1

Companhia Vale do Rio Doce

Pursuing long-term

value growth

Pursuing long-term

value growth

Dublin, May 2007

2

DisclaimerDisclaimer

”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 exhibit volatility and can be adversely affected by developments in other countries; relating to the iron ore and nickel businesses and their 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 Mobiliáriosand the U.S. Securities and Exchange Commission.”

”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 exhibit volatility and can be adversely affected by developments in other countries; relating to the iron ore and nickel businesses and their 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 Mobiliáriosand the U.S. Securities and Exchange Commission.”

3

AgendaAgenda

A multilane road to value

creation

Continuous improvement

Growth outlook remains strong

A multilane road to value

creation

Continuous improvement

Growth outlook remains strong

4

A multilane road to value creationA multilane road to value creation

5

Over the last years we delivered 20 major projects creating new platforms of value creation

Over the last years we delivered 20 major projects creating new platforms of value creation

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q071Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06 1Q07

Funil

Alunorte 3

Carajás

70 Mtpa

Sossego

Candonga

Aimorés

Alunorte4&5

São Luís

Trombetas

CapãoXavier

Pier III PDM

Mo I Rana

FábricaNova

Taquari-Vassouras

Capim Branco I

Brucutu

Carajás 85 Mtpa

Carajás100 Mtpa

Capim Branco II

Paragominas

6

Portfolio management has been an important source of value creation

Portfolio management has been an important source of value creation

Consolidation Consolidation of of iron iron ore ore leadershipleadership

DivestituresDivestitures of of nonnon--core core assetsassetsUS$ 3.6 US$ 3.6 billionbillion

2000-20062000-2006

AcquisitionsAcquisitions: US$ 25.4 : US$ 25.4 billionbillion

Becoming Becoming a a global global leaderleader

in in nickelnickel

Growth Growth plataform plataform in in

coalcoal

-- Unlocking valueUnlocking value

-- Improving capital allocationImproving capital allocation

7

Coal, our newest growth platformCoal, our newest growth platform

Investment in coal is consistent with our growth and diversification strategy, supported by a strong long-term outlook on coking and thermal coal

Acquisition of AMCI Australia for US$ 656 million provides ongoing operations, experience in coal mining & marketing and diversification into one of the best geographies

Projects

– Moatize, Mozambique – to be approved

– Belvedere, Australia – pre-feasibility

JVs

– Longyu, China – anthracite coal

– Yankuang, China – coke & coking coal

Investment in coal is consistent with our growth and diversification strategy, supported by a strong long-term outlook on coking and thermal coal

Acquisition of AMCI Australia for US$ 656 million provides ongoing operations, experience in coal mining & marketing and diversification into one of the best geographies

Projects

– Moatize, Mozambique – to be approved

– Belvedere, Australia – pre-feasibility

JVs

– Longyu, China – anthracite coal

– Yankuang, China – coke & coking coal

8

Redefining market boundaries in iron oreRedefining market boundaries in iron ore

We intend to become a player in the Chinese domestic market

focusing on a new customer segment

Our strategy is supported by:

A massive increase in iron ore capacity to 450 million mtpy

in 2011 from 300 million in 2007, to meet the rising

demand from current clients and the new segment

Distribution centers and blending capacity at Chinese ports

A dedicated Brazil-China shuttle line serviced by very large

ore carriers under long-term contracts of afreightment,

which will contribute to reduce average level and volatility

of freight rates

We intend to become a player in the Chinese domestic market

focusing on a new customer segment

Our strategy is supported by:

A massive increase in iron ore capacity to 450 million mtpy

in 2011 from 300 million in 2007, to meet the rising

demand from current clients and the new segment

Distribution centers and blending capacity at Chinese ports

A dedicated Brazil-China shuttle line serviced by very large

ore carriers under long-term contracts of afreightment,

which will contribute to reduce average level and volatility

of freight rates

9

Continuing to develop options for profitable growth

Continuing to develop options for profitable growth

An all-time high capex budget (revised) of US$

7.4 billion for 2007

US$ 5.4 billion allocated to organic growth

US$ 4.9 billion allocated to projects

An all-time high capex budget (revised) of US$

7.4 billion for 2007

US$ 5.4 billion allocated to organic growth

US$ 4.9 billion allocated to projects

10

An exciting project portfolio is under developmentAn exciting project portfolio is under development

