VALE S A

CUSIP: 91912E204 Class: COM

GOULD ASSET MANAGEMENT LLC /CA/'s Holding History (CIK: 0001091961)

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

Q1 2017
Shares 32,152 Value ($000) $289 Avg Close — Range —
Q3 2015
Shares 39,957 Value ($000) $135 Avg Close — Range —
Q2 2015
Shares 39,322 Value ($000) $199 Avg Close — Range —
Q1 2015
Shares 24,202 Value ($000) $117 Avg Close — Range —
Q3 2014
Shares 23,812 Value ($000) $231 Avg Close — Range —