VALE S A

CUSIP: 91912E204 Class: COM

CONTRARIAN CAPITAL MANAGEMENT, L.L.C.'s Holding History (CIK: 0001050417)

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

Q2 2017

Shares 3,492,473 Value ($000) $28,464 Avg Close — Range —

Q1 2017

Shares 3,594,738 Value ($000) $32,281 Avg Close — Range —

Q4 2016

Shares 3,614,780 Value ($000) $24,906 Avg Close — Range —

Q3 2016

Shares 3,614,780 Value ($000) $17,026 Avg Close — Range —

Q2 2016

Shares 680,000 Value ($000) $2,727 Avg Close — Range —

Period	Shares	Value ($000)	Average Close	Price Range
Q2 2017	3,492,473	$28,464	—	—
Q1 2017	3,594,738	$32,281	—	—
Q4 2016	3,614,780	$24,906	—	—
Q3 2016	3,614,780	$17,026	—	—
Q2 2016	680,000	$2,727	—	—