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Companhia Vale do Rio Doce

Companhia Vale do Rio Doce. Maintaining growth momentum 1H06. Rio de Janeiro August 3, 2006. High performance leading to new records. Records in 1H06: Iron ore (129.8 Mt) and alumina (17 Mt) production volumes Iron ore (114.6 Mt) and alumina (1.4 Mt) sales volumes

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Companhia Vale do Rio Doce

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  1. Companhia Vale do Rio Doce Maintaining growth momentum 1H06 Rio de Janeiro August 3, 2006

  2. High performance leading to new records • Records in 1H06: • Iron ore (129.8 Mt) and alumina (17 Mt) production volumes • Iron ore (114.6 Mt) and alumina (1.4 Mt) sales volumes • Gross revenue: R$ 18.412 billion • Net earnings: R$ 6.090 billion • Cash generation (EBITDA): R$ 8.907 billion • Exports: US$ 4.825 billion • Capital expenditure: US$ 1.944 billion

  3. A strong global demand and investment in capacity expansion allowed CVRD to achieve a new all-time high in iron ore shipments Fábrica Nova Capão Xavier Carajás 70 Mtpy US GAAP

  4. Record alumina sales supported by the fast ramp-up of Alunorte 4&5 ‘000 tons Stage 3 2.6 Mtpy Stage 4&5 4.4 Mtpy US GAAP

  5. Revenues up 7.7%, reaching R$ 18.4 billion in 1H06 R$ 18.412 billion By product By geographical area a ª bauxite, alumina and aluminum

  6. Cash generation increased at an average annual growth rate of 27.4% from 2002 to 2006 EBITDA - R$ billion 8.8% 1H06-1H05 ª 12 months to 06/30/2006

  7. Net earnings was a quarterly and half year record 19.6% R$ million 1H06-1H05 12.3% 2Q06-2Q05

  8. Recognition of CVRD’s financial strength • “Investment grade” from the world’s four largest rating agencies S&P BBB+ DBRS BBB high Moody’s Baa3 Fitch BBB- • Two upgrades in the quarterS&P BBB to BBB+ DBRS BBB low to BBB high • only one notch bellow the “A” band

  9. Record capital expenditure: jobs, exports, and diversification growth Capex 1H06 – US$ 1.9 billion By category By business area Projects US$ 1.180 million Ferrous minerals US$ 926 million Acquisitions US$ 47 million Others US$ 112 million Electric Power US$ 45 million Maintenance US$ 537 million Aluminum US$ 349 million Non-ferrous minerals US$ 177 million R&D US$ 181 million Logistics US$ 335 million

  10. Investments of US$ 14 billion in this decade, and US$ 4.7 billion in the last 12 months ending June US$ million ª from July 2005 to June de 2006

  11. CVRD has a strong track record of project delivery and value creation São Luís Mo I Rana Capão Xavier Taquari-Vassouras Trombetas Pier III PDM Fábrica Nova Capim Branco I Alunorte 3 Sossego Aimorés Funil Carajás70 Mtpa Candonga Alunorte 4&5

  12. Projects for 2006 • Alunorte 4&5 – already under operation • Capim Branco I – already under operation • Shandong Yankuang - already under operation • Brucutu – already under test

  13. Alunorte: the world’s largest alumina refinery Stages 4&5 1,9 Mtpa / 1T06 US$ 583 million Stages 6&7 1,9 Mtpa / 1S08 US$ 846 million • After conclusion of stages 6&7, annual nominal capacity will be 6.3 Mtpy

  14. Capim Branco I Installed capacity: 240MW Start-up of construction: September 2003 Start-up of operation: 1Q06 Investments: US$ 90 million CVRD’s share: 48.4% Location: MG

  15. The largest Brazil’s exporter achieved a new record. Exports tripled in four years. CVRD’s exports in US$ billion 46.8% 1H06-1H05

  16. CVRD’s contribution to Brazil’s trade balance was expressive in US$ billion 22.4% of trade surplus Brazilian trade surplus CVRD’s exports minus imports

  17. CVRD’s investments are responsible for 137,000 direct jobs1 in 2006 By state 1 CVRD’s and third party employees

  18. CVRD – a Brazilian global leader www.cvrd.com.br e-mail: rio@cvrd.com.br

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