Home › Download › VALE (RIO $25.99, rated Overweight, target $45) REPORTS EPS UP 20% OVER 2Q07 DESPITE NICKEL DECLINE; OVER 40% DISCOUNT TO INTRINSIC VALUE AND STRONG BALANCE SHEET MAKE THIS A “TOP PICK;” ESTIMATES SHAVED OWING TO OUTPUT DELIVERY ISSUES August 25, 2008

VALE (RIO $25.99, rated Overweight, target $45) REPORTS EPS UP 20% OVER 2Q07 DESPITE NICKEL DECLINE; OVER 40% DISCOUNT TO INTRINSIC VALUE AND STRONG BALANCE SHEET MAKE THIS A “TOP PICK;” ESTIMATES SHAVED OWING TO OUTPUT DELIVERY ISSUES August 25, 2008

VALE (RIO $25.99, rated Overweight, target $45) REPORTS EPS UP 20%
OVER 2Q07 DESPITE NICKEL DECLINE; OVER 40% DISCOUNT TO
INTRINSIC VALUE AND STRONG BALANCE SHEET MAKE THIS A “TOP
PICK;” ESTIMATES SHAVED OWING TO OUTPUT DELIVERY ISSUES August 25, 2008