align="right">275</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">389</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">98</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">762</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">2016 and thereafter
</div></td>
<td> </td>
<td> </td>
<td align="right">1,317</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,913</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">488</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,718</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
</div>
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USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0vale_RelatedPartyTransactionsAbstractvalefalsenadurationRelated party transactions.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringRelated party transactions.falsefalse3false0us-gaap_RelatedPartyTransactionsDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "
- -//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 25 - us-gaap:RelatedPartyTransactionsDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>25</b></td>
<td width="1%"> </td>
<td><b>Related party transactions</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Balances from transactions with major related parties are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Assets</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Assets</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
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<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">AFFILIATED COMPANIES AND JOINT VENTURES
</div></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>
<div style="margin-left:30px; text-indent:-15px">Companhia Hispano-Brasileira de Pelotização — HISPANOBRÁS
</div></td>
<td> </td>
<td> </td>
<td align="right">264</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">300</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Companhia Ítalo-Brasileira de Pelotização — ITABRASCO
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Companhia Nipo-Brasileira de Pelotização — NIBRASCO
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Companhia Coreano-Brasileira de Pelotização — KOBRASCO
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Baovale Mineração SA
</div></td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Minas da Serra Geral SA — MSG
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">MRS Logística SA
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">418</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Mineração Rio Norte SA
</div></td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Samarco Mineração SA
</div></td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">55</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Teal Minerals Incorporated
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Korea Nickel Corporation
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Mitsui & CO, LTD
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">229</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">24</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">560</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">561</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">222</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">613</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Current</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>531</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>559</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>186</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>496</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Long-term</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>29</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>36</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>117</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>These balances are included in the following balance sheet classifications:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Assets</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Assets</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Current assets</b>
</div></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>
<div style="margin-left:30px; text-indent:-15px">Accounts receivable
</div></td>
<td> </td>
<td> </td>
<td align="right">435</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Loans and advances to related parties
</div></td>
<td> </td>
<td> </td>
<td align="right">96</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">107</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Non-current assets</b>
</div></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" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Loans and advances to related parties
</div></td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">36</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Current liabilities</b>
</div></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" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Suppliers
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">538</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">463</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Loans from related parties
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Non-current liabilities</b>
</div></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>
<div style="margin-left:30px; text-indent:-15px">Long-term debt
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>560</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>561</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>222</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>613</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Income and expenses from the principal transactions and financial operations carried out
with major related parties are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Income</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Income</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Income</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>AFFILIATED COMPANIES AND JOINT VENTURES</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Companhia Nipo-Brasileira de Pelotização — NIBRASCO
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">149</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">105</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">393</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Samarco Mineração SA
</div></td>
<td> </td>
<td> </td>
<td align="right">448</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">259</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Companhia Ítalo-Brasileira de Pelotização — ITABRASCO
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">240</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">163</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td nowrap="nowrap">
<div style="margin-left:30px; text-indent:-15px">Companhia Hispano-Brasileira de <br />Pelotização — HISPANOBRÁS
</div></td>
<td> </td>
<td> </td>
<td align="right">462</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">513</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">85</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">342</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">378</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Companhia Coreano-Brasileira de Pelotização — KOBRASCO
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">117</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">101</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">234</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Usinas Siderúrgicas de Minas Gerais SA — USIMINAS (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">46</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">651</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Mineração Rio Norte SA
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">156</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">210</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">249</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">MRS Logística SA
</div></td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">561</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">484</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">829</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Mitsui & CO, LTD
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">17</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>943</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,565</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>288</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>922</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,741</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,293</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Sold in April 2009.
</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>These amounts are included in the following statement of income line items:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Income</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Income</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Income</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Expense</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Sales / Cost of iron ore and pellets
</div></td>
<td> </td>
<td> </td>
<td align="right">910</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">786</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">223</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">233</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,698</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,382</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Revenues / expense from logistic services
</div></td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">603</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">457</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">624</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Sales / Cost of aluminum products
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">156</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">210</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">249</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Financial income/expenses
</div></td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">32</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">38</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>943</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,565</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>288</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>922</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,741</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,293</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Additionally we have loans payable to Banco Nacional de Desenvolvimento Social and BNDES
Participações S.A in the amounts of US$2,172 and US$739 respectively, accruing interest at
market rates, which fall due through 2029. The operations generated interest expenses of
US$147. We also maintain cash equivalent balances with Banco Bradesco S.A. in the amount of
US$574 it December 31, 2010. The effect of these operations in results was US$5.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element may be used for the entire related party transactions disclosure as a single block of text. Disclosure may include: the nature of the relationship(s), a description of the transactions, the amount of the transactions, the effects of any change in the method of establishing the terms of the transaction from the previous period, stated interest rate, expiration date, terms and manner of settlement per the agreement with the related party, and amounts due to or from related parties. If the entity
and one or more other entities are under common ownership or management control and this control affects the operating results or financial position, disclosure includes the nature of the control relationship even if there are no transactions between the entities. Disclosure may also include the aggregate amount of current and deferred tax expense for each statement of earnings presented where the entity is a member of a group that files a consolidated tax return, the amount of any tax related balances due to or from affiliates as of the date of each statement of financial position presented, the principal provisions of the method by which the consolidated amount of current and deferred tax expense is allocated to the members of the group and the nature and effect of any changes in that method. Examples of related party transactions include transactions between (a) a parent company and its subsidiary; (b) subsidiaries of a common parent; (c) and entity and its principal owners; and (d) affiliates.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph b
-Article 3A
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Article 4
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 1-4
falsefalse12Related party transactionsUnKnownUnKnownUnKnownUnKnownfalsetrueXML
29
R16.xml
IDEA: Short-term investments
2.2.0.25falsefalse0208 - Disclosure - Short-term investmentstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ShortTermInvestmentsAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0
vale_ShortTermInvestmentsTextBlockvalefalsenadurationInvestments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, and...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 8 - vale:ShortTermInvestmentsTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>8</b></td>
<td width="1%"> </td>
<td><b>Short-term investments</b></td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="76%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>As of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Time deposit
</div></td>
<td> </td>
<td> </td>
<td align="right">1,793</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,747</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Represent low risk investments with original due date over three months.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringInvestments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, and more than 90 days) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments.No authoritative reference available.falsefalse12Short-term investmentsUnKnownUnKnownUnKnownUnKnownfalsetrueXML
30
R28.xml
IDEA: Long-term incentive compensation plan
2.2.0.25falsefalse0220 - Disclosure - Long-term incentive compensation plantruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_ShareBasedCompensationAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 20 - us-gaap:DisclosureOfCompensationRelatedCostsShareBasedPaymentsTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="left" style="font-size: 10pt; margin-top: 12pt"><b>20   Long-term incentive compensation plan</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Under the terms of the long-term incentive compensation plan, the participants, restricted
to certain executives, may elect to allocate part of their annual bonus to the plan. The
allocation is applied to purchase preferred shares of Vale, through a predefined financial
institution, at market conditions and with no benefit provided by Vale.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The shares purchased by each executive are unrestricted and may, at the participant’s
discretion, be sold at any time. However, the shares must be held for a three-year period and
the executive must be continually employed by Vale during that period. The participant then
becomes entitled to receive from Vale a cash payment equivalent to the total amount of shares
held, based on the market rates. The total shares linked to the plan at December 31, 2010 and
December 31, 2009, are 2,458,627 and 1,809,117, respectively.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Additionally, as a long-term incentive certain eligible executives have the opportunity to
receive at the end of the triennial cycle, a certain number of shares at market rates, based on
an evaluation of their career and performance factors measured as an indicator of total return
to stockholders.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We account for the compensation cost provided to our executives under this long-term incentive
compensation plan, following the requirements for Accounting for Stock-Based Compensation.
Liabilities are measured at each reporting date at fair value, based on market rates.
Compensation costs incurred are recognized, over the defined three-year vesting period. At
December 31, 2010, December 31, 2009 and December 31, 2008, we recognized a liability of US$120,
US$72 and US$7, respectively, through the Statement of Income.</td>
</tr>
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDisclosure of compensation-related costs for share-based compensation which may include disclosure of policies, compensation plan details, allocation of stock compensation, incentive distributions, share-based arrangements to obtain goods and services, deferred compensation arrangements, employee stock ownership plan details and employee stock purchase plan details.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 123R
-Paragraph 64, 65, A240
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Statement of Position (SOP)
-Number 93-6
-Paragraph 53
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 14
falsefalse12Long-term incentive compensation planUnKnownUnKnownUnKnownUnKnownfalsetrueXML
31
R9.xml
IDEA: The Company and its operations
2.2.0.25falsefalse0201 - Disclosure - The Company and its operationstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_GeneralPoliciesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_NatureOfOperationsus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitio
nal//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 1 - us-gaap:NatureOfOperations-->
<div align="left" style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 0pt">
</div>
<!-- xbrl,ns -->
<!-- xbrl,nx -->
<div align="left">
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt"><b></b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 0pt"><b></b></div>
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>1 </b></td>
<td width="1%"> </td>
<td><b>The Company and its operations</b></td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">Vale S.A., (“Vale”, the “Company” or “we”) 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, basic metals production, fertilizers, logistics
and steel activities.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">At December 31, 2010, our principal consolidated operating subsidiaries are the following:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="42%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
<td width="5%"> </td>
<td width="7%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3"><b>% voting</b></td>
<td> </td>
<td nowrap="nowrap" align="center"> </td>
<td> </td>
<td nowrap="nowrap" align="center"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="left" style="border-bottom: 1px solid #000000"><b>Subsidiary</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>% ownership</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>capital</b></td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Location</b></td>
<td> </td>
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Principal activity</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Alumina do Norte do Brasil S.A. — Alunorte (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">57.03</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59.02</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top">Alumina</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Alumínio Brasileiro S.A. — Albras (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">51.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">51.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top">Aluminum</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Compañia Minera Misky Mayo S.A.C.
</div></td>
<td> </td>
<td> </td>
<td align="right">40.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">51.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Peru</td>
<td> </td>
<td align="center" valign="top">Fertilizer</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Ferrovia Centro-Atlântica S. A.
</div></td>
<td> </td>
<td> </td>
<td align="right">99.99</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">99.99</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top">Logistics</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Ferrovia Norte Sul S.A.
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top">Logistics</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Mineração Corumbá Reunidas S.A.
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top">Iron ore</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">PT International Nickel Indonesia Tbk
</div></td>
<td> </td>
<td> </td>
<td align="right">59.14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59.14</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Indonesia</td>
<td> </td>
<td align="center" valign="top">Nickel</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Sociedad Contractual Minera Tres Valles
</div></td>
<td> </td>
<td> </td>
<td align="right">90.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">90.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Chile</td>
<td> </td>
<td align="center" valign="top">Copper</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Urucum Mineração S.A.
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top" nowrap="nowrap">Iron Ore and Manganese</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale Australia Pty Ltd.
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Australia</td>
<td> </td>
<td align="center" valign="top">Coal</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale Austria Holdings GMBH
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Austria</td>
<td> </td>
<td align="center" valign="top">Holding and Exploration</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale Canada Limited
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Canada</td>
<td> </td>
<td align="center" valign="top">Nickel</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale Colombia Ltd.
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Colombia</td>
<td> </td>
<td align="center" valign="top">Coal</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale Fertilizantes S.A
</div></td>
<td> </td>
<td> </td>
<td align="right">78.92</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">99.83</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top">Fertilizer</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale Fosfatados S.A
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top">Fertilizer</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale International S.A
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Switzerland</td>
<td> </td>
<td align="center" valign="top">Trading</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale Manganês S.A.
