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Companhia Vale do Rio Doce
GOLDMAN SACHS TENTH ANNUAL CYCLICAL CONFERENCE
Key Largo, FL May 2002
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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 Brazilian Comissão de
Valores Mobiliários and the U.S. Securities and
Exchange Commission
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Contents

• Corporate highlights
• Financial performance
• Dealing with the future

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Corporate Highlights
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The largest diversified mining company of the
Americas
Iron Ore and Pellets
Railroads and Ports
Aluminum Bauxite, Alumina and Aluminum
Manganese and Ferro-alloys
Steel
Copper and Gold
Industrial Minerals Kaolin and Potash
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Mining is CVRDs Core Business
Gross Operating Revenues by Product - 2001 US
4,132 million
EBITDA by Business Area - 2001 US 1,772 million
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Global Market Leadership in Iron Ore
Estimated market size in 2001 450 million tons
Iron Ore Seaborne Trade
Source CVRD
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Global Market Leadership in Iron Ore
Low cash costs
Large reserves
Large production capacity 150 million tpy of
iron ore and 43 million tpy of pellets
Diversified portfolio of high quality products
Economies of scale and economies of scope
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Leveraged to the Global Economy
Gross Operating Revenues by Market and Currency
2001 US 4,132 million
By Market
By Currency
84 of revenues and less than 30 of costs are
USD-linked
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Shareholding Structure
Free float increased after March 2002 US 1.9
billion equity offering
Total Capital
Free Float
Valepar - Principal Shareholder 27.5
Brazilian Investors 31
Free Float 58.6
National Treasury 1.3
Investvale 2.7
BNDESPar 3.4
69 Foreign Investors
Litel Participações S.A 6.6
Golden Share National Treasury (one share)
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CVRD share price has outperformed peers
January 1999100
Total shareholder return was 11.8 per year from
January 1997 to December 2001
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Weathering the downcycle and leveraging off the
upturn
Financial Performance

• Consistent earnings growth
• Strong cash flow generation
• Sound balance sheet

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Consistent earnings growth
US million
US GAAP
CAGR 41.7
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Strong and Steady Cash Flow
US million
EBITDA
EBITDA / Sales
US GAAP
CAGR 13.3
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Strong Cash Flow Supports Growth Initiatives
US GAAP
EBITDA / CAPEX
CAPEX US million
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Room to Grow - Debt Evolution, Leverage and
Coverage
US million
US GAAP
1997 1998 1999 2000 2001 Total Debt
2,430 2,484 2,499 2,765 3,055 Net
Debt 1,322 1,295 1,046
1,554 1,938 EBITDA/Interest Coverage
(x) 6.53 8.25 7.91 9.56 8.95 Total Debt/EBITDA
(x) 2.26 1.81 1.95 1.64 1.72 Total Debt/EV ()
23.5 33.8 19.5 22.4 25.0
EV Market Capitalization Total Debt
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CVRD vs. Peers - 2001
ROE
EBITDA Margin
Dividend Yield Last 5 years
CVRD Anglo American Rio Tinto BHP Billiton
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Dealing with the future
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Short Term

• Leading economic indicators continue to point to
  global industrial production growth in 2H02 and
  to a recovery of metals demand later in the year
• Iron ore demand remains strong - China continues
  to be the key driver
• Pellet demand is showing signals of recovery
• 2000/01 acquisitions are increasing their
  contribution to earnings and cash flow generation
• Maximization of transportation assets utilization
  is starting to pay dividends

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CVRD enjoys many different paths to profitable
growth
Mineral exploration
Greenfield projects
Brownfield projects
Shareholder Value
Reduction of cost of capital
Acquisitions
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StrategyA global mining company aiming to create
shareholder value

• Maintain market leadership in iron ore
• Expand pelletizing capacity
• Develop existing portfolio of copper projects
• Expand resource base through exploration
• Opportunistic acquisitions, joint-venture
  investments
• Increase bauxite and alumina production capacity
• Expand resource base through exploration
• Opportunistic acquisitions, joint-venture
  investments
• Maximize asset utilization
• Logistics service provider
• Selective investments in hydroelectric generation
  assets
• Generation capacity as a hedge against price and
  supply volatility

Iron Ore
Copper
Aluminum
Logistics
Power
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Project Pipeline
Tubarão Pellets
Brownfield Projects
Iron Ore and Pellets
São Luís Pellets
Greenfield Projects
Samarco Pellets
Alunorte Alumina
MRN Bauxite
Aluminum
Copper
Sossego
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Cristalino
Alemão
Salobo
Industrial Minerals
Taquari Vassouras Potash
PPSA Phase 4 Kaolin
PPSA Phase 3 Kaolin
Tubarão Fertilizer Warehouse
Ponta da Madeira Pier III
Praia Mole Maritime Terminal Phase II
Logistics
Praia Mole Maritime Terminal Phase I
Grain Terminals
Hydroelectric Power Plants
Candonga
Capim Branco I
Capim Branco II
Foz do Chapecó
Santa Isabel
Funil
Aimorés
US3.2 billion approved for CAPEX
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Project PipelineHow good are CVRD projects?
Copper Triple Seven Sossego Antapaccay Quellaveco
Tintaya SxEw Chambishi El Tesoro SxEw Spence El
Bronce Antamina
Alumina Alunorte Wagerup Jamalco Worsley
Pellets São Luís Kobrasco Samarco II

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Feeding Growth OpportunitiesRecent Strategic
Associations and Alliances

• Baosteel Iron Ore
• Codelco Copper
• Nucor Metallics

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Key Points on Strategy Execution

• Operational Excellence
• Customer Focus
• Return on Invested Capital
• Focus on Shareholder Value Creation

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Long Term Goal
We aspire to be one of the worlds most valued
mining companies
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Investment Appeal

• A clearly defined long term strategy
• Global market leadership in iron ore
• World class mining assets capable of producing
  above average markets returns
• Leadership in the high growth potential Brazilian
  logistics market
• Availability of profitable organic growth
  opportunities
• Strong and stable cash flow generation

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Companhia Vale do Rio Doce
CVRD - The Best of Brazil
www.cvrd.com.br e-mail rio_at_cvrd.com.br