/ Companhia
Vale do Rio Doce

MINUTES OF THE EXTRAORDINARY MEETING OF THE BOARD OF DIRECTORS OF COMPANHIA VALE DO RIO DOCE (RC 18/2000), HELD ON DECEMBER 30, 2000.

On the thirtieth day of December of two thousand, an extraordinary meeting was held, at 02:00 p.m., at the headquarters, at Avenida Graça Aranha, 26, 19th floor, in this city of Rio de Janeiro, with the presence of Roger Agnelli – President, Luiz Tarquínio Sardinha Ferro – Vice-President, Aldo Floris – Member, Benjamin Steinbruch – Member, Fábio de Oliveira Barbosa – Member, José Marques de Lima – Member, Vagner Laerte Ardeo – Member, Eleazar de Carvalho Filho – Member and Otto de Souza Marque Junior – Member, who have deliberated about the following subject:

1. DISTRIBUTION OF INTEREST ON SHAREHOLDERS’ EQUITY. In compliance with Chapter VII of the Bylaws, appreciating the accounting statements related to the eleven-month period ended on November 30, 2000, the Board of Directors approved the proposal of the Executive Board for the advanced distribution of interest on shareholders’ equity of R$ 1,281,691,841.85 (one billion, two hundred and eighty-one million, six hundred and ninety-one thousand, eight hundred and forty-one reais and eighty-five centavos), which will enable the shareholders to receive R$ 3.33 (three reais and thirty-three centavos) as remuneration, per common or preferred outstanding share. The Board of Directors also approved the beginning of the payment of the interest on shareholders’ equity until February 28, 2001, which shall incur in withholding income tax, at the rate of 15%, in compliance with Law No. 9,249 of 12.26.95. Once this payment of interest on shareholders’ equity is subject to compensation with the annual dividend value, the issue shall be ratified by the General Shareholders Meeting of 2001, and, therefore, shall be contained in the proposal for the destination of the income verified in the fiscal year of 2000. As there was nothing else to be deliberated, the meeting was terminated, of which these minutes were drawn up, which after being read and deemed to be compliant, was then approved and signed by the Directors and by myself, Francisco Rohan de Lima, secretary, who wrote it.

I certify that this is a true copy of the Minutes of the Meeting of the Board of Directors of CVRD, held on December 30, 2000, written in the pertinent book of the Company.

Roger Agnelli Luiz Tarquínio Sardinha Ferro

President Vice-President

Francisco Rohan de Lima

Secretary