VALE S A

CUSIP: 91912E204 Class: COM

CARLSON CAPITAL L P's Holding History (CIK: 0001056973)

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

Q2 2017
Shares 3,410,000 Value ($000) $27,792 Avg Close — Range —
Q1 2017
Shares 1,815,000 Value ($000) $16,299 Avg Close — Range —