Vale informs that it has received a demand for payment in respect of part of the tax assessment concerning the years of 1996 to 2002, in which it discusses corporate income tax and social contribution on profits of non-Brazilian subsidiaries and affiliates. Vale took appropriate legal action seeking for an injunction to continue the administrative proceedings, but it hasn’t obtained a favorable ruling. 

Vale will take appropriate legal action and will secure R$ 1.6 billion in assets to challenge the tax assessments in the judicial system. Vale will pursue all available means to ensure its right to defend itself and will continue challenging these assessments, which it believes are unjustified.