Slide sem ttulo

1
CVRD Webcast3Q 02
US GAAP
November2002
2
Disclaimer
This presentation may contain statements that
express managements 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 economy and
securities markets, which 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 CVRDs actual results
to differ from expectations reflected in
forward-looking statements, please see CVRDs
reports filed with the Comissão de Valores
Mobiliários and the U.S. Securities and Exchange
Commission.
3
Corporate Governance
Following the implementation of its corporate
governance model, announced in October 2001, CVRD
is developing new initiatives designed to improve
its corporate governance practices, strengthening
financial transparency, information disclosure
and protection to investor rights.

• Dividend distribution policy
• Each year CVRD will announce, until January 31, a
  minimum dividend per share in USD to be paid in
  April and October, in line with the expected
  performance for the Company.
• During the year, depending on the effective
  performance of the Company, CVRD may pay an
  additional dividend per share in April and
  October.
• Disclosure policy.
• Creates a Disclosure Committee.
• Enforces simultaneity of information flows.
• Eliminates information asymmetry.
• Intensive use of information technology to ensure
  global diffusion of information.

4
Corporate Governance

• CVRD securities trading policy
• Minimizes risks of privileged information use by
  CVRD management on its own benefit.
• Limits management purchases and sales of CVRD
  securities to stock options programs and
  individual medium term investment programs.
• Establishes blackout periods for trading.
• Code of Ethics for CVRD financial managers
• Requires high standards of ethics from
  professionals who deal with insider information
  and large sized financial transactions.

5
3Q02 iron ore and pellets sales reached a record
high
thousand tons
42,388
41,098
38,281
38,054
37,986
36,707
34,433
6
Despite Brazils slow GDP growth, 3Q02 CVRD
railroad transportation also reached an all time
high
million ntk
General Cargo
7
Gross Revenues
US million
8
Gross Revenues 3Q 02 By destination and currency
By Market
By Currency
3Q02 Gross Revenues US 1,133 million
9
Gross Revenues 3Q 02 By product
3Q02 Gross Revenues US 1,133 million
10
BRL depreciation hurt earnings through its impact
on CVRDs net foreign liabilities
US million
11
Quarterly net earnings - Sensitivity to exchange
rate volatility
US million
Real Depreciation
Real Appreciation

Fx losses were offset by capital gains from
Cenibra sale
12
On the other hand, growing sales and a weaker BRL
are boosting free cash flow
US million
13
Strong and steady cash flow allows CVRD to
finance its investments and to meet dividends
expectations of its shareholders with a high
dividend yield
Dividend Yield
Year
1997 3.4 1998 8.1 1999 6.8 2000 2.
5 2001 11.8 Average
(97/01) 6.5 2002E 6.8
2002 Interest on Shareholders Equity equal to
R 4.985 per share
14
A sound balance sheetDebt Leverage
US million
Total Debt
15
A sound balance sheetInterest Coverage
EBITDA / Interest Expenses
16
CVRD the Best of Brazil
rio_at_cvrd.com.br www.cvrd.com.br