Renato Matos – Market Intelligence Manager

7th Americas Iron Ore Event

Projects and Sustainability

Rio de Janeiro, Brazil | November 10th , 2014

“This presentation may include declarations about Vale's expectations regarding

future events or results. All declarations based upon future expectations, rather

than historical facts, are subject to various risks and uncertainties. Vale cannot

guarantee that such declarations will prove to be correct. These risks and

uncertainties include factors related to the following: (a) the countries where Vale

operates, mainly Brazil and Canada; (b) the global economy; (c) capital markets; (d)

the mining and metals businesses and their dependence upon global industrial

production, which is cyclical by nature; and (e) the high degree of global

competition in the markets in which Vale operates. To obtain further information on

factors that may give rise to results different from those forecast by Vale, please

consult the reports filed with the Brazilian Comissão de Valores Mobiliários (CVM),

the French Autorité des Marchés Financiers (AMF), and with the U.S. Securities and

Exchange Commission (SEC), including Vale’s most recent Annual Report on Form

20F and its reports on Form 6K.”

Disclaimer

Iron ore benchmark

Loose environmental

regulations

Western world leading

growth

Iron ore spot, platform

transactions, liquidity

Environmental Issues

Shift to Asia

Rapid demand growth not

easily met by supply

Demand rises but supply

keeps up

OLD NEW

Paradigm shift

Stable iron ore quality Quality deterioration

A new paradigm in the iron ore industry

Vessels

Floating stations

(Philippines)

DC Malaysia

DC Oman

Mines

Railways

Ports

Vessels

Mines Railways Ports Vessels DCs Clients

Vale’s iron ore supply chain

Vale has heavily invested in each part of the supply chain focusing on making high quality ores available to clients worldwide

Reserves (t)1

Vale’s growth is sustained by a robust reserve base

Note:

(1) figures in billion metric tonnes (Bi t).

(2) Samarco (2.95 Bt) reserves not included. Vale's equity interest in Samarco‟s mines is 50%.

Including non-operating mines: S11D and Apolo.

Source: Vale‟s statement of reserves.

Vale 2 billion tonnes increase over 2013 reserves statement!

Grade (%Fe)

Northern System

Southeastern System

Southern System

5.25 Bi

5.60 Bi

Mid-Western System

0.03 Bi

7.18 Bi 67%

47%

62%

44%

Vale’s reserves 18.06 Bi 2

54%

Vale is delivering its projects! Investments of US$ 38 billion bring additional volume of high grade

ore to the market with improved logistics

Project Progress Indicators

(as of 2Q14)

Capacity

(Mtpy)

Estimated

start-up

Capex

(US$

bi)

Statu

s

Carajás Serra Sul S11D 90 2H16 8.1

CLN S11D - logistics upgrade

(railway and port) 230 (801) 1H14-2H18 11.5

Serra Leste 6 2H14 0.4

Concentration Plant at Vargem

Grande Itabiritos Mine 10 2H14 1.9

Concentration Plant II at

Conceição Itabiritos Mine 19 (01) 1H15 1.2

Concentration Plant at Cauê

Mine 24 (41) 2H15 1.5

Teluk Rubiah DC, Malaysia

(port, stockyard and blending) 30 2H14 1.3

“Oman” and “Tubarão 8”

Pelletizing Plants 7.5 Complete 2.6

VLOC fleet, Floating transfer

stations and Tubarão Port

upgrade

- Complete 4.2(2)

(1) Net additional capacity

(2) VLOC fleet Capex not included in the US$ 38 billion total. Equivalent Shipowners capex considered for chartered

tonnage equivalent

306 mtpy

453 mtpy

2013 2018e

Vale’s iron ore production

50% growth in 5 years 52%

18%

87%

63%

100%

Status

98%

99%

100%

91%

Earthworks

S11D - the largest project in the iron ore industry

Production capacity: 90 Mtpy

Production split: 100% high grade sinter feed

Start-up: 2H2016

Stripping ratio: 0.27

Physical progress: 52% (June/14)

Product yield: 100%

A green approach

A project of 90 Mtpy capacity carefully planned to achieve operational excellence.

• „truckless‟ mining operation

• dry ore processing

• no tailing dams

• lower emissions

• water saving and forest preservation

Conveyor belt civil works

Secondary Crushing – Foundation and Structure Earthworks

General view of the yards

S11D – Aug’14 Update

S11D – the experience of 30 years brought together

The adoption of a truckless system to transport iron ore to the

beneficiation plant:

• Truckless 100 off-road trucks not more necessary

• Reduction of the quantity of wastes (used tires, filters and

lubricants)

Truckless simulation.

CLN S11D - Logistics to support S11D

Expansion of Northern System existing logistics

Pier IV at Ponta da Madeira

(PDM)

• Export berth (Pier IV North)

• Ship-loader (16 kt/h)

• 2 car-dumpers

EFC railway

• A 101-km rail spur

• Double-track railway (572 km)

• 4 stockyards

In short: Northern System‟s logistics @ 230 Mtpy

North berth

South berth

Itabiritos – 4 projects to enhance quality in Minas Gerais

Conceição Itabiritos

New beneficiation plant to process compact itabirites.

Start-up from October 2013.

Conceição Itabiritos II

Refurbishment of existing Conceição plant (new process flow) to process

compact itabirites.

Cauê Itabiritos

Refurbishment of existing Cauê plant (new process flow) to process compact

itabirites.

Vargem Grande Itabiritos

New beneficiation plant to process itabirites, stockyard expansion and long

distance conveyor belt.

All projects combined will add capacity of 65Mty to beneficiate itabirites mostly into

pellet feed. Projects completion started in 2H13 and will be fully completed until 2015.

Projects delivered in 3Q14

Bringing our mines closer to our customers

35 days

BRAZIL

10 days

MALAYSIA DC

Distribution Centre Malaysia

MAIN FIGURES

First export vessel arrives at Teluk Rubiah Maritime

Terminal

The first capesize loaded with 176 Kt (Ago/14) as part of the commissioning process.

Import system unloads vessels with DWT of up to 400,000 The first export vessel, MV Ore Pantanal

VLOC ships extend improved sustainability through

distribution

Competitive freight rates

Economy of scale

Lower power consumption

Alternative fuels such as LNG (reduce CO2 emissions by up to 20%)

Green Seal Vale‟s VLOC was awarded with the Nor-Shipping Clean Ship Award, in

Norway and RINA Award Ship Significant, of the Royal Institution of

Naval Architects

Lower CO2 emissions Emit 35% less when compared to a traditional

commercial ship of iron ore

Lower environment impact

In a single trip, carries an increased amount of cargo, reducing the environmental impact

A new generation of ships to be built with Chineses partners, like

COSCO, will further increase such advantages

Videos

• S11D Project

• Sustainability

Thank you

For questions please contact our Investor Relations

Department

rio@vale.com