Iron ore & pellets

Carajás

Fazendão

Itabiritos

Samarco

Bauxite & Alumina

Paragominas II

Alunorte 6 & 7Nickel

Onça Puma

Goro

Vermelho

Voisey’s Bay

Copper

118

Salobo I Coal

Moatize

11

A new execution strategy was developed for Goro

A new execution strategy was developed for Goro

Focus on risk management of political,

environmental, technological and operational

factors

CVRD´s proactive relationship with communities

and pollution control technology transferred to

Goro

Key technical parameters resetted to reduce risks

A new team with a focus on discipline on execution

Focus on risk management of political,

environmental, technological and operational

factors

CVRD´s proactive relationship with communities

and pollution control technology transferred to

Goro

Key technical parameters resetted to reduce risks

A new team with a focus on discipline on execution

12

Goro is a long-term growth platformGoro is a long-term growth platform

One of the best nickel deposits in the world:

120 million metric tons of P&P reserves @

1.48% Ni, 0.11% Co

Strategic positioning to meet Asian demand

growth

Low cost incremental production of nickel

Capex of US$ 3.2 billion. Estimated production

of 60,000 mtpy of nickel and 4,600 mtpy of

cobalt to be commissioned in 4Q08

One of the best nickel deposits in the world:

120 million metric tons of P&P reserves @

1.48% Ni, 0.11% Co

Strategic positioning to meet Asian demand

growth

Low cost incremental production of nickel

Capex of US$ 3.2 billion. Estimated production

of 60,000 mtpy of nickel and 4,600 mtpy of

cobalt to be commissioned in 4Q08

13

5.47.5

11.1

31.2

35.8

46.8%

54.7%

64.4%

54.3% 53.4%

2003 2004 2005 2006 1T07

Capital invested (US$ billion)

ROIC (%)

5.47.5

11.1

31.2

35.8

46.8%

54.7%

64.4%

54.3% 53.4%

2003 2004 2005 2006 1T07

Capital invested (US$ billion)

ROIC (%)

The pursuit of discipline in capital allocation pays off: pre-tax ROIC stays above 50%

The pursuit of discipline in capital allocation pays off: pre-tax ROIC stays above 50%

¹ PP&E + working capital + R&D2 before income taxes3 excludes effect of extraordinary inventory adjustments

¹ PP&E + working capital + R&D2 before income taxes3 excludes effect of extraordinary inventory adjustments

Return on capital investedReturn on capital invested

11

22

333333

14

As a consequence we became the world’s second largest metals & mining company…

As a consequence we became the world’s second largest metals & mining company…

BH

PB

RIO

TIN

TO

XSTR

ATA

NO

RIL

SK

ALC

OA

FREEPO

RT

BARRIC

K

CVRD

AM

PLATS

AN

GLO

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

BH

PB

RIO

TIN

TO

XSTR

ATA

NO

RIL

SK

ALC

OA

FREEPO

RT

BARRIC

K

CVRD

AM

PLATS

AN

GLO

0

10

20

30

40

50

60

70

80

90

100

110

120

130

140

150

160

BH

PB

RIO

TIN

TO

ALC

AN

BA

RR

ICK

AM

PLA

TS

AN

GLO

GO

LD

NEW

MO

NT

ALC

OA

CV

RD

AN

GLO

0

10

20

30

40

BH

PB

RIO

TIN

TO

ALC

AN

BA

RR

ICK

AM

PLA

TS

AN

GLO

GO

LD

NEW

MO

NT

ALC

OA

CV

RD

AN

GLO

0

10

20

30

40Dec 31, 2001Dec 31, 2001 May 4, 2007May 4, 2007

US$ 9.2 billionUS$ 9.2 billion

US$ 101.2 billionUS$ 101.2 billion

TSR 2001-06, 42.7% p.a.TSR 2001-06, 42.7% p.a.

