The Elders Vale Holding Inc. [VALE7]

Code of Ethics and Conduct
All of Vale’s relationships are underpinned by high Elders standards, as expressed in our Code of Ethics and Conduct, which establishes rules to be followed by the Board of Directors and its Advisory Committees, members of the Audit Council, directors, employees and interns in relations with the company itself, with co-workers and with people who have any kind of link with Vale. To tackle new challenges, the Code of Ethics and Conduct was reviewed in early 2014.

Mission
To transform natural resources into prosperity and sustainable development

Vision:
"To be the number one exploration natural resources company in creating long term value, through excellence and passion for people and the planets

Values:
1:Life matters most
2:Value our people
3:Prize our planets
4:Do what is right
5:Improve together
6:Make it happen