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Vale’s Performance in 2017

Ricardo Teles/Vale Vale's Performance in 2017 . App Vale Investors & Media iOS: Android: Tel.: (55 21) 3485-3900. Investor Relations Department Andr Figueiredo Andr Werner Carla Albano Miller Fernando Mascarenhas Andrea Gutman Bruno Siqueira Renata Capanema BM&F BOVESPA: VALE3. NYSE: VALE. EURONEXT PARIS: VALE3. LATIBEX: XVALO. Except where otherwise indicated the operational and financial information in this release is based on the consolidated figures in accordance with IFRS and, with the exception of information on investments and behavior of markets, quarterly financial statements are reviewed by the company's independent auditors. The main subsidiaries that are consolidated are the following: Minera o Corumbaense Reunida , PT Vale Indonesia Tbk (formerly International Nickel Indonesia Tbk), Salobo Metais , Vale Australia Pty Ltd.

7 Market overview IRON ORE Iron ore Platts IODEX 62% averaged US$ 71.3/dmt in 2017, an increase of 22% from 2016, supported by the steel sector outperformance that led to higher steel prices across the world.

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