15

… with a global base of world-class assets… with a global base of world-class assets

Brazil60%

North America27%

Asia5%

Europe3%

Australia2%

RoW3%

Brazil60%

North America27%

Asia5%

Europe3%

Australia2%

RoW3%

Asset base by geography

Asset base by geography

CoalCoal

Iron ore & pellets

Iron ore & pellets

NickelNickel

Bauxite, alumina & aluminum

Bauxite, alumina & aluminum

CopperCopper Potash & kaolin

Potash & kaolin

CVRDCVRD

Manganese &

ferroalloys

Manganese &

ferroalloys

LogisticsLogistics

Asset portfolioAsset portfolio

16

… and a global footprint… and a global footprint

17

Continuous improvement

18

Record year to date sales underpinned by strong demand growthRecord year to date sales underpinned by strong demand growth

1Q Records

YoY

1Q07 change

Iron ore 58,626 1.1%

Pellets 7,939 34.7%

Finished nickel 71 10.8%

Copper 66 28.8%

Alumina 700 38.9%

Aluminum 134 19.6%

Potash 161 56.3%

Cobalt (tons) 580 19.3%

Railroad cargo¹ 6,035 4.4%

YoY

1Q07 change

Iron ore 58,626 1.1%

Pellets 7,939 34.7%

Finished nickel 71 10.8%

Copper 66 28.8%

Alumina 700 38.9%

Aluminum 134 19.6%

Potash 161 56.3%

Cobalt (tons) 580 19.3%

Railroad cargo¹ 6,035 4.4%

1 general cargo transportation measured in net ton kilometers (ntk)1 general cargo transportation measured in net ton kilometers (ntk)

000´metric tons000´metric tons

19

High performance leveraged by asset portfolio diversificationHigh performance leveraged by asset portfolio diversification

Adjusted EBIT margin

2005 2006¹ 1Q07²

Ferrous minerals 49.7% 47.3% 50.9%

Non-ferrous minerals 23.7% 47.3% 52.2%

Aluminum 31.7% 39.5% 39.1%

Logistics 22.4% 28.9% 28.3%

Total 42.5% 43.7% 49.2%

1 pro forma and excluding extraordinary effect of inventory adjustment² excluding extraordinary effect of inventory adjustment

1 pro forma and excluding extraordinary effect of inventory adjustment² excluding extraordinary effect of inventory adjustment

20

0.81.2

1.81.5 1.6 1.6

2.12.6

2.9

4.04.4

4.85.3

5.6

6.2

7.1

8.8

1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06¹ 1Q07¹

0.81.2

1.81.5 1.6 1.6

2.12.6

2.9

4.04.4

4.85.3

5.6

6.2

7.1

8.8

1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06¹ 1Q07¹

Net earnings remain on a strong upward trend for the fifth yearNet earnings remain on a strong upward trend for the fifth year

¹ excluding extraordinary effect of inventory adjustment¹ excluding extraordinary effect of inventory adjustment

LTM net earnings US$ billion

LTM net earnings US$ billion

21

Twenty consecutive quarters of EBITDA growth

Twenty consecutive quarters of EBITDA growth

12.5

10.1

8.3

7.3 7.2 6.5

5.8

5.0

4.0 3.7 3.3

2.9 2.4

2.1 2.0 1.9 1.8 1.8 1.7 1.6 1.5

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06¹ 1Q07¹

12.5

10.1

8.3

7.3 7.2 6.5

5.8

5.0

4.0 3.7 3.3

2.9 2.4

2.1 2.0 1.9 1.8 1.8 1.7 1.6 1.5

1Q02 2Q02 3Q02 4Q02 1Q03 2Q03 3Q03 4Q03 1Q04 2Q04 3Q04 4Q04 1Q05 2Q05 3Q05 4Q05 1Q06 2Q06 3Q06 4Q06¹ 1Q07¹

LTM adjusted EBITDAUS$ billion

LTM adjusted EBITDAUS$ billion

1 excluding extraordinary effect of inventory adjustment1 excluding extraordinary effect of inventory adjustment

Ferrous minerals42.8%

Non-ferrous minerals47.1%

Aluminum7.1%

Logistics2.9%

Ferrous minerals42.8%

Non-ferrous minerals47.1%

Aluminum7.1%

Logistics2.9%

Composition1Q071

Composition1Q071

22

One of our priorities: a battle against rising costs. Winning another roundOne of our priorities: a battle against rising costs. Winning another round