</div></td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">100.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top">Brazil</td>
<td> </td>
<td align="center" valign="top" nowrap="nowrap">Manganese and Ferroalloys</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Vale Nouvelle Caledonie SAS
</div></td>
<td> </td>
<td> </td>
<td align="right">74.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74.00</td>
<td> </td>
<td> </td>
<td align="center" valign="top" nowrap="nowrap">New Caledonia</td>
<td> </td>
<td align="center" valign="top">Nickel</td>
</tr>
<!-- End Table Body -->
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</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
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<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*)</td>
<td> </td>
<td>Classified as current assets held for sale.</td>
</tr>
</table>
</div>
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falsefalse10false0us-gaap_GoodwillImpairmentLossus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6truefalsefalse950000000950falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryLoss recognized during the period that results from the write-down of goodwill after comparing the implied fair value of reporting unit goodwill with the carrying amount of that goodwill. Goodwill is assessed at least annually for impairment.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 45
-Subparagraph e(2)
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 43
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 47
-Subparagraph b
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 142
-Paragraph 20
falsefalse11false0us-gaap_GainLossOnSaleOfPropertyPlantEquipmentus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse248000000248falsefalsefalsefalsefalse2truefalsefalse229000000229falsefalsefalsefalsefalse3truefalsefalse113000000113falsefalsefalsefalsefalse4truefalsefalse623000000623falsefalsefalsefalsefalse5truefalsefalse293000000293falsefalsefalsefalsefalse6truefalsefalse376000000376falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe difference between the sale price or salvage price and the book value of a property, plant, and equipment asset that was sold or retired during the reporting period. This element refers to the gain (loss).Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
falsefalse12false0us-gaap_GainLossOnSaleOfInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3truefalsefalse190000000190falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5truefalsefalse-40000000-40falsefalsefalsefalsefalse6truefalsefalse-80000000-80falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net realized gain or loss on investments sold during the period, which, for cash flow reporting, is a component of proceeds from investing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 13
-Article 7
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 5
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 29
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 43
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-Number 144
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/Cell>Monetaryxbrli:monetaryItemTypemonetaryThe aggregate unrealized foreign currency transaction gain or loss (pretax) included in determining net income for the reporting period. Represents the aggregate of gains and losses on transactions that are unsettled as of the balance sheet date, which is therefore an adjustment to reconcile income (loss) from continuing operations to net cash provided by (used in) continuing operations. (Excludes foreign currency transactions designated as hedges of net investment in a foreign entity and intercompany foreign currency transactions that are of a long-term nature, when the entities to the transaction are consolidated, combined, or accounted for by the equity method in the reporting entity's financial statements. For certain entities, primarily banks, that are dealers in foreign exchange, foreign currency transaction gains or los
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-Number 52
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falsefalse15false0us-gaap_UnrealizedGainLossOnDerivativesus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse532000000532falsefalsefalsefalsefalse2truefalsefalse-403000000-403falsefalsefalsefalsefalse3true<
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IsNumeric>truefalsefalse-1382000000-1382falsefalsefalsefalsefalse6truefalsefalse809000000809falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe increases (decreases) in the market value of derivative instruments, including options, swaps, futures, and forward contracts, which were included in earnings in the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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falsefalse16false0vale_UnrealizedInterestIncomeExpenseNetvalefalsedebitdurationInterest accrual, net. (Payments deducted)falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1
truefalsefalse-43000000-43falsefalsefalsefalsefalse2truefalsefalse225000000225falsefalsefalsefalsefalse3truefalsefalse20000002falsefalsefalsefalsefalse4truefalsefalse187000000187falsefalsefalsefalsefalse5truefalsefalse-25000000-25falsefalsefalsefalsefalse6truefalsefalse116000000116falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryInterest accrual, net. (Payments deducted)No authoritative reference available.falsefalse17false0us-gaap_AdjustmentsNoncashItemsToReconcileNetIncomeLossToCashProvidedByUsedInOperatingActivitiesOtherus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-27000000-27falsefalsefalsefalsefalse2truefalsefalse-17000000-17falsefalsefalsefalsefalse3truefalsefalse-5000000-5falsefalsefalsefalsefalse4truefalsefalse5800000058falsefalsefalsefalsefalse5truefalsefalse2000000020falsefalsefalsefalsefalse6truefalsefalse-3000000-3falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTransactions that do not result in cash inflows or outflows in the period in which they occur, but affect net income and thus are removed when calculating net cash flow from operating activities using the indirect cash flow method. This element is used when there is not a more specific and appropriate element.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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gItemTypestringNo definition available.falsefalse19false0us-gaap_IncreaseDecreaseInReceivablesus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegate
d1truefalsefalse-639000000-639falsefalsefalsefalsefalse2truefalsefalse-776000000-776falsefalsefalsefalsefalse3truefalsefalse327000000327falsefalsefalsefalsefalse4truefalsefalse-3800000000-3800falsefalsefalsefalsefalse5truefalsefalse616000000616falsefalsefalsefalsefalse6truefalsefalse-466000000-466falsefalsefalse
falsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the total amount due within one year (or one operating cycle) from all parties, associated with underlying transactions that are classified as operating activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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falsefalse20false0us-gaap_IncreaseDecreaseInInventoriesus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse404000000404falsefalsefalsefalsefalse2truefalsefalse-441000000-441falsefalsefalsefalsefalse3truefalse
false-128000000-128falsefalsefalsefalsefalse4truefalsefalse-425000000-425falsefalsefalsefalsefalse5truefalsefalse530000000530falsefalsefalsefalsefalse6truefalsefalse-467000000-467falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 28
falsefalse21false0us-gaap_IncreaseDecreaseInIncomeTaxesReceivableus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-70000000-70falsefalsefalsefalsefalse2truefalsefalse142000000142falsefalsefalsefalsefalse3truefalse
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IsRatio>falsefalse108000000108falsefalsefalsefalsefalse6truefalsefalse-263000000-263falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in income taxes receivable, which represents the amount due from tax authorities for refunds of overpayments or recoveries of income taxes paid.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
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falsefalse22false0us-gaap_IncreaseDecreaseInOtherOperatingAssetsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse709000000709falsefalsefalsefalsefalse2truefalsefalse-467000000-467falsefalsefalsefalsefalse3truefalsefalse-277000000-277falsefalsefalsefalsefalse4truefalsefalse307000000307falsefalsefalsefalsefalse5truefalsefalse-455000000-455falsefalsefalsefalsefalse6truefalsefalse2100000021falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in other operating assets not otherwise defined in the taxonomy.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
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falsefalse23true0us-gaap_IncreaseDecreaseInOperatingLiabilitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:
stringItemTypestringNo definition available.falsefalse24false0us-gaap_IncreaseDecreaseInAccountsPayableus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-445000000-445falsefalsefalsefalsefalse2truefalsefalse876000000876falsefalsefalsefalsefalse3truefalsefalse559000000559falsefalsefalsefalsefalse4truefalsefalse928000000928falsefalsefalse
DisplayDateInUSFormat>falsefalse5truefalsefalse121000000121falsefalsefalsefalsefalse6truefalsefalse703000000703falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the aggregate amount of obligations due within one year (or one business cycle). This may include trade payables, amounts due to related parties, royalties payable, and other obligations.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Number 95
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falsefalse25false0us-gaap_IncreaseDecreaseInEmployeeRelatedLiabilitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse204000000204falsefalsefalsefalsefalse2truefalsefalse160000000160falsefalsefalsefalsefalse3truefalsefalse108000000108falsefalsefalsefalsefalse4truefalsefalse214000000214falsefalsefalsefalsefalse5truefalsefalse159000000159falsefalsefalsefalsefalse6truefalsefalse10000001falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in the aggregate amount of pension, postretirement, workers' compensation, and other similar obligations and liabilities.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
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falsefalse26false0us-gaap_IncreaseDecreaseInAccruedIncomeTaxesPayableus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-93000000-93falsefalsefalsefalsefalse2truefalsefalse10930000001093falsefalsefalsefalsefalse3tru
efalsefalse-696000000-696falsefalsefalsefalsefalse4truefalsefalse13110000001311falsefalsefalsefalsefalse5
Id>truefalsefalse-234000000-234falsefalsefalsefalsefalse6truefalsefalse-140000000-140falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the period in the amount of cash payments due to taxing authorities for taxes that are based on the reporting entity's earnings.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
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falsefalse27false0us-gaap_IncreaseDecreaseInOtherOperatingLiabilitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-35000000-35falsefalsefalsefalsefalse2truefalsefalse110000000110falsefalsefalsefalsefalse3truefalsefalse-74000000-74falsefalsefalsefalsefalse4truefalsefalse192000000192falsefalsefalsefalsefalse5truefalsefalse373000000373falsefalsefalsefalsefalse6truefalsefalse-93000000-93falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change during the reporting period in other operating obligations not otherwise defined in the taxonomy.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
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truefalse28false0us-gaap_NetCashProvidedByUsedInOperatingActivitiesus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse77080000007708falsefalsefalsefalsefalse2truefalsefalse68790000006879falsefalsefalsefalsefalse3truefals
efalse14110000001411falsefalsefalsefalsefalse4truefalsefalse1966900000019669falsefalsefalsefalsefalse5truefalsefalse71360000007136falsefalsefalsefalsefalse6truefalsefalse1711400000017114falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash from (used in) all of the entity's operating activities, including those of discontinued operations, of the reporting entity. Operating activities generally involve producing and delivering goods and providing services. Operating activity cash flows include transactions, adjustments, and changes in value that are not defined as investing or financing activities.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Number 95
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truefalse29true0us-gaap_NetCashProvidedByUsedInInvestingActivitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1fa
lsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3false
IsNumeric>falsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse30false0us-gaap_PaymentsToAcquireShortTermInvestmentsus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-1793000000-1793falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3truefalsefalse815000000815falsefalsefalsefalsefalse4truefalsefalse19540000001954falsefalsefalsefalsefalse5truefalsefalse-1439000000-1439falsefalsefalsefalsefalse6truefalsefalse-2308000000-2308falsef
alsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow for securities or other assets acquired with excess cash, having ready marketability, which qualify for treatment as an investing activity based on management's intention and intended by management to be liquidated, if necessary, within the current operating cycle. Includes cash flows from securities classified as trading securities that were acquired for reasons other than sale in the short-term.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15, 17
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 159
-Section Appendix C
-Paragraph 5
-Subparagraph c
falsefalse32true0vale_RelatedPartiesInvestingActivitiesAbstractvalefalsenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOther
xbrli:stringItemTypestringNo definition available.falsefalse33false0us-gaap_ProceedsFromPaymentsForLongTermLoansForRelatedPartiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3truefalsefalse-14000000-14falsefalsefalsefalsefalse4truefalsefalse-28000000-28falsefalsefalsefalsefalse5truefalsefalse-181000000-181falsefalsefalsefalsefalse6truefalsefalse-37000000-37falsefalsefalse<
/DisplayDateInUSFormat>falsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash inflow or outflow associated with long-term loans for related parties where one party can exercise control or significant influence over another party, including affiliates, owners or officers and their immediate families, pension trusts, and so forth.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15, 16, 17
falsefalse34false0vale_ProceedsFromRepaymentsForLongTermLoansForRelatedPartiesInInvestingActivitiesvalefalsedebitdurationProceeds from repayments for long term loans for related parties in investing activities.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2truefalsefalse-1000000-1falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5truefalsefalse70000007falsefalsefalsefalsefalse6truefalsefalse5800000058falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryProceeds from repayments for long term loans for related parties in investing activities.No authoritative reference available.falsefalse35false0us-gaap_PaymentsToAcquireOtherReceivablesus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-17000000-17falsefalsefalsefalsefalse2truefalsefalse-17000000-17<
NonNumbericText />falsefalsefalsefalsefalse3truefalsefalse-4000000-4falsefalsefalsefalsefalse4truefalsefalse-30000000-30falsefalsefalsefalsefalse5truefalsefalse-25000000-25falsefalsefalsefalsefalse6truefalsefalse-15000000-15
falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow for the purchase of other receivables not otherwise defined in the taxonomy.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15
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-Number 95
-Paragraph 17
-Subparagraph a
falsefalse36false0vale_JudicialDepositsvalefalsecreditdurationPayments made following Court requirements, in order to be entitled to either initiate or continue a legal action. These...falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse9600000096falsefalsefalsefalsefalse2truefalsefalse-27000000-27falsefalsefalsefalsefalse3truefalsefalse-55000000-55falsefalsefalsefalsefalse4truefalsefalse-94000000-94falsefalsefalsefalsefalse
hasScenarios>5truefalsefalse-132000000-132falsefalsefalsefalsefalse6truefalsefalse-133000000-133falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryPayments made following Court requirements, in order to be entitled to either initiate or continue a legal action. These amounts are released upon receipt of a final favorable outcome from the legal action. In the case of an unfavorable outcome, the deposits are transferred to the prevailing party.No authoritative reference available.falsefalse37false0us-gaap_PaymentsToAcquireInvestmentsus-gaaptruecreditdurationNo definition avail
able.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-36000000-36falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3truefalsefalse-806000000-806falsefalsefalsefalsefalse4truefalsefalse-87000000-87falsefalsefalsefalsefalse5truefalsefalse-1947000000-1947falsefalsefalsefalsefalse6truefalsefalse-128000000-128falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow associated with the purchase of all investments (debt, security, other) during the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15, 17
falsefalse38false0us-gaap_PaymentsToAcquirePropertyPlantAndEquipmentus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-4742000000-4742falsefalsefalsefalsefalse2truefalsefalse-3852000000-3852falsefalsefalsefalsefalse3truefalsefalse-2755000000-2755falsefalsefalsefalsefalse4truefalsefalse-12647000000-12647falsefalsefalsefalsefalse5truefalsefalse-8096000000-8096falsefalsefalsefalsefalse6truefalsefalse-8972000000-8972falsefalsefalsefalsefalse
Cells>Monetaryxbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale; includes cash outflows to pay for construction of self-constructed assets.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Number 95
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-Number 95
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falsefalse39false0us-gaap_ProceedsFromSaleOfPropertyPlantAndEquipmentus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1fal
sefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3truefalsefalse158000000158falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5true
falsefalse606000000606falsefalsefalsefalsefalse6truefalsefalse134000000134falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash inflow from the sale of long-lived, physical assets that are used in the normal conduct of business to produce goods and services and not intended for resale.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 15
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
-Paragraph 16
-Subparagraph c
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hasScenarios>Monetaryxbrli:monetaryItemTypemonetaryThe cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 95
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truefalsefalse-6492000000-6492falsefalsefalsefalsefalse2truefalsefalse-4915000000-4915falsefalsefalsefalsefalse3truefalsefalse-2661000000-2661falsefalsefalsefalsefalse4truefalsefalse-17184000000-17184falsefalsefalsefalsefalse5truefalsefalse-13159000000-13159falsefalsefalsefalsefalse6truefalsefalse-11401000000-11401falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash inflow (outflow) from investing activity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Number 95
-Paragraph 26
truefalse42true0us-gaap_NetCashProvidedByUsedInFinancingActivitiesAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1false<
/IsNumeric>falsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3falsefalsefalse00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseO
therxbrli:stringItemTypestringNo definition available.falsefalse43false0us-gaap_ProceedsFromShortTermDebtus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse
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-Name Statement of Financial Accounting Standard (FAS)
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-Subparagraph b
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taryxbrli:monetaryItemTypemonetaryThe cash inflow contributed by noncontrolled interest that purchase additional shares or otherwise increase their ownership stake in a subsidiary of the entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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falsefalse57false0vale_DividendsAndInterestAttributedToStockholdersvalefalsecreditdurationThe cash outflow for the return on capital to the shareholders.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-1750000000-1750falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3truefalsefalse-1469000000-1469falsefalsefalsefalsefalse4truefalsefalse-3000000000-3000falsefalsefalsefalsefalse5truefalsefalse-2724000000-2724falsefalsefalsefalsefalse6truefalsefalse-2850000000-2850falsefalsefalsefalsefal
seMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow for the return on capital to the shareholders.No authoritative reference available.falsefalse58false0us-gaap_PaymentsOfDividendsMinorityInterestus-gaaptruecreditdurationNo definition available.falsefalsefalsefalsefalse<
