Paris November 26, 2007 1 Disclaimer ”This presentation may contain statements that express management’s expectations about future events or results rather than historical facts. These forward-looking statements involve risks and uncertainties that could cause actual results to differ materially from those projected in forward-looking statements, and CVRD cannot give assurance that such statements will prove correct. These risks and uncertainties include factors: relating to the Brazilian and Canadian economies and securities markets, which may exhibit volatility and can be adversely affected by developments in other countries; relating to the iron ore business and its dependence on the global steel industry, which is cyclical in nature; and relating to the highly competitive industries in which CVRD operates. For additional information on factors that could cause CVRD’s actual results to differ from expectations reflected in forward-looking statements, please see CVRD’s reports filed with the Brazilian Comissão de Valores Mobiliários and the U.S. Securities and Exchange Commission.” 2 On the growth path Roger Agnelli Chief Executive Officer 3 Agenda Our value proposition The long-term fundamentals Shaping the future: investing US$ 59 billion Capex budget for 2008 Vision and values 4 Our value proposition 5 Simultaneously with investment in successful acquisitions, 72% of our capex has been dedicated to growth¹ Growth investment/Capex in % 2002 60.5 2003 67.9 2004 68.6 2005 77.4 2006 71.9 9M07 69.9 Projects R&D ¹ Project and research & development 6 The growth process has been firmly anchored on a rigorous discipline on capital allocation Return on capital invested 43.3 1 Capital invested US$ billion 64.4% 54.3% ROIC % 2 54.7% 52.1% 46.8% 31.2 11.1 7.5 5.4 2003 2004 2005 2006³ LTM 3Q07³ ¹ PP&E + working capital + R&D 2 before income taxes 3 excludes effect of extraordinary inventory adjustments 7 Our value proposition is being delivered: a steady and strong growth LTM EBITDA 16.9 15.6 US$ billion 12.6 Quarterly EBITDA volatility Total 0.82 10.1 % upward 72% % downward 28% 8.3 7.2 7.3 6.5 5.8 5.0 3.7 4.0 2.9 3.3 2.4 1.9 2.0 2.1 1.5 1.6 1.7 1.8 1.8 1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06¹ 1Q07¹ 2Q07¹ 3Q07¹ 1 excluding extraordinary effect of inventory adjustment 8 Growth spearheaded a dramatic increase in market capitalization and high TSR performance - 65.5% p.a.¹ CVRD’s market cap US$ billion 180 160 140 120 100 80 60 40 20 0 2002 2003 2004 2004 2006 2007 9 1 January 1, 2002 to November 15, 2007 Thriving in the global arena: becoming one of the largest companies Position among the 500 largest companies in the world by market cap Ranking 500 400 300 200 100 1 November 15, 2007 33 March 2007 74 2006 117 2005 153 2004 275 2003 334 2002 446 Source: Financial Times – FT 500 and Bloomberg10 The long-term fundamentals 11 Despite short-term volatility, we are confident on the strength of the long-term fundamentals of the global economy Low inflation rates. Low real interest rates. High productivity growth. Globalization and emerging markets secular growth. 12 Global GDP growth is being driven by emerging market economies, the drivers of minerals and metals demand increase Contribution to global GDP¹ growth Average Average 1989-98 2005-07 3.2% p.a. 5.3% p.a. Developed economies USA 27% 10% USA Emerging 19% market Developed economies economies 54% 46% China China 33% 22% Emerging market economies 73% 1 Global GDP at PPP. Emerging market economies are responsible for 48% of global GDP and 84.7% of world population Source: IMF 13 Emerging market economies are expected to continue to produce a structural change in the demand for minerals and metals Urbanization – Housing – Infrastructure – Consumer durables Industrialization 14 China will have an increasing influence on the global demand for minerals and metals Chinese share in global consumption % 2000 2006 2011E Iron ore¹ 15.4 45.0 54.0 Nickel 4.9 17.3 31.0 Aluminum 14.0 25.5 41.0 Copper 12.7 21.0 30.0 ¹ share of Chinese imports in seaborne trade Sources: CRU and CVRD 15 Shaping the future: investing US$ 59 billion 16 Confidence on long-term global fundamentals underlies the continuity of our strategy to deliver strong and steady growth Acceleration of investments: US$ 59 billion for next five years against US$ 18 billion¹ during 2003-2007. Focus on organic growth:project development and mineral exploration Massive investment in the development of world-class assets – iron ore, pellets, coal, nickel, copper, bauxite and alumina. Enhancement of infrastructure (logistics and power generation) to support the expansion of our activities. ¹ does not include expenditures in acquisitions 17 Execution of the organic growth pipeline will give rise to a significant production expansion Running at million metric tons 450Mtpy 2003 2007E 2008E 2012E CAGR CAGR 07-12 03-07 