Vale S.A.

8 Forward-looking Statements 19 Risk Factors 21 Risk Management 36 II. INFORMATION ON THE COMPANY 41 Lines of Business 41 Reserves and Resources 100 Regulatory Matters 121 III. OPERATING AND FINANCIAL REVIEW AND PROSPECTS 129 Overview 129 Results of Operations 133 Liquidity and Capital Resources 140 IV. SHARE OWNERSHIP AND TRADING 144 Major Shareholders 144 Related Party Transactions 145 Shareholder Remuneration 147 Trading Markets 148 Depositary Shares 149 Purchases of Equity Securities by the Issuer and Affiliated Purchasers 150 V. MANAGEMENT AND EMPLOYEES 151 Management 151 Management Compensation 162 Employees 167 VI.