IsEquityPrevioslyReportedAsRow>falsefalsefalsefalsetruenegatedtotal1truefalsefalse-81000000-81falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalse3truefalsefalse-47000000-47falsefalsefalsefalsefalse4truefalsefalse-140000000-140
RoundedNumericAmount>falsefalsefalsefalsefalse5truefalsefalse-47000000-47falsefalsefalsefalsefalse6truefalsefalse-143000000-143falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe cash outflow for the return on capital for noncontrolled interest in the entity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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truefalse59false0us-gaap_NetCashProvidedByUsedInFinancingActivitiesus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse-3491000000-3491falsefalsefalsefalsefalse2truefalsefalse10720000001072falsefalsefalsefalsefalse3truefalsefalse-82000000-82falsefalsefalsefalsefalse4truefalsefalse-2569000000-2569falsefalsefalsefalsefalse
hasScenarios>5truefalsefalse625000000625falsefalsefalsefalsefalse6truefalsefalse90040000009004falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net cash inflow (outflow) from financing activity for the period.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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-Name Statement of Financial Accounting Standard (FAS)
-Number 95
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truefalse60false0us-gaap_CashAndCashEquivalentsPeriodIncreaseDecreaseus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-2275000000-2275falsefalsefalsefalsefalse2truefalsefalse30360000003036falsefalsefalsefalsefalse3truefalsefalse-1332000000-1332falsefalsefalsefalsefalse4truefalsefalse-84000000-84falsefalsefalsefalsefalse5truefalsefalse-5398000000-5398falsefalsefalsefalsefalse6truefalsefalse1471700000014717falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe net change between the beginning and ending balance of cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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Monetaryxbrli:monetaryItemTypemonetaryThe effect of exchange rate changes on cash balances held in foreign currencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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falsefalse62false0us-gaap_CashAndCashEquivalentsAtCarryingValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsetruefalsefalseperiodstartlabel1truefalsefalse97230000009723falsefalsefalsefalsefalse2truefalsefalse62350000006235falsefalsefalsefalsefalse3truefalsefalse84580000008458falsefalsefalsefalsefalse4truefalsefalse72930000007293falsefalsefalsefalsefalse5truefalsefalse1033100000010331falsefalsefalsefalsefalse6truefalsefalse10460000001046falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the inve
stment. For example, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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/hasScenarios>Monetaryxbrli:monetaryItemTypemonetaryIncludes currency on hand as well as demand deposits with banks or financial institutions. It also includes other kinds of accounts that have the general characteristics of demand deposits in that the Entity may deposit additional funds at any time and also effectively may withdraw funds at any time without prior notice or penalty. Cash equivalents, excluding items classified as marketable securities, include short-term, highly liquid investments that are both readily convertible to known amounts of cash, and so near their maturity that they present minimal risk of changes in value because of changes in interest rates. Generally, only investments with original maturities of three months or less qualify under that definition. Original maturity means original maturity to the entity holding the investment. For exam
ple, both a three-month US Treasury bill and a three-year Treasury note purchased three months from maturity qualify as cash equivalents. However, a Treasury note purchased three years ago does not become a cash equivalent when its remaining maturity is three months. Compensating balance arrangements that do not legally restrict the withdrawal or usage of cash amounts may be reported as Cash and Cash Equivalents, while legally restricted deposits held as compensating balances against borrowing arrangements, contracts entered into with others, or company statements of intention with regard to particular deposits should not be reported as cash and cash equivalents.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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DisplayDateInUSFormat>falsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate interest expense incurred on short-term borrowings including commercial paper and Federal funds purchased and securities sold under agreements to repurchase.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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falsefalse-1113000000-1113falsefalsefalsefalsefalse6truefalsefalse-1255000000-1255falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate amount of interest paid or due on all long-term debt.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Paragraph 8
-Article 9
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-Name Federal Regulation (FR)
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-Chapter V
-Section 563c.102
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00falsefalsefalsefalsefalse4falsefalsefalse00falsefalsefalsefalsefalse5falsefalsefalse00falsefalsefalsefalsefalse6falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse69false0us-gaap_CashPaidForCapitalizedInterestus-gaaptruedebitdurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse3800000038falsetruefalsefalsefalse2truefalsefalse2400000024falsetruefalsefalsefalse3truefalsefalse7700000077falsetruefalsefalsefalse4truefalsefalse164000000164falsetruefalsefalsefalse5truefalsefalse266000000266falsetruefalsefalsefalse6truefalsefalse230000000230falsetruefalsefal
sefalseMonetaryxbrli:monetaryItemTypemonetaryThe amount of cash paid during the current period for interest owed on money borrowed that is not charged as an expense but rather is capitalized based on the long term nature of the use of the borrowed funds.Reference 1: http://www.xbrl.org/2003/role/presentationRef
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34
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<td width="3%" nowrap="nowrap" align="left"><b>15</b></td>
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<td><b>Investments in affiliated companies and joint ventures</b></td>
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<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>December 31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 1px solid #000000"><b>Investments</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>Equity in earnings (losses) of investee adjustments</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>Dividends Received</b></td>
<td> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<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 nowrap="nowrap" align="center" colspan="2"><b>Net income</b></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6"> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 0px solid #000000"><b>(loss) of the</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="6" style="border-bottom: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 0px solid #000000"> </td>
<td> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="6" style="border-bottom: 1px solid #000000"><b>Participation in capital (%)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>Net equity</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2" style="border-bottom: 1px solid #000000"><b>period</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>30, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>31, 2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>31, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>30, 2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>31, 2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Voting</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="2"><b>Total</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Bulk Material</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Iron ore and pellets</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Companhia Nipo-Brasileira de Pelotização — NIBRASCO (1)
</div></td>
<td> </td>
<td> </td>
<td align="right">51.11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">51.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">334</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">93</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">171</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">132</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">48</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(12</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">84</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Companhia Hispano-Brasileira de Pelotização — HISPANOBRÁS (1)
</div></td>
<td> </td>
<td> </td>
<td align="right">51.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50.89</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">250</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">128</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">83</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">40</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(12</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Companhia Coreano-Brasileira de Pelotização — KOBRASCO (1)
</div></td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">173</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">86</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">87</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">43</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">44</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Companhia Ítalo-Brasileira de Pelotização — ITABRASCO (1)
</div></td>
<td> </td>
<td> </td>
<td align="right">51.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50.90</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">169</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">33</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">86</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">90</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Minas da Serra Geral SA — MSG
</div></td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">73</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">36</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">SAMARCO Mineração SA — SAMARCO (2)
</div></td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,058</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,596</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">561</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">673</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">261</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">247</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">58</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">798</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">299</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">315</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">575</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">225</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">140</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">950</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">190</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">300</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Baovale Mineração SA — BAOVALE
</div></td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Zhuhai YPM Pellet e Co,Ltd — ZHUHAI
</div></td>
<td> </td>
<td> </td>
<td align="right">25.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">101</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Tecnored Desenvolvimento Tecnológico SA
</div></td>
<td> </td>
<td> </td>
<td align="right">37.40</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37.40</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">106</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(28</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">40</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">46</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:45px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td align="right"><b>1,165</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,157</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>341</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>304</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>39</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>956</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>272</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>550</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>575</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>239</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>140</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>989</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>210</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>319</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Coal</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Henan Longyu Resources Co Ltd
</div></td>
<td> </td>
<td> </td>
<td align="right">25.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">999</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">305</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">250</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">250</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">64</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(26</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">76</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">44</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">83</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">27</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Shandong Yankuang International Company Ltd
</div></td>
<td> </td>
<td> </td>
<td align="right">25.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25.00</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(106</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(77</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(27</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:45px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td align="right"><b>223</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>243</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>57</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(31</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>15</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>57</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>56</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>62</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>44</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>83</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>27</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Base Metals</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Bauxite</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Mineração Rio do Norte SA — MRN
</div></td>
<td> </td>
<td> </td>
<td align="right">40.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">40.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">381</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">152</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">143</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(32</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">62</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">42</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">99</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Copper</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Teal Minerals Incorpored
</div></td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">181</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(20</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">90</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">80</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(18</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Nickel</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Heron Resources Inc
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Korea Nickel Corp
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(34</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:45px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td align="right"><b>23</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>30</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(34</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Logistic</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">LOG-IN Logística Intermodal SA
</div></td>
<td> </td>
<td> </td>
<td align="right">31.33</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31.33</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">401</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">135</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">125</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">MRS Logística SA
</div></td>
<td> </td>
<td> </td>
<td align="right">37.86</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">41.50</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,233</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">217</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">511</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">468</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">65</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">90</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">141</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">113</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">90</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">72</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">124</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">34</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:45px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td align="right"><b>646</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>593</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>32</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>26</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>65</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>94</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>143</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>133</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>37</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>90</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>72</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>127</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>37</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Others</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Steel</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:60px; text-indent:-15px">California Steel Industries Inc — CSI
</div></td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">310</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">155</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">150</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:60px; text-indent:-15px">THYSSENKRUPP CSA Companhia Siderúrgica
</div></td>
<td> </td>
<td> </td>
<td align="right">26.87</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26.87</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,846</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(316</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1,840</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,049</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(75</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(85</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:60px; text-indent:-15px">Usinas Siderúrgicas de Minas Gerais SA — USIMINAS
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:45px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td align="right"><b>1,995</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2,199</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(76</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(12</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(8</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(73</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(8</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>29</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>31</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px"><b>Other affiliates and joint ventures</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:45px; text-indent:-15px">Vale Soluções em Energia (1)
</div></td>
<td> </td>
<td> </td>
<td align="right">51.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">51.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">226</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(64</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">115</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">99</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(33</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(33</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:45px; text-indent:-15px">Others
