VALE S A

Ticker: VALE CUSIP: 91912E105 Class: SPONSORED ADS

LEUTHOLD GROUP, LLC's Holding History (CIK: 0001170152)

Note: Option positions (PUT/CALL) are excluded.

Q3 2018

Shares 338,985 Value ($000) $5,031 Avg Close — Range —

Q2 2018

Shares 345,782 Value ($000) $4,433 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2018	338,985	$5,031	—	—
Q2 2018	345,782	$4,433	—	—