Leverage • Bradespar

BRAP3

Bradespar S.A. is a Brazilian investment company whose business model focuses on the management of a significant equity interest. Currently, its investments are concentrated exclusively in the mining company Vale S.A., in which it holds a minority interest in its share capital. Bradespar's operating income derives from equity results and from the receipt of interest on equity and dividends distributed by Vale. The company actively participates in the governance of its investment, with representatives on the Board of Directors and its advisory committees. Thus, Bradespar's performance is directly linked to Vale's operating and financial results.