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">88</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">41</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(15</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:45px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td align="right"><b>203</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>140</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(48</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>14</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(37</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(2</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(8</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:45px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></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> </td>
<td> </td>
<td align="right"><b>4,497</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4,585</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>303</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>305</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>71</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>987</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>433</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>794</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>629</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>283</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>243</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,161</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>386</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>513</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:45px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 0px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 6pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 6pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(1)</td>
<td> </td>
<td>Although Vale held a majority of the voting interest of investees accounted for under the
equity method, existing veto rights held by noncontrolling shareholders under shareholder
agreements preclude consolidation;</td>
</tr>
<tr style="font-size: 3pt">
<td> </td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(2)</td>
<td> </td>
<td>Investment includes goodwill of US$62 in December, 2009 and US$64 in December, 2010.</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringEquity investment disclosure, or group of investments for which combined disclosure is appropriate, including: (a) the name of each investee and percentage of ownership of common stock, (b) accounting policies for investments in common stock, (c) difference between the amount at which the investment is carried and the amount of underlying equity in net assets and the accounting treatment of the difference, (d) the total fair value of each identified investment for which a market value is available, (e) summ
arized information as to assets, liabilities, and results of operations of the investees (for investments in unconsolidated subsidiaries, common stock of joint ventures, or other investments using the equity method), and (f) material effects of possible conversions, exercises, or contingent issuances of the investee. Other disclosures include (a) the names of any investee in which the investor owns 20 percent or more of the voting stock and investment is not accounted for using the equity method, and the reasons why not, and (b) the names of any investee in which the investor owns less than 20% of the voting stock and the investment is accounted for using the equity method, and the reasons why it is.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 18
-Paragraph 20
falsefalse12Investments in affiliated companies and joint venturesUnKnownUnKnownUnKnownUnKnownfalsetrueXML
35
defnref.xml
IDEA: XBRL DOCUMENT
Carrying value as of the balance sheet date of obligations incurred and payable for statutory income, sales, use, excise and other taxes. Also the royalties paid to landowners whether private or public.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Operating expenditures that is not closely related to cost of sales, selling, general, administrative, and miscellaneous revenues.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Revenue from the sale of fertilizer products.No authoritative reference available.No authoritative reference available.No authoritative reference available.The amount of net income or loss for the period per each common share outstanding linked to convertible note during the reporting period.No authoritative reference available.Recoverable taxes.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Proceeds from repayments for long term loans for related parties in financing activities.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Represent the business acquisitions and disposals made by the Company in the period.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Common stock Interest on mandatorily convertible debt.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Preferred class A stock Dividends and interest attributed to stockholders equity.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.The cash outflow for the return on capital to the shareholders.No authoritative reference available.Number of preferred shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Number of common shares that were previously issued and that were repurchased by the issuing entity and held in treasury on the financial statement date.No authoritative reference available.Appropriation from to undistributed retained earnings.No authoritative reference available.No authoritative reference available.No authoritative reference available.Payments made following Court requirements, in order to be entitled to either initiate or continue a legal action. These amounts are released upon receipt of a final favorable outcome from the legal action. In the case of an unfavorable outcome, the deposits are transferred to the prevailing party.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Current portion of the amount entered with Government for the exploitation and development of public rail cargo transport services.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Common stock Dividends and interest attributed to stockholders equity.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which is mandatory to be exchanged for a specified amount of one or more common stock.No authoritative reference available.Costs incurred related to mineral extraction, processing.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Titles issued at the time of Vale privatization, to ensure its then-existing stockholders would participate in possible future benefits that could be obtained from exploiting certain mineral resources.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Net operating revenues.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Property, plant and equipment and intangible assets.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.The amount of net income or loss for the period per each common share outstanding during the reporting period.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Proceeds from repayments for long term loans for related parties in investing activities.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.The amount of net income or loss for the period per each preferred share outstanding linked to convertible note during the reporting period.No authoritative reference available.Carrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which is mandatory to be exchanged for a specified amount of one or more preferred stock.No authoritative reference available.Transfer from to unappropriated retained earnings.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Costs incurred related to the logistic services.No authoritative reference available.No authoritative reference available.No authoritative reference available.Costs incurred related to the aluminum production.No authoritative reference available.Minimum annual remuneration payable to stockholders.No authoritative reference available.No authoritative reference available.No authoritative reference available.Transfer to capitalized earnings.No authoritative reference available.No authoritative reference available.No authoritative reference available.The cash inflow or outflow associated with long-term loans for related parties where one party can exercise control or significant influence over another party, including affiliates and jointly-controlled companies, owners or officers and their immediate families, pension trusts, and so forth.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Assets and liabilities held for sale.No authoritative reference available.Interest accrual, net. (Payments deducted)No authoritative reference available.The aggregate amount of receivables to be collected and advanced from related parties where one party can exercise control or significant influence over another party; including affiliates, owners or officers and their immediate families, pension trusts, and so forth, at the financial statement date. which are usually due within one year (or one business cycle).No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.The cost of borrowed funds accounted for as interest as well as interest expenses for liabilities.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Costs incurred related to the fertilizer production.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Income derived from investments in debt securities and on cash and cash equivalents and financial interest for assets.No authoritative reference available.Adjustment that results from the process of translating subsidiary financial statements and foreign equity investments into functional currency of the reporting entity, net of tax, attributable to noncontrolling interest.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Conversions.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Investments which are intended to be sold in the short term (usually less than one year or the normal operating cycle, and more than 90 days) including trading securities, available-for-sale securities, held-to-maturity securities, and other short-term investments.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Preferred class A stock Interest on mandatorily convertible debt.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Revenue from the sale of aluminum products.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Disposals of noncontrolling interests.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Transfer from undistributed retained earnings.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.The amount of net income or loss for the period per each preferred share outstanding during the reporting period.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.Capitalization of stockholders advances.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.No authoritative reference available.XML
36
R21.xml
IDEA: Assets and liabilities held for sale
2.2.0.25falsefalse0213 - Disclosure - Assets and liabilities held for saletruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_PropertyPlantAndEquipmentAssetsHeldForSaleDisclosureAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsef
alsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0us-gaap_DisclosureOfLongLivedAssetsHeldForSaleTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 13 - us-gaap:DisclosureOfLongLivedAssetsHeldForSaleTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>13</b></td>
<td width="1%"> </td>
<td><b>Assets and liabilities held for sale</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td><b>Aluminium</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In connection with our strategy of active portfolio asset management, on May 2, 2010, we entered
into an agreement with Norsk Hydro ASA (Hydro), to sell all our stakes in Albras — Alumínio
Brasileiro S.A. (Albras), Alunorte — Alumina do Norte do Brasil S.A. (Alunorte) and Companhia de
Alumina do Pará (CAP), 60% of our Paragominas bauxite mine and all our other Brazilian bauxite
mineral rights (“Aluminum Business”).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>For the participations of Albras, Alunorte, and CAP we will receive US$405 in cash, the
assumption of US$700 of net debt by Hydro and a 22% stake in Hydro. For 60% of Paragominas and
mineral rights we will receive US$600. We will sell the remaining 40% of Paragominas in two
tranches, in 2013 and 2015, each for US$200 in cash. The sale is expected to be concluded in
the near future.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The Company has assessed that the expected fair value of the transaction is higher than the net
asset carrying value and accordingly has maintained the original amounts. Also, because of the
significant influence retained by the Company on Hydro, aluminum was not considered a
discontinued operation.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="4%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td><b>Kaolin</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>As part of our portfolio management, we have entered into negotiations to sell our kaolin net
assets. In 2010, a part of our kaolin’s assets was sold and we remeasured the remaining
assets at fair value less costs to sell, and the effect of realized
and unrealized loss was recorded as discontinued
operations in our Statement of Income in 2010. For 2010 the values
are presented below for comparative purposes.</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Assets held for sale</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Inventories
</div></td>
<td> </td>
<td> </td>
<td align="right">366</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Property, plant and equipment
</div></td>
<td> </td>
<td> </td>
<td align="right">4,844</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Advances to suppliers — energy
</div></td>
<td> </td>
<td> </td>
<td align="right">496</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Recoverable taxes
</div></td>
<td> </td>
<td> </td>
<td align="right">627</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other assets
</div></td>
<td> </td>
<td> </td>
<td align="right">654</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>6,987</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Liabilities associated with assets held for sale</b>
</div></td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Suppliers
</div></td>
<td> </td>
<td> </td>
<td align="right">290</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Long term debt
</div></td>
<td> </td>
<td> </td>
<td align="right">705</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncontrolling interests
</div></td>
<td> </td>
<td> </td>
<td align="right">1,885</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Other
</div></td>
<td> </td>
<td> </td>
<td align="right">272</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>3,152</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringDescription and amounts of long lived assets held for sale. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 33, 47
falsefalse12Assets and liabilities held for saleUnKnownUnKnownUnKnownUnKnownfalsetrueXML
37
R13.xml
IDEA: Major acquisitions and disposals
2.2.0.25falsefalse0205 - Disclosure - Major acquisitions and disposalstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0vale_MajorAcquisitionsAndDisposalsAbstractvalefalsenadurationMajor acquisitions and disposals.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringMajor acquisitions and disposals.falsefalse3fals
e0vale_MajorAcquisitionsAndDispositionsTextBlockvalefalsenadurationRepresent the business acquisitions and disposals made by the Company in the period.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 5 - vale:MajorAcquisitionsAndDispositionsTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>5</b></td>
<td width="1%"> </td>
<td><b> Major acquisitions and disposals</b></td>
</tr>
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>a) Fertilizers Businesses</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In line with our strategy to become a leading global player in the fertilizer business, we
acquired in May 2010, 58.6% of the equity capital of
Fertilizantes Fosfatados S.A. (Fosfertil),
currently Vale Fertilizantes S.A., and the Brazilian fertilizer assets of Bunge Participações e
Investimentos S.A. (BPI), currently named Vale Fosfatados S.A. for a total of US$4.7 billion in
cash. An additional payment of US$55 was made in July, as a complement of the purchase price of
Vale Fosfatados.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">As part of this acquisition, we exercised in September an option contract to acquire additional
20.27% stake in Vale Fertilizantes S.A., for US$1.0 billion. Also, we launched a mandatory
offer to acquire the common shares held by the noncontrolling stockholders.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">As
at December 31, 2010, we have 78.92% of the total capital and 99.83% of the voting capital of
Vale Fertilizantes and 100% of the capital of Vale Fosfatados.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">As
this transaction occurred within the previous twelve months,
information about the purchase price allocation presented below based
on the fair values of identified assets acquired and liabilities
assumed is preliminary. Such allocation, currently being performed
internally by the Company, with the
assistance of specialists will be finalized during future periods,
and accordingly, the preliminary purchase price allocation
information set forth below is subject to revision, which may be
material.
</div>
<div align="right">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="96%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Purchase price
</div></td>
<td> </td>
<td> </td>
<td align="right">5,795</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Noncontrolling consideration
</div></td>
<td> </td>
<td> </td>
<td align="right">767</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Book value
of property, plant and equipment and mining rights
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(1,987</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Book value of other assets acquired and liabilities assumed, net
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(395</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Adjustment to fair value of property, plant and equipment and mining rights
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(5,146</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Adjustment to fair value of inventories
</div></td>
<td> </td>
<td nowrap="nowrap" align="right"> </td>
<td align="right">(98</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Deferred taxes on the above adjustments
</div></td>
<td> </td>
<td> </td>
<td align="right">1,783</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Goodwill</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>719</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The
acquired business contributed net revenues of US$1,507 and to reduce
net income of US$10 to the
group for the period from June to December, 2010. If this acquisition had been completed on
January 1, 2010, our net revenues would increase by US$770 and our net income would decrease by
US$12. These amounts have been calculated using our accounting policies and by adjustment the
results of the subsidiaries to reflect additional depreciation and amortization that would have
been charged assuming the fair value adjustments to property plant and equipment and intangible
assets had been applied from January 1, 2010, together with consequential tax effects.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">The goodwill balance arises primarily due to the synergies between the acquired assets and the
potash operations in Taquari-Vassouras, Carnalita, Rio Colorado and Neuquém and phosphates in
Bayóvar I and II, in Peru, and Evate, in Mozambique. The future development of our projects
combined with the acquisition of the portfolio of fertilizer assets will allow Vale to be one of
the top players in the world’s fertilizer business.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>b) Other transactions — 2010</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In September 2010, we acquired 51% stake in Sociedade de Desenvolvimento do Corredor Norte S.A
(SDCN) for US$21. The SDCN has a concession to create a logistic infrastructure necessary for
the production flow resulting from the second phase at our Moatize Coal Project.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">As part of our efforts to meet our future production targets, we acquired in April 2010, 51%
interest on iron ore concession rights in Simandou South (Zogota), Guinea, and iron ore
exploration permits in Simandou North. From this amount, US$500 is payable immediately and the
remaining US$2 billion upon achievement of specific milestones.
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 0pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">This joint venture is also
committed to renovate 660km of the Trans-Guinea railway for passenger transportation and light
commercial use.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In July 2010, we concluded the sale of minority stakes in the Bayóvar project in Peru through
the newly-formed company MVM Resources International B.V. (MVM). We sold 35% of the total
capital of MVM to Mosaic for US$385 and 25% to Mitsui for US$275. Vale retains control of the
Bayóvar project, holding a 40% stake of the total capital and 51% of voting shares of the
newly-formed company. The capital amount invested as at June 30, 2010 was approximately US$550.
