VALE S A

CUSIP: 91912E204 Class: COM

BW Gestao de Investimentos Ltda.'s Holding History (CIK: 0001568280)

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

Q4 2014
Shares 300,000 Value ($000) $2,178 Avg Close — Range —
Q3 2014
Shares 1,888,700 Value ($000) $18,339 Avg Close — Range —
Q2 2014
Shares 2,951,700 Value ($000) $35,125 Avg Close — Range —
Q1 2014
Shares 2,176,700 Value ($000) $27,100 Avg Close — Range —