3,0913,020

(72)(73)74

3,0913,020

(72)(73)74

US$ millionUS$ million

4Q064Q06 1Q071Q07

VolumeVolume

Cost reductionCost reduction

ER changeER change

Adjusted COGS1 variationAdjusted COGS1 variation

1 COGS less depreciation charges, excluding inventory adjustment1 COGS less depreciation charges, excluding inventory adjustment

23

Growth outlook remains strongGrowth outlook remains strong

24 Source: IMF and CVRDSource: IMF and CVRD

4.5%4.5%

5.4%

4.9%

5.3%

4.0%

3.1%

2.5%

4.8%

2.8%

4.2%4.1%

3.6% 3.7%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007E 2008E

4.5%4.5%

5.4%

4.9%

5.3%

4.0%

3.1%

2.5%

4.8%

2.8%

4.2%4.1%

3.6% 3.7%

1995 1996 1997 1998 1999 2000 2001 2002 2003 2004 2005 2006 2007E 2008E

Global GDP growth Global GDP growth

The global economy remains on track for continued robust growth in 2007/2008

The global economy remains on track for continued robust growth in 2007/2008

25

92 112 148 208 270 320 380545360 372

389395

400405

410

465

2001 2002 2003 2004 2005 2006 2007E 2011E

China RoW

92 112 148 208 270 320 380545360 372

389395

400405

410

465

2001 2002 2003 2004 2005 2006 2007E 2011E

China RoW

World ChinaChina RoWCAGR 2001CAGR 2001--0606 9.9% 28.3%28.3% 2.4%CAGR 2006CAGR 2006--11E11E 6.9% 11.2%11.2% 2.8%

603603670670

725725

1,0101,010

Global seaborne demandmillion metric tons

Global seaborne demandmillion metric tons

We revised our medium-term forecast for iron ore seaborne demand: a stronger growth is expected

We revised our medium-term forecast for iron ore seaborne demand: a stronger growth is expected

537537484484452452

790790

26

There is a structural change in nickel supply

There is a structural change in nickel supply

Current production depends on nickel sulphide

deposits => lower costs, well known technology

Production expansion is dependent on nickel

laterites => higher cost, technological and

operational challenges

New projects ramping up only in 2009-2011

Current production depends on nickel sulphide

deposits => lower costs, well known technology

Production expansion is dependent on nickel

laterites => higher cost, technological and

operational challenges

New projects ramping up only in 2009-2011

27

Medium term view of nickel demandMedium term view of nickel demand

China will drive global stainless steel production increase

with India also growing fast

Solid demand growth from aerospace, energy

Substitution of high Ni steels (300 series) to less Ni content

(200 series) or no Ni (400 series) limited by technology,

costs of substitutes and costs for consumers to change

specifications and production equipment

NiCr pig iron production increase lessens incentives to

substitution but also faces several challenges: costs, quality,

high energy consumption and environmental problems

China will drive global stainless steel production increase

with India also growing fast

Solid demand growth from aerospace, energy

Substitution of high Ni steels (300 series) to less Ni content

(200 series) or no Ni (400 series) limited by technology,

costs of substitutes and costs for consumers to change

specifications and production equipment

NiCr pig iron production increase lessens incentives to

substitution but also faces several challenges: costs, quality,

high energy consumption and environmental problems

28

We are increasing production to meet demand growth from our clients

We are increasing production to meet demand growth from our clients

2006 2007E ∆%

Iron ore 264Mt 300Mt 13.6

Nickel¹ 251kt 287kt 14.3

Alumina 3.9Mt 4.4Mt 12.8

Aluminum 550kt 550kt -

Copper 267kt 297kt 11.2

2006 2007E ∆%

Iron ore 264Mt 300Mt 13.6

Nickel¹ 251kt 287kt 14.3

Alumina 3.9Mt 4.4Mt 12.8

Aluminum 550kt 550kt -

Copper 267kt 297kt 11.2

Production Production

¹ includes volumes produced based on nickel concentrates purchased from third parties and

processed under toll smelting and refining arrangements.

¹ includes volumes produced based on nickel concentrates purchased from third parties and

processed under toll smelting and refining arrangements.

29

www.cvrd.com.bre-mail: rio@cvrd.com.br

www.cvrd.com.bre-mail: rio@cvrd.com.br

CVRD – A global leader