The difference between the fair value and carrying amount of US$321 on this transaction was
accounted for in equity in accordance with the accounting rules related to the gains/losses when
control is retained.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In June 2010, we acquired an additional 24.5% stake in the Belvedere coal project (Belvedere)
for US$92 from AMCI Investments Pty Ltd (AMCI). As an outcome of this transaction, Vale
increased its participation in Belvedere from 51.0% to 75.5%.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In May 2010, we entered into an agreement with Oman Oil Company S.A.O.C. (OOC), a company
wholly-owned by the Government of the Sultanate of Oman, to sell 30% of Vale Oman Pelletizing
Company LLC (VOPC), for US$125. The transaction remains subject to the terms set forth in the
definitive share purchase agreement to be signed after the fulfillment of precedent conditions.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">We have entered into negotiations and agreements to sell our Kaolin, aluminum and alumina
assets. For further details see Note 13.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%"><b>c) Other transactions — 2009</b>
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In September 2009, we acquired from Rio Tinto Plc, Mineração Corumbá Reunidas S.A. (MCR) for
US$802. MCR is the owner of an iron ore mining operations with high iron content and a strategic
importance to our product portfolio, adding a substantial volume of lump ore to our reserves.
The purchase price allocation mainly adjustments refers to fair value of inventories, property
plant and equipment and intangible and there was no goodwill recorded on this transaction.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In September 2009, we concluded an agreement with ThyssenKrupp Steel AG signed in July, to
increase our stake in ThyssenKrupp CSA Siderúrgica do Atlântico Ltda. (CSA) to 26.87% through a
capital subscripton of US$1,424.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In April 2009, we concluded the sale of all common shares we held in, Usiminas Siderúrgicas de
Minas Gerais S.A. — Usiminas, for US$273 generating a gain of US$153.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In March 2009, we acquired 100% of Diamond Coal Ltd that owns coal assets in Colombia for
US$300, from Cement Argos. Cash payment was made during the quarter ending June 30, 2009. The
primary reason for the acquisition was that the coal assets are an important part of our growth
strategy. Therefore, Vale is seeking to build a coal asset platform in Colombia, as it is the
world’s third largest exporter of high-quality thermal coal, given its low level of sulfur and
high calorific value. The purchase price allocation mainly adjustments refers to fair value of,
property plant and equipment and there was no goodwill recorded on this transaction.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In March 2009, we acquired 50% of the joint venture with African Rainbow Minerals Limited of
Teal Minerals Incorporated for US$60.
</div>
<div align="left" style="font-size: 10pt; margin-top: 6pt; margin-left: 4%">In February 2009, acquired Green Mineral Resources that owns the Regina Project (Canada) and
Colorado Project (Argentina) which are in development stage, from Rio Tinto, for US$850. The
acquisition of potash assets is aligned with Vale’s strategy to become a large producer of
fertilizers to benefit from the exposure to rising global consumption. The purchase price
allocation mainly adjustments refers to fair value of, property plant and equipment and there
was no goodwill recorded on this transaction.
</div>
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R34.xml
IDEA: Derivative financial instruments
2.2.0.25falsefalse0226 - Disclosure - Derivative financial instrumentstruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
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<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>26</b></td>
<td width="1%"> </td>
<td><b>Derivative financial instruments</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Risk management policy</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Vale has developed its risk management strategy in order to provide an integrated approach of
the risks the Company is exposed to. To do that, Vale evaluate not only the impact of market
risk factors in the business results (market risk), but also the risk arising from third party
obligations with Vale (credit risk) and those risks inherent in Vale’s operational processes
(operational risk).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Vale considers that the effective management of risk is a key objective to support its growth
strategy and financial flexibility. The risk reduction on Vale’s future cash flows contributes
to a better perception of the Company’s credit quality, improving its ability to access
different markets. As a commitment to the risk management strategy, the Board of Directors has
established an enterprise-wide risk management policy and a risk management committee.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The risk management policy determines that Vale should
evaluate regularly its cash flow risks
and potential risk mitigation strategies. Whenever considered necessary, mitigation strategies
should be put in place to reduce cash flow volatility. The executive board is responsible for
the evaluation and approval of long-term risk mitigation strategies recommended by the risk
management committee.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The risk management committee assists our executive officers in overseeing and reviewing our
enterprise risk management activities, including the principles, policies, process, procedures
and instruments employed to manage risk. The risk management committee reports periodically to
the executive board on how risks have been monitored, what are the most important risks we are
exposed to and their impact on cash flows.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The risk management policy and procedures that complement the normative of risk management
governance model, explicitly prohibit speculative transactions with derivatives and require the
diversification of operations and counterparties.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Besides the risk management governance model, Vale has put in place a well defined corporate
governance structure. The recommendation and execution of the derivative transactions are
implemented by independent areas. The strategy and risk management department is responsible for
defining and proposing to the risk management committee, market risk mitigation strategies
consistent with Vale’s and its wholly owned subsidiaries corporate strategy. The finance
department is responsible for the execution of the risk mitigation strategies through the use of
derivatives. The independence of the areas guarantees an effective control on these operations.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>When measuring our exposures, the correlations between market risk factors are taken into
consideration once we must be able to evaluate the net impact on our cash flows from all main
market variables. We are also able to identify a natural diversification of products and
currencies in our portfolio and therefore a natural reduction of the overall risk of the
Company.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The consolidated market risk exposure and the portfolio of derivatives are measured monthly and
monitored in order to evaluate the financial results and market risk impacts on our cash flow,
as well as to guarantee that the initial goals
will be achieved. The mark-to-market of the
derivatives portfolio is reported weekly to management.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Considering the nature of Vale’s business and operations, the main market risk factors which the
Company is exposed are:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Interest rates;</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Foreign exchange;</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Product prices and input costs</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Foreign exchange and interest rate risk</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Vale’s cash flows are exposed to volatility of several different currencies. While most of our
product prices are indexed to the US dollars, most of our costs, disbursements and investments
are indexed to currencies other than the US dollar, mainly the
Brazilian real and Canadian
dollar.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Derivative instruments may be used to reduce Vale’s potential cash flow volatility arising from
its currency mismatch. Vale’s foreign exchange and interest rate derivative portfolio consists,
basically, of interest rate swaps to convert floating cash flows in Brazilian real to fixed or
floating US dollar cash flows, without any leverage.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Vale is also exposed to interest rate risks on loans and financings. Our floating rate debt
consists mainly of loans including export pre-payments, commercial banks and multilateral
organizations loans.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In general, our US dollars floating rate debt is subject to changes in the LIBOR (London
Interbank Offer Rate in US dollars). To mitigate the impact of the interest rate volatility on
its cash flows, Vale takes advantage of natural hedges resulting from the correlation of metal
prices and US dollar floating rates. When natural hedges are not present, we may opt to look for
the same effect by using financial instruments.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Our Brazilian real denominated debt subject to floating interest rates refers to debentures,
loans obtained from Banco Nacional de Desenvolvimento Econômico e Social (BNDES) and property
and services acquisition financing in the Brazilian market. These debts are mainly linked to CDI
and TJLP.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The swap transactions used to convert debt linked to Brazilian reais into U.S. Dollars have
similar — and sometimes <font style="white-space: nowrap">shorter —</font> settlement dates than the final maturity of the debt
instruments. Their amounts are similar to the principal and interest payments, subjected to
liquidity market conditions. The swaps with shorter settlement date than the debts’ final
maturity are renegotiated through time so that their final maturity match — or become closer —
to the debt final maturity. At each settlement date, the results on the swap transactions
partially offset the impact of the foreign exchange rate in our obligations, contributing to
stabilize the cash disbursements in U.S. Dollars for the interest and/or principal payment of
our Brazilian Real denominated debt.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In the event of an appreciation (depreciation) of the Brazilian real against the US dollar, the
negative (positive) impact on our Brazilian real denominated debt obligations (interest and/or
principal payment) measured in US dollars will be partially offset by a positive (negative)
effect from a swap transaction, regardless of the US dollar / Brazilian real exchange rate on
the payment date.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>We have other exposures associated with our outstanding debt portfolio. In order to reduce cash
flow volatility associated with a financing from KFW (Kreditanstalt Für Wiederaufbau) indexed to
Euribor, Vale entered into a swap contract where the cash flows in Euros are converted into cash
flows in US dollars. We have also entered into a swap to convert the cash flow from a debt
instrument issued originally in Euro into US dollars. In this derivative transaction, we receive
fixed interest rates in Euros and pay fixed interest rates in US dollars.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In order to reduce the cash flows volatility associated with the foreign exchange exposure from
some coal fixed price sales, Vale purchased forward Australian dollars.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Product price risk</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Vale is also exposed to several market risks associated with commodities price volatilities.
Currently, our derivative
transactions include nickel, aluminum, coal, copper, bunker oil and
maritime freight (FFA) derivatives and all have the same purpose of mitigating Vale’s cash flow
volatility.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Nickel </b>— The Company has the following derivative instruments in this category:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Strategic derivative program — in order to protect our cash flows in 2010 and 2011,
we entered into derivative transactions where we fixed the prices of some of our nickel
sales during the period.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Fixed price sales program — we use to enter into nickel future contracts on the
London Metal Exchange (LME) with the purpose of maintaining our exposure to nickel price
variation, regarding the fact that, in some cases, the commodity is sold at a fixed price to some customers.
