VALE S A

CUSIP: 91912E204 Class: COM

CITY OF LONDON INVESTMENT MANAGEMENT CO LTD's Holding History (CIK: 0001034546)

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

Q4 2015
Shares 60,000 Value ($000) $149 Avg Close — Range —
Q3 2015
Shares 110,000 Value ($000) $369 Avg Close — Range —
Q2 2015
Shares 100,000 Value ($000) $505 Avg Close — Range —
Q1 2015
Shares 150,000 Value ($000) $725 Avg Close — Range —
Q4 2014
Shares 161,000 Value ($000) $1,170 Avg Close — Range —
Q3 2014
Shares 181,000 Value ($000) $1,755 Avg Close — Range —
Q2 2014
Shares 45,000 Value ($000) $535 Avg Close — Range —
Q1 2014
Shares 60,000 Value ($000) $744 Avg Close — Range —
Q4 2013
Shares 60,000 Value ($000) $840 Avg Close — Range —
Q3 2013
Shares 60,000 Value ($000) $858 Avg Close — Range —
Q2 2013
Shares 60,000 Value ($000) $726 Avg Close — Range —