November 29, 2007

Hello everyone,

Today is a very special day for all of us – one that marks both a milestone in our company’s history and a foundation for our company’s future.

As some of you may already know if you tuned in to this morning’s webcast, CVRD has changed its name to Vale – and CVRD Inco has changed its name to Vale Inco. A similar process will unfold in the weeks and months ahead at our subsidiary companies.

Vale is pronounced (vah-lay) and literally means “valley”. As a mining company, ‘Vale’ reminds us of both our dependence on the earth’s riches and our important role as stewards of the natural environment.

Our name change is the culmination of many months of work at CVRD to realign our corporate identity to be more meaningful to whom we’ve grown to become, and to signify new beginnings, new opportunities and a positive outlook for the future.

Vale’s vision is to be the largest mining company in the world and to surpass established standards of excellence in research, development, implementation of projects and operating its business while doing so.

This means that we will transform mineral resources into prosperity – for employees, communities, shareholders and customers; and indeed the world for whom the metals we produce are essential ingredients in everyday life. And we will do so in a manner that uses leading technology and business practices that promote sustainable development.

We are a company committed to growth – growth of our business, growth of our employees, and growth of our communities.

Growth of our business will be driven through continuous improvement and best practices. It will also be driven through the determination to seek new opportunities and innovative solutions in the face of new challenges and needs.

We are proud when there is the realization and knowledge that we are building something that will make a difference.

Let me be clear that the growth of our business must be obtained in concert with the growth of our employees and communities.

For the company’s employees, we remain committed to providing a safe and challenging work environment that offers opportunities, dignity, respect and professional pride to all.

For the communities where we live and work, it means continuing to conduct ourselves ethically, and being environmentally respectful and socially responsible in our operations. It also means partnering in our communities and ensuring that our presence makes a positive contribution.

While the name and visual identity of the company has changed, we are still the very recognizable company that you work for today.

In fact, I am very proud that ‘Inco’ remains in our name as an important sign of the pride we have in our heritage as a worldwide leader in nickel production.

Over the coming weeks and months, you will learn more about the new company identity through advertisements, updated web sites, and other material.

When change occurs, it often leads to questions and concerns about the future. Let me assure you that these changes are based upon opportunities to improve ourselves through our combined strengths. We’ve been saying since Day One that ‘Together We Are Better’. Our company’s success is proof of that. Now, as we look to a bright future, we know that we will achieve great things as we grow together.

Thank you.

Murilo Ferreira

Vale Inco President & CEO