Whenever the ‘Strategic derivative program’ is executed, the ‘Fixed price sales program’ is
interrupted.</td>
</tr>
<tr>
<td style="font-size: 6pt"> </td>
</tr>
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="8%" style="background: transparent"> </td>
<td width="3%" nowrap="nowrap" align="left"><b>•</b></td>
<td width="1%"> </td>
<td>Nickel purchase program — Vale has also sold nickel futures on the LME, in order to
minimize the risk of mismatch between the pricing on the costs of intermediate products and
finished goods.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Aluminum </b>— In order to protect our cash flow in 2010, we entered into derivatives transactions
where we fixed the prices of some of our aluminum sales during the period. Aluminum operations
are available for sale since June 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Coal </b>— In order to protect our cash flow in 2010,
we entered into derivatives transactions
where we fixed the prices of some of our coal sales during the period.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Copper </b>— We entered into derivatives transactions in order to reduce the cash flow volatility
due to the quotation period mismatch between the pricing period of copper scrap purchase and the
pricing period of final products sale to the clients.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Bunker Oil </b>— In order to reduce the impact of bunker oil price fluctuation on Vale’s freight
hiring and, therefore, on Vale’s cash flow, Vale implemented a derivative program that consists
of forward purchases and swaps.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Maritime Freight </b>— In order to reduce the impact of freight price fluctuations on the Company’s
cash flows, Vale implemented a derivative program that consists of purchasing Forward Freight
Agreements (FFA).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td><b>Embedded derivatives </b>— In addition to the
contracts mentioned above, Vale Inco Ltd., Vale’s
wholly-owned subsidiary, has nickel concentrate and raw materials purchase agreements, where
there are provisions based on the movement of nickel and copper prices. These provisions are
considered embedded derivatives. There is also an embedded derivative related to energy purchase
in our subsidiary Albras, on which there is a premium that can be charged based on the movement
of aluminum prices. Aluminum operations are available for sale since June 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Under the Standard Accounting for Derivative Financial Instruments and Hedging Activities, all
derivatives, whether designated in hedging relationships or not, are required to be recorded in
the balance sheet at fair value and the gain or loss in fair value is included in current
earnings, unless if qualified as hedge accounting. A derivative must be designated in a hedging
relationship in order to qualify for hedge accounting. These requirements include a
determination of what portions of hedges are deemed to be effective versus ineffective. In
general, a hedging relationship is effective when a change in the fair value of the derivative
is offset by an equal and opposite change in the fair value of the underlying hedged item. In
accordance with these requirements, effectiveness tests are performed in order to assess
effectiveness and quantify ineffectiveness for all designated hedges.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>At December 31, 2010, we have outstanding positions designated as cash flow hedge. A cash flow hedge is a hedge of the exposure to variability in expected future
cash flows that is attributable to a particular risk, such as a forecasted purchase or sale. If
a derivative is designated as cash flow hedge, the effective portion of the changes in the
fair value of the derivative is recorded in other comprehensive income and recognized in
earnings when the hedged item affects earnings. However, the ineffective portion of changes in
the fair value of the derivatives designated as hedges is recognized in earnings. If a portion
of a derivative contract is excluded for purposes of effectiveness testing, such as time value,
the value of such excluded portion is included in earnings.</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 10pt">The
assets and liabilities balances of derivatives measured at fair value
and the effects of their recognition are shown in the following
tables:
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="20%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>Assets</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>Liabilities</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="14" style="border-bottom: 1px solid #000000"><b>As of December 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td style="border-bottom: 1px solid #000000"> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Short-term</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Long-term</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Short-term</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Long-term</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Short-term</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Long-term</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Short-term</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Long-term</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Derivatives not designated as hedge</b>
</div></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> </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>
<div style="margin-left:15px; text-indent:-15px"><b>Foreign exchange and interest rate risk</b>
</div></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> </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" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">CDI & TJLP vs. floating & fixed swap
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">300</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">794</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td nowrap="nowrap">
<div style="margin-left:15px; text-indent:-15px">EURO floating rate vs. <br />
USD floating rate swap
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">USD floating rate vs. fixed USD rate swap
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">EuroBond Swap
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Pre Dollar Swap
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">AUD floating rate vs. fixed USD rate swap
</div></td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>3</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>301</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>804</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>4</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>8</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>7</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1</b></td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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>
<div style="margin-left:15px; text-indent:-15px"><b>Commodities price risk</b>
</div></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> </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" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Nickel
</div></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> </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>
<div style="margin-left:30px; text-indent:-15px">Fixed price program
</div></td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Strategic program
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">32</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Aluminium
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Bunker Oil Hedge
</div></td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">49</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Maritime Freight Hiring Protection Program
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>29</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>90</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>2</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>31</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>51</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>8</b></td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Derivatives designated as hedge</b>
</div></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> </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>
<div style="margin-left:15px; text-indent:-15px">Foreign exchange cash flow hedge
</div></td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Strategic Nickel
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Aluminium
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">71</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">20</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">15</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">71</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>52</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>301</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>105</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>865</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>35</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>61</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>129</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>9</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<!-- LANDSCAPE -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The following table presents the effects of derivatives for the periods ended:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 6pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="2%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>Amount of gain or (loss) recognized as financial income (expense)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>Financial settlement</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="22" style="border-bottom: 1px solid #000000"><b>Amount of gain or (loss) recognized in OCI</b></td>
<td> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">December 31,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">September 30,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">December 31,</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 nowrap="nowrap" align="right" colspan="2">December 31,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">September 30,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">December 31,</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 nowrap="nowrap" align="right" colspan="2">December 31,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">September 30,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2">December 31,</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 6pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2008</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2008</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2010</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2009</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000">2008</td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Derivatives not designated as hedge</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Foreign exchange and interest rate risk</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">CDI & TJLP vs. USD fixed and floating rate swap
</div></td>
<td> </td>
<td> </td>
<td align="right">259</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">433</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">198</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">451</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,598</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">48</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(819</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(33</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(90</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(956</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(243</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(397</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">EURO floating rate vs. USD floating rate swap
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(684</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">USD floating rate vs. USD fixed rate swap
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Swap Convertibles
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Swap NDF
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">EuroBond Swap
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">72</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Pre Dollar Swap
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">AUD floating rate vs. fixed USD rate swap
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(9</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">261</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">508</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">200</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">487</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,610</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(629</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(821</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(36</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(91</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1,001</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(241</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(396</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Commodities price risk</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Nickel</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Fixed price program
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(102</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(8</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">19</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">79</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">48</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Purchase program
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Strategic program
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(34</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(87</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(95</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">39</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">37</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">105</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">73</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Copper
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Purchased scrap protection program
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">201</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Strategic hedging program
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(30</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Platinum
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Gold
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(30</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">42</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Natural gas
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Aluminum
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(68</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">16</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">122</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Maritime Freight Hiring Protection Program
</div></td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">9</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">66</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">6</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(24</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(37</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(2</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Bunker Oil Hedge
</div></td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">41</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">50</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(17</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(4</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(34</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">14</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">112</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(88</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">22</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(229</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">11</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">38</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">105</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">409</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Embedded derivatives:</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">For nickel concentrate costumer sales
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Customer raw material contracts
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(76</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">10</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Energy — Aluminum options
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(44</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(51</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(7</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(44</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(51</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(101</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(14</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Derivatives designated as hedge</b>
</div></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> </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> </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> </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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Bunker Oil Hedge
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Aluminum
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(42</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(36</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Strategic Nickel
</div></td>
<td> </td>
<td> </td>
<td align="right">1</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(1</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(25</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(68</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(52</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Foreign exchange cash flow hedge
</div></td>
<td> </td>
<td> </td>
<td align="right">204</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">284</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(225</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(75</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(330</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(115</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">66</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">31</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">38</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td> </td>
<td align="right">205</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">61</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(16</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">283</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(3</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(6</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(207</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(72</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">5</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(283</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">4</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(133</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(13</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(26</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">2</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(29</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>473</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>500</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>296</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>631</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,528</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(812</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(1,005</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(97</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(48</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(1,225</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(146</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>3</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(133</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(13</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(11</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(26</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>2</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(29</b></td>
<td nowrap="nowrap"><b>)</b></td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Unrealized gains (losses) in the period are included in our income statement under the
caption of gains (losses) on derivatives, net.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Final maturity dates for the above instruments are as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="88%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest
rates-/ Currencies
</div></td>
<td> </td>
<td colspan="3" align="center" nowrap="nowrap">December 2019</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Aluminum
</div></td>
<td> </td>
<td colspan="3" align="center">December 2010</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Bunker Oil
</div></td>
<td> </td>
<td colspan="3" align="center">December 2011</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Freight
</div></td>
<td> </td>
<td colspan="3" align="center">December 2010</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Nickel
</div></td>
<td> </td>
<td colspan="3" align="center">December 2012</td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Copper
</div></td>
<td> </td>
<td colspan="3" align="center">February 2011</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Coal
</div></td>
<td> </td>
<td colspan="3" align="center">December 2010</td>
</tr>
<!-- End Table Body -->
</table>
</div>
</div>
<!--DOCTYPE html PUBLIC "-//W3C//DTD XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged NotefalsefalsefalsefalsefalseOtherus-types:textBlockItemTypestringThis element can be used to disclose the entity's entire derivative instruments and hedging activities disclosure as a single block of text. Describes an entity's risk management strategies, derivatives in hedging activities and non-hedging derivative instruments, the assets, obligations, liabilities, revenues and expenses arising there from, and the amounts of and methodologies and assumptions used in determining the amounts of such items.Reference 1: http://www.xbrl.
org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 45
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 44
falsefalse12Derivative financial instrumentsUnKnownUnKnownUnKnownUnKnownfalsetrueXML
39
R26.xml
IDEA: Stockholders' Equity
2.2.0.25falsefalse0218 - Disclosure - Stockholders' Equitytruefalsefalse1falsefalseUSDfalsefalse1/1/2010 - 12/31/2010
USD ($)
USD ($) / shares
$Jan-01-2010_Dec-31-2010http://www.sec.gov/CIK0000917851duration2010-01-01T00:00:002010-12-31T00:00:00USDStandardhttp://www.xbrl.org/2003/iso4217USDiso42170USDEPSDividehttp://www.xbrl.org/2003/iso4217USDiso4217http://www.xbrl.org/2003/instancesharesxbrli0USDUSD$2true0us-gaap_StockholdersEquityNoteAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalse1falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse3false0
us-gaap_StockholdersEquityNoteDisclosureTextBlockus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00<!--DOCTYPE html PUBLIC "-//W3C//DTD
XHTML 1.0 Transitional//EN" "http://www.w3.org/TR/xhtml1/DTD/xhtml1-transitional.dtd" -->
<!-- Begin Block Tagged Note 18 - us-gaap:StockholdersEquityNoteDisclosureTextBlock-->
<div style="font-family: Helvetica,Arial,sans-serif">
<div style="margin-top: 12pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"><b>18</b></td>
<td width="1%"> </td>
<td><b>Stockholders’ equity</b></td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Each holder of common and preferred class A stock is entitled to one vote for each share on all
matters brought before stockholders’ meetings, except for the election of the Board of
Directors, which is restricted to the holders of common stock. The Brazilian Government holds
twelve preferred special shares which confer permanent veto rights over certain matters.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Both common and preferred stockholders are entitled to receive a mandatory minimum dividend of
25% of annual adjusted net income under Brazilian GAAP, once declared at the annual
stockholders’ meeting. In the case of preferred stockholders, this dividend cannot be less than
6% of the preferred capital as stated in the statutory accounting records or, if greater, 3% of
