VALE S A

CUSIP: 91912e105 Class: COM

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

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

Q1 2018
Shares 22,059 Value ($000) $281 Avg Close — Range —
Q4 2017
Shares 22,059 Value ($000) $270 Avg Close — Range —