fiscal council opinion regarding the merger of vale mina do

FISCAL COUNCIL OPINION REGARDING THE MERGER OF VALE MINA DO AZUL
S.A. AND SOCIEDADE DE MINERAÇÃO DE CONSTELAÇÃO APOLO S.A.
The Fiscal Council, in the use of its legal attributions and of the By-Laws of Vale S.A.
(“Vale”), having examined the Protocols and Justifications of the merger of Vale Mina
do Azul S.A. and Sociedade de Mineração de Constelação Apolo S.A. into Vale, as
presented by the Company’s administration, in accordance to the articles 224 and
225 of the Brazilian Corporate Law 6.404/76 and others applicable legal
requirements, has the opinion that the document, should be approved by the
Extraordinary General Shareholders Meeting.
Rio de Janeiro, October 28 th, 2014.
Marcelo Amaral Moraes
Fiscal Council Chairman
Arnaldo José Vollet
Member of Fiscal Council
Aníbal Moreira dos Santos
Member of Fiscal Council
Dyogo Henrique de Oliveira
Member of Fiscal Council