1

Vale: A Global Leader Vale: A Global Leader

February 2008

2

”This presentation may contain statements that express management’s expectations about future events or results rather than historical facts. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements, and Vale cannot give assurance that such statements will prove correct. These risks and uncertainties include factors: relating to the Brazilian and Canadian economies and securities markets, which exhibit volatility and can be adversely affected by developments in other countries; relating to the iron ore and nickel businesses and their dependence on the global steel industry, which is cyclical in nature; and relating to the highly competitive industries in which Vale operates. For additional information on factors that could cause Vale’s actual results to differ from expectations reflected in forward-looking statements, please see Vale’s reports filed with the Brazilian Comissão de Valores Mobiliários and the U.S. Securities and Exchange Commission.”

Disclaimer

3

Why invest in Vale?

4

Vale: the largest metals and mining company of the Americas

131.6

44.3

31.826.1 24.3

Vale Barrick Gold FreeportMcMoran

Alcoa Newmont

market capitalization1

US$ billion

1 as of January 24, 2008.

5

Vale: strong cash flow trend

16.9

15.6

12.5

10.1

8.3 7.3 7.2

6.5 5.8

5.0

4.0 3.7 3.3 2.9 2.4 2.1 2.0 1.9 1.8 1.8 1.7 1.6 1.5

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06¹ 1Q07¹ 2Q07¹ 3Q07¹

1 LTM = last twelve months, excluding extraordinary effect of inventory adjustment

CAGR 2002-2007 = 48.4% LTM adjusted EBITDA¹US$ billion

6

Vale: more profitable than any Top 5 most admired companies in the US1

Berk

shir

e H

ath

aw

ay

Pro

cter

& G

am

ble

Dis

ney

Genera

l Ele

ctri

c

FedEx

0

5

10

15

20

25

30

35

40

45

50

%

1 As ranked by Fortune Magazine 2007Source: Fortune Magazine, Bloomberg and Vale Note: Nine month period ended on Sep/2007 for Vale, Disney and Berkshire Hathaway. Last twelve month perior ended on Dec/2007 for General Electric and Procter & Gamble; on Nov/2007 for FedEx.

Operating Profit Margin %

7

Vale: average dividend yield of 3.1%1

0.51

0.39

0.270.28

0.170.140.13

2002 2003 2004 2005 2006 2007 20081 2002-2007 period2 Minimum dividend proposal as announced on January 21, 2008.

Dividend distributionUS$ per share

CAGR 2003-20082 = 25.6%

2

8

24.5%

25.8%

50.6%

53.3%

54.6%

23.2%

23.2%

20.8%

20.7%

20.1%Boeing

Toyota

Endesa

BHP Billiton

Anglo American

Genentech

British American Tobacco

Apple

América Móvil

Vale

The large-cap2 Top Ten , 2002-2006Total Shareholder Return (TSR)

1 Boston Consulting Group “The 2007 Value Creators report”. Large cap = companies with market cap above US$ 50 billion 2 TSR average between 2002 and 2006

Vale: # 1 in shareholder value creation1

9

Ranking Company Country US$ million

1 Vale Brazil 725.56

2 Petrobras Brazil 626.93

3 Nokia Finland 360.00

4 América Móvil Mexico 322.15

5 PotashCorp Canada 281.03

6 BP UK 273.16

7 BHP Billiton Australia 230.12

8 Suncor Canada 220.31

9 Barrick Gold Canada 219.62

10 GoldCorp Canada 208.151 Average daily value of trading, in 2007Source: NYSE Euronext

Top 10 traded ADRs1

Vale: #1 traded ADRs at the NYSE in 2007

10

Vale does not make products that you can buy. However, they are always present in your daily life

iron ore and pellets42,8%

PGM1,1%others

3,1%

aluminum8,3%

nickel32,5%

Manganese e ferroalloys

1,8%

copper5,9%

logistics4,6%

2007 9M07 sales revenuesUS$ 24.7 billion

11

Vale investment appeal

Profitability

ROEs in excess of 30%

Operating profit margins higher than 40%

Return to shareholder

Average annual TSR in excess of 50%

Dividend per share growth higher than 25%

Growth

High demand from the locomotive of the world, China

+30 low-cost high-return project pipeline

at January 24, 2008Price: $28.32

52-wk Lo/Hi: $16.35/ $36.50

12

Vale: a global leader

Look forward to hosting you at booth #413

www.vale.come-mail: rio@vale.com