Valepar Names Flores Vale Chairman

Valepar has nominated Ricardo Jose da Costa Flores to chair Vale’s board of directors. Valepar is Vale’s controlling shareholder. Flores is president of Previ, Banco do Brasil’s pension fund and Valepar’s controlling shareholder. Previously, Flores was VP of credit, and director of operating assets restructuring at Banco do Brasil. He was also chairman of the board of Banco Nossa Caixa and member of the board of executive officers of Febraban. Flores is also chairman of the board of Brasilcap Capitalizacao, president of Fenacap, and VP of the Confederacao Nacional das Empresas de Seguros Gerais, Previdencia Privada e Vida and CNSeg. Flores will replace Sergio Rosa, who has been chairman since May 2003.