the Brazilian GAAP equity value per share.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In January 2011 (subsequent period), the Board of Directors approved the extraordinary payment
from January 31, 2011, of interest on capital, in the total gross amount of US $1 billion,
which corresponds to approximately US$0.191634056 per outstanding shares, common or preferred,
of Vale issuance, referred to the anticipated distribution of income of the year of 2010,
calculated on the balance of June 2010, this value is subject to the incidence of income tax
withheld at the rate in force.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On October 14, 2010, the Board of Directors approved the following proposals: (i) payment of the
second tranche of the minimum dividend of US$1,250 billion and (ii) payment of an additional
dividend of US$500. The payments were made on October 29, 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>On September 23, 2010, the Board of Directors approved a share buy-back program. The shares are
to be held in treasury for subsequent sale or cancellation, amounting up to US$2 billion and
involving up to 64,810,513 common shares and up to 98,367,748 preferred shares. As of December
31, 2010 we had acquired 10,029,700 common shares and 21,125,300 preferred shares. The share
buy-back program was completely executed in October 2010.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In April 2010, we paid US$1,250 as a first installment of the dividend to stockholders. The
distribution was made in the form of interest on stockholders’ equity.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In June 2010, the notes series Rio and Rio P were converted into ADS and represent an aggregate
of 49,305,205 common shares and 26,130,033 preferred class A shares respectively. The conversion
was made using 75,435,238 treasury stocks held by the Company. The difference between the
conversion amount and the book value of the treasury stocks of US$1,379 was accounted for in
additional paid-in capital in the stockholder’s equity.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The outstanding issued mandatory convertible notes as of December 31, 2010, are as follows:</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="40%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Date</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Value</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Headings</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="3" style="border-bottom: 1px solid #000000"><b>Emission</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="3" style="border-bottom: 1px solid #000000"><b>Expiration</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="3" style="border-bottom: 1px solid #000000"><b>Gross</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="3" style="border-bottom: 1px solid #000000"><b>Net of charges</b></td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>Coupon</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tranches
Vale and Vale P - 2012
</div></td>
<td> </td>
<td colspan="3" align="center">July/2009</td>
<td> </td>
<td colspan="3" align="center">June/2012</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">942</td>
<td> </td>
<td> </td>
<td colspan="2" align="right">934</td>
<td> </td>
<td> </td>
<td align="right" nowrap="nowrap">6,75% p.a.</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The notes pay a coupon quarterly and are entitled to an additional remuneration equivalent to
the cash distribution paid to ADS holders. These notes were classified as a capital instrument,
mainly due to the fact that neither the Company nor the holders have the option to settle the
operation, whether fully or partially, with cash, and the conversion is mandatory, consequently,
they were recognized as a specific component of shareholders’ equity, net of financial charges.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The funds linked to future mandatory conversion, net of charges are equivalent to the maximum of
common shares and preferred shares, as follows. All the shares are currently held in treasury.</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 10pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="52%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
<td width="5%"> </td>
<td width="3%"> </td>
<td width="1%"> </td>
<td width="3%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Maximum amount of action</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="7" style="border-bottom: 1px solid #000000"><b>Value</b></td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td nowrap="nowrap" align="center" style="border-bottom: 1px solid #000000"><b>Headings</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Common</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Preferred</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Common</b></td>
<td> </td>
<td nowrap="nowrap" align="center" colspan="3" style="border-bottom: 1px solid #000000"><b>Preferred</b></td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Tranches
Vale and Vale P - 2012
</div></td>
<td> </td>
<td> </td>
<td align="right">18,415,859</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,284,800</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">293</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">649</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In January 2011 (subsequent period), Vale paid additional
remuneration to holders of mandatorily convertible notes, series
VALE-2012 and VAPE.P-2012, R$0.7776700 and R$0.8994610, respectively,
and in October 2010, VALE-2012 and VAPE P-2012, R$1.381517 and
R$1.597876 per note, respectively.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>In April, 2010, we paid additional interest to holders of mandatorily convertible notes: series
RIO and RIO P, US$0.417690 and US$0.495742 per note, respectively, and series VALE-2012 and
VALE.P-2012, US$0.602336 and US$0.696668 per note, respectively.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Brazilian law permits the payment of cash dividends only from retained earnings as stated in the
BR GAAP statutory records and such payments are made in Brazilian reais. Pursuant to the
Company’s statutory books, undistributed retained earnings at December 31, 2010, total
US$26,150, comprising of the unrealized income and expansion reserves, which could be freely
transferred to retained earnings and paid as dividends, if approved by the stockholders, after
deducting of the minimum annual mandatory dividend, which is 25% of net income of the parent
Company.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>No withholding tax is payable on distribution of profits earned, except for distributions in the
form of interest attributed to stockholders’ equity (Note 3 (p)).</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Brazilian laws and our By-laws require that certain appropriations be made from retained
earnings to reserve accounts on an annual basis, all determined in accordance with amounts
stated in the statutory accounting records, as detailed below:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>The purpose and basis of appropriation to such reserves is described below:</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Unrealized income reserve — this represents principally our share of the earnings of affiliates
and joint ventures, not yet received in the form of cash dividends.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Expansion reserve — this is a general reserve for expansion of our activities.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Legal reserve — this reserve is a requirement for all Brazilian corporations and represents the
appropriation of 5% of annual net income up to a limit of 20% of capital stock all determined
under Brazilian GAAP.</td>
</tr>
</table>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Fiscal incentive investment reserve — this reserve results from an option to designate a portion
of income tax otherwise payable, for investment in government approved projects and is recorded
in the year following that in which the taxable income was earned. As from 2000, this reserve
basically contemplates income tax incentives (Note 6).</td>
</tr>
</table>
</div>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 10pt; margin-top: 12pt">
</div>
<div align="left" style="font-size: 10pt; margin-top: 12pt; margin-left: 4%"><b>Basic and diluted earnings per share</b>
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>Basic and diluted earnings per share amounts have been calculated as follows:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 8pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"></td>
<td> </td>
</tr>
<tr style="font-size: 8pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income from continuing operations attributable to Company’s
stockholders</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,917</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,030</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,519</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>17,407</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,349</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13,218</b></td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations, net of tax</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>8</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right"><b>(143</b></td>
<td nowrap="nowrap"><b>)</b></td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>—</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income attributable to Company’s stockholders</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,917</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,038</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,519</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>17,264</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,349</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13,218</b></td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest attributed to preferred convertible notes
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(11</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(19</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(72</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(58</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(46</td>
<td nowrap="nowrap">)</td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px">Interest attributed to common convertible notes
</div></td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(10</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(5</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(23</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(61</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(93</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(96</td>
<td nowrap="nowrap">)</td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Net income for the period adjusted</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,884</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>6,022</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>1,477</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>17,131</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,198</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>13,076</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Basic and diluted earnings per share</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to preferred stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">2,231</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,314</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">559</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,566</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,967</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,027</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to common stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">3,579</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,635</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">876</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,353</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,083</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">7,823</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to convertible notes linked to preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">53</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">153</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">75</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">78</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to convertible notes linked to common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">73</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">148</td>
<td> </td>
</tr>
<tr>
<td style="font-size: 10pt"> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">1,997,276</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,056,473</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,030,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,035,783</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,030,700</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,946,454</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">3,204,203</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,230,765</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,181,727</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,210,023</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,181,706</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,028,817</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Treasury preferred shares linked to mandatorily convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">47,285</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,285</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,580</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">47,285</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">77,580</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">30,295</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Treasury common shares linked to mandatorily convertible notes
</div></td>
<td> </td>
<td> </td>
<td align="right">18,416</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18,416</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">18,416</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">74,998</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">56,582</td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 1px solid #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Total</b>
</div></td>
<td> </td>
<td> </td>
<td align="right"><b>5,267,180</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,352,939</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,365,303</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,311,507</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,364,984</b></td>
<td> </td>
<td> </td>
<td> </td>
<td align="right"><b>5,062,148</b></td>
<td> </td>
</tr>
<tr style="font-size: 1px">
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" colspan="2" align="right" style="border-top: 3px double #000000"> </td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.58</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.23</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.97</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.58</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1.61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.76</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.71</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.09</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1.68</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.41</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.59</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.52</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.21</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.29</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Continuous operations</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.25</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1.61</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.35</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">4.78</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">1.68</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.41</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6.57</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to preferred share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.02</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per convertible notes linked to common share (*)
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.05</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<!-- End Table Body -->
</table>
</div>
<div align="left">
<div style="font-size: 3pt; margin-top: 16pt; width: 18%; border-top: 1px solid #000000"> 
</div>
</div>
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr>
<td width="3%"></td>
<td width="1%"></td>
<td width="96%"></td>
</tr>
<tr valign="top">
<td nowrap="nowrap" align="left">(*) </td>
<td> </td>
<td>Basic earnings per share only, as dilution assumes conversion</td>
</tr>
</table>
<!-- Folio -->
<!-- /Folio -->
</div>
<!-- PAGEBREAK -->
<div style="font-family: Helvetica,Arial,sans-serif">
<div align="right" style="font-size: 1pt; margin-top: 0pt">
</div>
<div style="margin-top: 6pt">
<table width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt; text-align: left">
<tr valign="top" style="font-size: 10pt; color: #000000; background: transparent">
<td width="3%" nowrap="nowrap" align="left"> </td>
<td width="1%"> </td>
<td>If the conversion of the convertible notes had been included in the calculation of diluted
earnings per share they would have generated the following dilutive effect as shown below:</td>
</tr>
</table>
</div>
<div align="center">
<table style="font-size: 7.5pt; text-align: left" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head -->
<tr valign="bottom">
<td width="28%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
<td width="5%"> </td>
<td width="1%"> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Three-month period ended (unaudited)</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="10" style="border-bottom: 1px solid #000000"><b>Year ended as of December, 31</b></td>
<td> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>September 30,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"><b>December 31,</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2"> </td>
<td> </td>
</tr>
<tr style="font-size: 7.5pt" valign="bottom">
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2010</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2009</b></td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="right" colspan="2" style="border-bottom: 1px solid #000000"><b>2008</b></td>
<td> </td>
</tr>
<!-- End Table Head -->
<!-- Begin Table Body -->
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to preferred stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">2,307</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,378</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">599</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">6,791</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,100</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">5,151</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Income available to common stockholders
</div></td>
<td> </td>
<td> </td>
<td align="right">3,610</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,660</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">920</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">10,473</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,249</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">8,067</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — preferred shares
</div></td>
<td> </td>
<td> </td>
<td align="right">2,044,561</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,103,758</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,108,578</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,083,068</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2,108,280</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1,976,749</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Weighted average number of shares outstanding
(thousands of shares) — common shares
</div></td>
<td> </td>
<td> </td>
<td align="right">3,222,619</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,249,181</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,256,725</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,228,439</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,256,704</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3,085,399</td>
<td> </td>
</tr>
<tr style="font-size: 10pt">
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.26</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.61</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">0.28</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.24</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.00</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">2.61</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:30px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Continuous operations</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.29</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">1.12</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">1.13</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">3.27</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom"><!-- Blank Space -->
<td>
<div style="margin-left:15px; text-indent:-15px"> 
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:15px; text-indent:-15px"><b>Discontinued operations</b>
</div></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> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
<td> </td>
</tr>
<tr valign="bottom" style="background: #cceeff">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per preferred share
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<tr valign="bottom">
<td>
<div style="margin-left:30px; text-indent:-15px">Earnings per common share
</div></td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td nowrap="nowrap" align="left"> </td>
<td align="right">(0.03</td>
<td nowrap="nowrap">)</td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
<td> </td>
<td> </td>
<td align="right">—</td>
<td> </td>
</tr>
<!-- End Table Body -->
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
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-Name Statement of Financial Accounting Standard (FAS)
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-Name Regulation S-X (SX)
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3
-Subparagraph a(1)
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-Name Regulation S-X (SX)
-Number 210
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 5
-Subparagraph c
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3
-Subparagraph a
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-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Section Appendix E
-Paragraph 289
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
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-Number 210
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-Number 210
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 13
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-Name Statement of Financial Accounting Standard (FAS)
-Number 12
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-Name Regulation S-X (SX)
-Number 210
-Section 03
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-Name Statement of Financial Accounting Standard (FAS)
-Number 142
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-Name Statement of Financial Accounting Standard (FAS)
-Number 142
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-Name Regulation S-X (SX)
-Number 210
-Section 08
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-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
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-Name Regulation S-X (SX)
-Number 210
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 3
-Article 5
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-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
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-Subparagraph c(4)
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 17
-Article 5
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 17
-Article 5
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-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Section Appendix E
-Paragraph 289
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 8
-Article 5
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-Name Regulation S-X (SX)
-Number 210
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-Number 133
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-Name Regulation S-X (SX)
-Number 210
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-Paragraph 17
