VALE S A

Ticker: VALE CUSIP: 91912E105 Class: SPONSORED ADS

Factorial Partners, LLC's Holding History (CIK: 0001732687)

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

Q4 2018

Shares 119,500 Value ($000) $1,576,205 Avg Close — Range —

Q3 2018

Shares 144,000 Value ($000) $2,136,960 Avg Close — Range —

Q2 2018

Shares 144,000 Value ($000) $1,846,080 Avg Close — Range —

Q1 2018

Shares 144,000 Value ($000) $1,831,680 Avg Close — Range —

Q4 2017

Shares 104,000 Value ($000) $1,271,920 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q4 2018	119,500	$1,576,205	—	—
Q3 2018	144,000	$2,136,960	—	—
Q2 2018	144,000	$1,846,080	—	—
Q1 2018	144,000	$1,831,680	—	—
Q4 2017	104,000	$1,271,920	—	—