VALE (VALE $32.34, RATING OVERWEIGHT, price target $44); DEEPLY DISCOUNTED VALUATION FROM POSSIBLE CHANGE OF CEO, RECORD $24 BIL. 2011 CAP EX AND UNCERTAINTY OF IRON ORE AND NICKEL PRICES 3/27/2011

VALE (VALE $32.34, RATING OVERWEIGHT, price target $44); DEEPLY
DISCOUNTED VALUATION FROM POSSIBLE CHANGE OF CEO, RECORD $24
BIL. 2011 CAP EX AND UNCERTAINTY OF IRON ORE AND NICKEL PRICES  3/27/2011