This is a summary of the third quarter fiscal 2007 earnings call conducted by Companhia Vale do Rio Doce (RIO: chart) on October 26, 2007.

Management:

CFO: Fabio Barbosa
Executive Officer of Non-Ferrous Minerals: Jose Auto Lancaster Oliveira
Executive Officer of Ferrous Minerals: Jose Carlos Martins

Key Investor Issues

- All-time high iron ore and pellet shipments, totaled 78.5 million metric tons.
- Gross revenue was US$8.1 billion, the highest ever for a third quarter and 9.9% higher than a year ago.
- Total revenue for the first nine months was 2007 was US$ 24.7 billion against US$18.2 billion in a year ago.
- Operational profit, as measured by adjusted EBIT, of US$ 3.4 billion, was 7.8% above a year ago.
- Adjusted EBIT margin was 43.4%, against 44.3% in last year.

Third Quarter Highlights

- Adjusted EBITDA was equal to US$4 billion in the third quarter, US$123 million more than a year ago, and also the highest value ever for a third quarter.
- In 9M07, adjusted EBITDA reached US$13.3 billion against US$ 8.8 billion in the nine months of 2006.
- For the 12-month period ending in September 2007, adjusted EBITDA came to US$16.9 billion.
- Net earnings of US$ 2.9 billion, corresponding to earnings per share on a fully diluted basis of US$0.60, the best third quarter, and a 23.5% increase over the year-ago earnings of US$2.4 billion.

In the nine months of 2007, net earnings amounted to US$9.9 billion, as compared to US$ 5.6 billion a year ago.

- EPS on a fully diluted basis reached US$1.90.
- Total debt of US$ 18.3 billion as of September 30, 2007, compared with US$19.1 billion at the end of the second quarter 2007, falling for the second consecutive quarter.

Dividend distribution of US$1.875 billion for 2007, an increase of 44.2% relative to 2006.

- Investment reached US$1.6 billion, of which US$1.1 billion for organic growth - projects and R&D - and US$ 521 million for sustaining existing operations. In the year up to September, US$ 4.4 billion has already been invested.
- In the first nine months of the year, the company invested US$244.7 million in environmental protection and US$104.1 million in social projects, sending a clear message of its commitment to corporate social responsibility.

The company was able to again deliver cost reduction on the basis of adjustment for volumes and exchanged variation.

- After 12 months the company achieved $276 million.
- EBITDA continues to grow in the third quarter of ''07 on a 12 month basis reaching $16.9 billion and a good split between Ferrous and non-ferrous, minerals in the nine months composition.

In terms of the ferrous division increasing the shipments the major driver for the good results achieved and of course cost reduction was presently $80 million, as residual price adjustments are $52 million and then the company delivered $2.2 billion in EBITDA for the ferrous division this year.

For the non-ferrous in the fiscal year showing the effects after the price reduction in nickel compared to the previous quarter when nickel prices reached record levels.

The company had strong performance in the quarter associated with nickel. Now with the nickel prices being at the lower level, the company is able to add this impact to deliver very strong volume performance in iron ore and pellet division. So the company is mitigating the risk related to EBITDA in the long-term as expected.

Leverage wasn''t used and total debt EBITDA reached to a level of 1.2 times in the third quarter ended in September. The company is chiefly consistent with what it had in Brazilian market and despite the major effort that it has been doing in investment and also in dividend payment.

China''s economy in 2007 is dynamic with GDP growth at 11.5%.

The company expected GDP growth in the beginning - it targeted GDP growth in the beginning of the year to be around 10%.

The company expects the relative importance of China in the global demand on minerals and metals, to increase further. So the annual agenda is 45% of the seaborne trade in 2006. In 2011, the expectation is that this share will be 54% - nickel, 31% from 4.9% in 2000, aluminum 41% and copper 30%.

For the short-term, spot prices in iron ore surged reaching almost $180 per ton for the Indian ore.