The Rising Influence of Rising Affluence

[DewDiligence]

VALE proposes 2013 minimum dividend of $0.78/ADR (a 4% yield on current share price), payable in two installments:

http://www.sec.gov/Archives/edgar/data/917851/000110465913005265/a13-3839_16k.htm

January 28, 2013 — Vale S.A. (Vale) announces that its Executive Board has approved and will submit to the Board of Directors a proposal for the distribution of a minimum dividend of US$ 4 billion in 2013, equivalent to US$ 0.776190372 per share for both common and preferred shares outstanding, to be distributed in two installments, on April 30 and October 31, 2013.

The Board of Directors will evaluate the proposal submitted by the senior management, regarding each installment, in the meetings scheduled for April 16 and October 17, 2013.

Note that in 2012, VALE paid the “minimum” dividend of $0.65/ADR (in two installments) plus a “special” dividend of $0.26/sh in November—i.e. a total dividend for the year of $0.91.

In 2013, even if VALE does not pay a special dividend as it did in 2012, the minimum dividend of $0.78 represents a yield a 4.0% at the current share price ($19.35).