Estimated Fee Calculator

Program Name	Vale S.A.
Ticker Symbol	VALE
CUSIP Number	91912E105 (Active)
US ISIN	US91912E1055
ORD ISIN	BRVALEACNOR0
Country	Brazil
Security Type	ADR
Listing Exchange	NYSE
Ratio (ORD:DR)	1:1
Current Book Status	OPEN

Deliver To/Receive From DTC Participant No:
DR Quantity:	Deposited for Issuance of DRs Being Cancelled
Estimated Fee:
	For any questions around DR conversion pricing, please contact Citi’s DR Capital Market Solutions Team at citiadr@citi.com or 212 723 5435.

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