Iron ore 186.0 300.0 325.0 422.0 7.1% 12.7% Pellets¹ 13.0 17.6 20.0 33.0 13.4% 7.9% Coal - 2.9 7.6 15.2 39.3% - Nickel 2,3 - 260.0 280.0 507.0 14.3% - Copper² - 290.0 300.0 592.0 15.3% - Alumina 2.3 4.3 5.3 8.2 13.8% 16.9% ¹ does not include production of JVs (Samarco, Nibrasco, Hispanobras, Kobrasco, Itabrasco). Attributable production in 2007 is expected to reach 18 Mt. Samarco 3rd pellet plant (7.6 Mtpy) is coming on stream in 1H08. ² 1,000 metric tons ³ includes volumes of finished nickel produced under tolling agreements with concentrates purchased from third parties 18 No changes in our priorities for cash flow allocation Financing of the organic growth pipeline is our highest priority. Maintenance of a sound balance sheet with a low-risk debt profile. Satisfaction of dividend aspirations of our shareholders. 19 The challenges Skilled labor. Environmental permits. Supply of equipment and engineering services. Energy. 20 Capex budget for 2008 21 The capex budget for 2008: US$ 11 billion The largest annual investment program ever for a mining company. US$ 8.4 billion – 77% - dedicated to growth (project development and R&D). Development of 30 major projects. 22 Capex budget 2008 US$ 11 billion By category By business area Other 5.8% Sustaining Power capex generation 23.3% 4.3% Logistics Ferrous 17.0% minerals 29.6% R&D Coal 8.0% 3.5% Aluminum 6.9% Projects 68.7% Non-ferrous minerals 32.9% 1 US$ 349 million will be invested in mineral exploration 23 Project development on a global scale Canada China Oman New Caledonia Indonesia Brazil Peru Australia Chile Mozambique Iron ore & pellets Nickel Coal Copper Bauxite & alumina Phosphates Logistics Power generation 24 Developing an exciting pipeline of world-class assets Totten Reference Greenfield Litoranea US$ 1 billion Karebbe Setentrional CSV Bayovar Fazendão Equatorial Estreito Vermelho Itabiritos Moatize Oman Onça Puma Maquiné-Baú Tubarão VIII Papomono Salobo I Eastern Range Southern Goro Barcarena NAR Range CSA 20082009 2010 2011 2012 Northern Corridor Iron ore & pellets Carajás 130 Mtpy Voisey’s Bay Nickel Coal Alunorte 6&7 Copper Southern Corridor Paragominas III Bauxite & alumina Paragominas II Phosphates Carborough Downs Logistics Power generation Brownfield Steel 25 Vision and values 26 Our growth initiatives are driven by our long-term vision… “To become the largest mining company in the world and to excel in research, project development and operations“ 27 … and sustained by our core values Ethics and transparency. Performance excellence. Entrepreneurship. Corporate social responsibility. Deep respect for life and diversity. Proud to be CVRD. 28 Managing the change: HR and procurement Carla Grasso Executive Director of Human Resources and Corporate Services 29 CVRD HR structure – “Process evolution” Up to 2004: From 2005 up to June 2007: From July 2007: HR Brazil HR Brazil + International HR Global HR National Transition Global 2004 2005 2006 2007 CVRD HR HR Brazil: Global HR: . Policies with focus in Brazil . Policies with focus in - Global Policies and . Brazilian staff Brazil Processes . Support to operations in . Support to operations - Regional HR working on Brazil in Brazil local policies . Beginning of Organizational . Organizational - Organizational Development support Development support Development support by by business. business International HR: - Development of corporate HR guidelines to support international offices - Organizational Development support by region/continent. 30 HR strategic planning – “The basis” CVRD Strategy Organic growth New projects Ongoing needs M&A’s HR “The enabler, the basis of “CVRD HR Starting point” Strategic Planning an HR that make sense” 5 years outlook with annual check-ins : HR strategy prioritizing Education & Internal Development 31 Career & succession – “Cycle & numbers” Variable Career& Payment Employee Succession Committees Assessment Leader & Employee Employee More than 400 in 2006… dialogue Feedback Team Development Plan Succession Internal Planning Talent Pool Retention Strategies External Coaching & Recruitment Development Succession Readiness : 92% of managerial Career & Succession 81% Internally position filled internally follow ups 19% Externally 32 Valer Corporate University CVRD Corporate University Valer represents the company’s corporate education strategy, driving the learning and development of the professionals in the CVRD value chain. It is focused on articulated projects, with an overriding emphasis on sustained professional formation, the development of production capacity and the formation of leaders empowered to transform. 33 VALER in numbers Commitment with CVRD’s growth - CVRD has increased 10 times its investments in Education over the last 5 years. Doing more with less - CVRD educational strategy has increased hours of training in relation to benchmark with excellence and efficiency.