VALE S A

Ticker: VALE CUSIP: 91912E105 Class: SPONSORED ADS

GUARDIAN CAPITAL LP's Holding History (CIK: 0001224324)

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

Q4 2014

Shares 32,136 Value ($000) $263 Avg Close — Range —

Q3 2014

Shares 31,931 Value ($000) $352 Avg Close — Range —

Q2 2014

Shares 11,470 Value ($000) $142 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2014	32,136	$263	—	—
Q3 2014	31,931	$352	—	—
Q2 2014	11,470	$142	—	—