VALE S A

Ticker: VALE CUSIP: 91912E105 Class: SPONSORED ADS

Ruffer LLP's Holding History (CIK: 0001426859)

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

Q3 2014

Shares 21,050 Value ($000) $232 Avg Close — Range —

Q2 2014

Shares 1,665,307 Value ($000) $22,365 Avg Close — Range —

Q1 2014

Shares 5,046,058 Value ($000) $69,812 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q3 2014	21,050	$232	—	—
Q2 2014	1,665,307	$22,365	—	—
Q1 2014	5,046,058	$69,812	—	—