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monetaryItemTypemonetaryCarrying amount as of the balance sheet date of assets not otherwise specified in the taxonomy. Also serves as the sum of assets not individually reported in the financial statements, or not separately disclosed in notes.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 17
-Article 5
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 10
-Article 7
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-Publisher FASB
-Name Statement of Financial Accounting Concepts (CON)
-Number 6
-Paragraph 25
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 18
-Article 5
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-Name Regulation S-X (SX)
-Number 210
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-Name Regulation S-X (SX)
-Number 210
-Section 02
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-Subparagraph a
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-Name Regulation S-X (SX)
-Number 210
-Section 02
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20
-Article 5
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19
-Article 5
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19
-Subparagraph a
-Article 5
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 13
-Subparagraph 2, 3
-Article 9
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-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 16
-Subparagraph a(1)
-Article 7
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 19
-Subparagraph a
-Article 5
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 08
-Paragraph k
-Subparagraph 1
-Article 4
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-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 57
-Paragraph 2
-Subparagraph d
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Subparagraph b(1)
-Article 7
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-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 15
-Article 9
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-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20
-Article 5
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-Publisher FASB
-Name FASB Interpretation (FIN)
-Number 48
-Paragraph 15, 21
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-Name Statement of Financial Accounting Standard (FAS)
-Number 109
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-Paragraph 289
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sefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse168000000168falsefalsefalsefalsefalse2truefalsefalse144000000144falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryFor a classified balance sheet, the amount recognized in balance sheet as a current liability associated with an underfunded defined benefit plan.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph c
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 3
falsefalse47false0vale_RailwaySubConcessionAgreementPayableCurrentLiabilitiesvalefalsecreditinstantCurrent portion of the amount entered with Government for the exploitation and development of public rail cargo transport...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse7000000070falsefalsefalsefalsefalse2truefalsefalse285000000285falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCurrent portion of the amount entered with Government for the exploitation and development of public rail cargo transport services.No authoritative reference available.falsefalse48false0us-gaap_DerivativeInstrumentsAndHedgesLiabilitiesus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse3500000035falsefalsefalsefalsefalse2truefalsefalse129000000129falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum as of the balance sheet date of the (a) fair values of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and (b) the carrying amounts of the liabilities arising from financial instruments or contracts used to mitigate a specified risk (hedge), and which are expected to be extinguished or otherwise disposed of within a year or the nor
mal operating cycle, if longer, net of the effects of master netting arrangements.No authoritative reference available.falsefalse49false0us-gaap_AssetRetirementObligationCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse7500000075falsefalsefalsefalsefalse2truefalsefalse8900000089falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 143
-Paragraph 3, 10, 22
falsefalse50false0us-gaap_LiabilitiesOfAssetsHeldForSaleus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse31520000003152falsefalsefalsefalsefalse2truefalsefalse00falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryLiability (such as a mortgage) related to a disposal group that is held for sale and anticipated to be sold in less than one year. The liability is expected to be discharged as part of the plan of sale for the asset.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 144
-Paragraph 46
falsefalse51false0us-gaap_OtherLiabilitiesCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse899000000899falsefalsefalsefalsefalse2truefalsefalse618000000618falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of current obligations not separately disclosed in the balance sheet due to materiality considerations. Current liabilities are expected to be paid within one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 20
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 3
-Section A
-Paragraph 8
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 6
-Paragraph 15
truefalse52false0us-gaap_LiabilitiesCurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse1791200000017912falsefalsefalsefalsefalse2truefalsefalse91810000009181falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that are expected to be paid during the following twelve months or within one business cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 21
-Article 5
truefalse53true0us-gaap_LiabilitiesNoncurrentAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsefalsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse54false0us-gaap_PensionAndOtherPostretirementDefinedBenefitPlansLiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse24420000002442falsefalsefalsefalsefalse2truefalsefalse19700000001970falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThis represents the noncurrent liability for underfunded plans recognized in the balance sheet that is associated with the defined benefit pension plans and other postretirement defined benefit plans.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 5
-Subparagraph c
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 6
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 132R
-Paragraph 3
falsefalse55false0us-gaap_LongTermDebtNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse2159100000021591falsefalsefalsefalsefalse2truefalsefalse1989800000019898falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetarySum of the carrying values as of the balance sheet date of all long-term debt, which is debt initially having maturities due after one year from the balance sheet date or beyond the operating cycle, if longer, but excluding the portions thereof scheduled to be repaid within one year (current maturities) or the normal operating cycle, if longer, and after deducting unamortized discount or premiums, if any.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22
-Article 5
falsefalse56false0us-gaap_LossContingencyAccrualCarryingValueNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefals
efalse20430000002043falsefalsefalsefalsefalse2truefalsefalse17630000001763falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe portion of the carrying amount as of the balance sheet date of the combined total of loss contingency reserves which is expected to be resolved after one year or beyond the normal operating cycle, if longer.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 9, 10, 11, 12
falsefalse57false0us-gaap_DerivativeLiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse6100000061falsefalsefalsefalsefalse2truefalsefalse90000009falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryFair values as of the balance sheet date of all liabilities resulting from contracts that meet the criteria of being accounted for as derivative instruments, and which are expected to be extinguished or otherwise disposed of after one year or beyond the normal operating cycle, if longer, net of the effects of master netting arrangements.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 133
-Paragraph 4, 17
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 43
-Chapter 3
-Section A
-Paragraph 7
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 107
-Paragraph 10
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Staff Position (FSP)
-Number FIN39-1
-Paragraph 10A, 10B
falsefalse58false0us-gaap_DeferredTaxLiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse80850000008085falsefalsefalsefalsefalse2truefalsefalse57550000005755falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryRepresents the noncurrent portion of deferred tax liabilities, which result from applying the applicable tax rate to net taxable temporary differences pertaining to each jurisdiction to which the entity is obligated to pay income tax. A noncurrent taxable temporary difference is a difference between the tax basis and the carrying amount of a noncurrent asset or liability in the financial statements prepared in accordance with generally accepted accounting principles. In a classified statement of financial position, an enterprise shall separate deferred tax liabilities and assets into a current amount and a noncurrent amount. Deferred tax liabilities and assets shall be classified as current or noncurrent based on the classification of the related asset or liability for financial reporting. A deferred tax liability or asset that is not related to an asset
or liability for financial reporting, including deferred tax assets related to carryforwards, shall be classified according to the expected reversal date of the temporary difference.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 109
-Paragraph 41, 42
falsefalse59false0us-gaap_AssetRetirementObligationsNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse12930000001293falsefalsefalsefalsefalse2truefalsefalse10270000001027falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryNoncurrent portion of the carrying amount of a liability for an asset retirement obligation. An asset retirement obligation is a legal obligation associated with the disposal or retirement of a tangible long-lived asset that results from the acquisition, construction or development, or the normal operations of a long-lived asset, except for certain obligations of lessees.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 143
-Paragraph 3, 10, 22
falsefalse60false0vale_DebenturesvalefalsecreditinstantTitles issued at the time of Vale privatization, to ensure its then-existing stockholders would participate in possible...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse12840000001284falsefalsefalsefalsefalse2truefalsefalse752000000752falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTitles issued at the time of Vale privatization, to ensure its then-existing stockholders would participate in possible future benefits that could be obtained from exploiting certain mineral resources.No authoritative reference available.falsefalse61false0us-gaap_OtherLiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse19870000001987falsefalsefalsefalsefalse2truefalsefalse14270000001427falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAggregate carrying amount, as of the balance sheet date, of noncurrent obligations not separately disclosed in the balance sheet due to materiality considerations. Noncurrent liabilities are expected to be paid after one year (or the normal operating cycle, if longer).Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 24
-Article 5
truefalse62false0us-gaap_LiabilitiesNoncurrentus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse
3878600000038786falsefalsefalsefalsefalse2truefalsefalse3260100000032601falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal obligations incurred as part of normal operations that is expected to be repaid beyond the following twelve months or one business cycle.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 22, 23, 24, 25, 26, 27
-Article 5
truefalse63false0us-gaap_TemporaryEquityRedemptionValueus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalse
false712000000712falsefalsefalsefalsefalse2truefalsefalse731000000731falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryThe aggregate amount to be paid by the entity upon redemption of the security that is classified as temporary equity. Temporary equity is a security with redemption features that are outside the control of the issuer, is not classified as an asset or liability in conformity with GAAP, and is not mandatorily redeemable. Includes any type of security that is redeemable at a fixed or determinable price or on a fixed or determinable date or dates, is redeemable at the option of the holder, or has conditions for redemption which are not solely within the control of the issuer. If convertible, the issuer does not control the actions or events necessary to issue the maximum number of shares that could be required to be delivered under the conversion option if the holder exercises the option to convert the stock to another class of equity. If the security is a warrant or a rights iss
ue, the warrant or rights issue is considered to be temporary equity if the issuer cannot demonstrate that it would be able to deliver upon the exercise of the option by the holder in all cases. Includes stock with put option held by ESOP and stock redeemable by holder only in the event of a change in control of the issuer.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 28
-Subparagraph b
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Emerging Issues Task Force (EITF)
-Number 00-19
-Paragraph 12
falsefalse64false0us-gaap_CommitmentsAndContingencies2009us-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1false
falsefalse00 falsefalsefalsefalsefalse2falsefalsefalse00 falsefalsefalsefals
efalseOtherxbrli:stringItemTypestringRepresents the caption on the face of the balance sheet to indicate that the entity has entered into (1) purchase or supply arrangements that will require expending a portion of its resources to meet the terms thereof, and (2) is exposed to potential losses or, less frequently, gains, arising from (a) possible claims against a company's resources due to future performance under contract terms, and (b) possible losses or likely gains from uncertainties that will ultimately be resolved when one or more future events that are deemed likely to occur do occur or fail to occur. This caption alerts the reader that one or more notes to the financial statements disclose pertinent information about the entity's commitments and contingencies.Reference 1: ht
tp://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 19
-Article 7
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 8, 9
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 25
-Article 5
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 17
-Article 9
falsefalse65true0us-gaap_StockholdersEquityAbstractus-gaaptruenadurationNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1falsef
alsefalse00falsefalsefalsefalsefalse2falsefalsefalse00falsefalsefalsefalsefalseOtherxbrli:stringItemTypestringNo definition available.falsefalse66false0us-gaap_PreferredStockValueus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse1037000000010370falsefalsefalsefalsefalse2truefalsefalse97270000009727falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryDollar value of issued nonredeemable preferred stock (or preferred stock redeemable solely at the option of the issuer) whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of nonredeemable preferred shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 129
-Paragraph 2, 3, 4, 5, 6, 7, 8
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29
-Article 5
falsefalse67false0us-gaap_CommonStockValueus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse1601600000016016falsefalsefalsefalsefalse2truefalsefalse1526200000015262falsefalsefalsefalse<
hasScenarios>falseMonetaryxbrli:monetaryItemTypemonetaryDollar value of issued common stock whether issued at par value, no par or stated value. This item includes treasury stock repurchased by the entity. Note: elements for number of common shares, par value and other disclosure concepts are in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 30
-Article 5
falsefalse68false0us-gaap_TreasuryStockValueus-gaaptruedebitinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsetruenegated1truefalsefalse-2660000000-2660falsefalsefalsefalsefalse2truefalsefalse-1150000000-1150falsefalsefalsefalsefal
seMonetaryxbrli:monetaryItemTypemonetaryValue of common and preferred shares of an entity that were issued, repurchased by the entity, and are held in its treasury. Treasury stock is issued but is not outstanding. This stock has no voting rights and receives no dividends. Note that treasury stock may be recorded at its total cost or separately as par (or stated) value and additional paid in capital. Note: number of treasury shares concept is in another section within stockholders' equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name FASB Technical Bulletin (FTB)
-Number 85-6
-Paragraph 3
falsefalse69false0us-gaap_AdditionalPaidInCapitalus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse21880000002188falsefalsefalsefalsefalse2truefalsefalse411000000411falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryExcess of issue price over par or stated value of the entity's capital stock and amounts received from other transactions involving the entity's stock or stockholders. Includes adjustments to additional paid in capital. Some examples of such adjustments include recording the issuance of debt with a beneficial conversion feature and certain tax consequences of equity instruments awarded to employees. Use this element for the aggregate amount of APIC associated with common AND preferred stock. For APIC associated with only common stock, use the element Additional Paid In Capital, Common Stock. For APIC associated with only preferred stock, use the element Additional Paid In Capital, Preferred Stock.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
falsefalse70false0vale_MandatorilyConvertibleNotesCommonSharesvalefalsecreditinstantCarrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel<
/PreferredLabelRole>1truefalsefalse290000000290falsefalsefalsefalsefalse2truefalsefalse15780000001578falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which is mandatory to be exchanged for a specified amount of one or more common stock.No authoritative reference available.falsefalse71false0vale_MandatorilyConvertibleNotesPreferredSharesvalefalsecreditinstantCarrying value as of t
he balance sheet date of a written promise to pay a note, initially due after one year or beyond the...falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse644000000644falsefalsefalsefalsefalse2truefalsefalse12250000001225falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryCarrying value as of the balance sheet date of a written promise to pay a note, initially due after one year or beyond the operating cycle if longer, which is mandatory to be exchanged for a specified amount o
f one or more preferred stock.No authoritative reference available.falsefalse72false0us-gaap_AccumulatedOtherComprehensiveIncomeLossNetOfTaxus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse-333000000-333falsefalsefalsefalsefalse2truefalsefalse-1808000000-1808falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryAccumulated change in equity from transactions and other events and circumstances from non-owner sources, net of tax effect, at fiscal year-end. Excludes Net Income (Loss), and accumulated changes in equity from transactions resulting from investments by owners and distributions to owners. Includes foreign currency translation items, certain pension adjustments, and unrealized gains and losses on certain investments in debt and equity securities as well as changes in the fair value of derivatives related to the effective portion of a designated cash flow hedge.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 04
-Article 3
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Principles Board Opinion (APB)
-Number 12
-Paragraph 10
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 130
-Paragraph 14, 17, 26
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
falsefalse73false0us-gaap_RetainedEarningsAppropriatedus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1true
falsefalse4221800000042218falsefalsefalsefalsefalse2truefalsefalse2850800000028508falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryA segregation of retained earnings which is unavailable for dividend distribution. Includes also retained earnings appropriated for loss contingencies.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher FASB
-Name Statement of Financial Accounting Standard (FAS)
-Number 5
-Paragraph 15
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 24
-Subparagraph a(4)
-Article 7
falsefalse74false0us-gaap_RetainedEarningsUnappropriatedus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefals
efalse166000000166falsefalsefalsefalsefalse2truefalsefalse31820000003182falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryA segregation of retained earnings which is available for dividend distribution. Earnings not paid out as dividends but instead reinvested in the core business or used to pay off debt. Unappropriated profit is part of shareholder equity. Also called Cumulative distributions or earned surplus or accumulated earnings or unappropriated profit.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 31
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 24
-Subparagraph a(4)
-Article 7
truefalse75false0us-gaap_StockholdersEquityus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalseverboselabel1truefalsefalse6889900000068899falsefalsefalsefalsefalse2truefalsefalse5693500000056935falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which are attributable to the parent. The amount of the economic entity's stockholders' equity attributable to the parent excludes the amount of stockholders' equity which is allocable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest). This excludes temporary equity and is sometimes called permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A3
-Appendix A
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Staff Accounting Bulletin (SAB)
-Number Topic 4
-Section E
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 29, 30, 31
-Article 5
falsefalse76false0us-gaap_MinorityInterestus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse28300000002830falsefalsefalsefalsefalse2truefalsefalse28310000002831falsefalsefalsefalsefalseMon
etaryxbrli:monetaryItemTypemonetaryTotal of all Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity which is directly or indirectly attributable to that ownership interest in subsidiary equity which is not attributable to the parent (noncontrolling interest, minority interest).Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 27
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 20
-Article 7
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 26
Reference 4: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 38
Reference 5: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A3
-Appendix A
truefalse77false0us-gaap_StockholdersEquityIncludingPortionAttributableToNoncontrollingInterestus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse7172900000071729falsefalsefalsefalsefalse2truefalsefalse5976600000059766falsefalsefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of Stockholders' Equity (deficit) items, net of receivables from officers, directors owners, and affiliates of the entity including portions attributable to both the parent and noncontrolling interests (previously referred to as minority interest), if any. The entity including portions attributable to the parent and noncontrolling interests is sometimes referred to as the economic entity. This excludes temporary equity and is sometimes called permanent equity.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 25
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph 26
Reference 3: http://www.xbrl.org/2003/role/presentationRef
-Publisher AICPA
-Name Accounting Research Bulletin (ARB)
-Number 51
-Paragraph A3
-Appendix A
truefalse78false0us-gaap_LiabilitiesAndStockholdersEquityus-gaaptruecreditinstantNo definition available.falsefalsefalsefalsefalsefalsefalsefalsefalsefalsetotallabel1truefalsefalse129139000000129139falsetruefalsefalsefalse2truefalsefalse102279000000102279falsetruefalsefalsefalseMonetaryxbrli:monetaryItemTypemonetaryTotal of all Liabilities and Stockholders' Equity items.Reference 1: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 02
-Paragraph 32
-Article 5
Reference 2: http://www.xbrl.org/2003/role/presentationRef
-Publisher SEC
-Name Regulation S-X (SX)
-Number 210
-Section 03
-Paragraph 25
-Article 7
truefalse274Consolidated Balance Sheets (USD $)MillionsUnKnownUnKnownUnKnownfalsetrueZIP
42
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