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1 Disclaimer This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future and not on historical facts, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the Securities and Exchange Commission (SEC), the Brazilian Comiss o de Valores Mobili rios (CVM), the French Autorit des March s Financiers (AMF) and The Stock Exchange of Hong Kong Limited, and in particular the factors discussed under Forward-Looking Statements and Risk Factors in Vale s annual report on Form 20-F.

2 Cautionary Note to Investors - The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We present certain information in this presentation, including measured resources, indicated resources, inferred resources, geologic resources , which would not be permitted in an SEC filing. These materials are not proven or probable reserves, as defined by the SEC, and we cannot assure you that these materials will be converted into proven or probable reserves, as defined by the SEC. Investors should consider closely the disclosure in our Annual Report on Form 20-K, which may be obtained from us, from our website or at http:// Agenda Base Metals overview overview overview and strategic perspective Metals Q&A remarks 3 Vale Base Metals Overview 4 4 More than a century of Base Metals leadership 1853 Nickel discovered in the Sudbury area 1902 The International Nickel Company is formed on April 1 1930 Completion of an ambitious construction program in Sudbury, Ontario that included mines, smelters, refineries and power plants 1968 PT Inco Indonesia is formed to develop nickel deposits on the island of Sulawesi.

3 Production of nickel in matte began in 1977 1994 Discovery of the Voisey s Bay nickel-copper-cobalt deposit in Newfoundland and Labrador; acquired by Inco in 1996 1996 Extension of Contract of Work (CoW) with Indonesian Government to 2025 2004 Start up of the Sossego copper mine, Brazil 2006 Acquisition of Inco by Vale 2011 Start up of the On a Puma nickel mine, Brazil Start up of the Goro nickel mine, New Caledonia 2012 Start up of the Salobo I copper mine, Brazil 2014 Start up of the Long Harbour processing plant, Canada Start up of the Salobo II copper mine, Brazil Extension of PTVI CoW to 2045 5 Salobo Clydach Vale New Caledonia Thompson Voisey s Bay Sudbury Sossego On a Puma Acton PTVI Matsuzaka VTL Dalian Copper Nickel South Atlantic Asia Pacific Port Colborne Long Harbour KNC Lubambe Mines and processing facilities across three main hubs North Atlantic Operation in ramp up phase 6 6 52% 25% 18% 5% CanadaBrazilIndonesiaOtherVale 94% 6% RussiaAfricaNickel equivalent production by geography, 2015 57% 6% 13% 24% AfricaAsiaAustraliaEuropeNorilsk Nickel First Quantum Nickel equivalent production based on 2014 Cu price of US$ 6,862/t and 2014 Ni price of US$ 16,867/t Source: Company filings and Wood Mackenzie.

4 Geographically diverse asset base Vale s production base is evenly spread across stable, mining friendly jurisdictions 7 7 An asset base strengthened by strategic investments in new projects and operations 2007- 2013 Capex1 spent vs Base Metals peer spending, US$ billion ValeFreeportNorilskAntofagastaFirstQuant umSouthernCopper 1 Includes both growth and sustaining capex. Source: Vale, company filings 8 8 Leading to the second largest nickel reserves in the world Nickel mines1 Source: Vale 2014 20-F, WoodMackenzie Millions of dry metric tons Copper mines2 CodelcoSouthernCopperFreeportBHPB illitonGlencoreVale1 Consolidated reserves on a control basis 2 Equity ownership of reserves 9 9 Base Metals nickel operations and projects are well positioned on the industry cost curve 2015 Global Nickel Industry C1 Cash Cost Curve, USD per ton of nickel 1 Shown as forecast to be fully ramped-up for Long Harbour in 2018 and VNC in 2017 Note: Includes all downstream processing costs to finished product Source.

5 WoodMackenzie, Vale analysis 6,000 4,000 24,000 22,000 20,000 18,000 16,000 14,000 12,000 10,000 8,000 2,000 0 -2,000 -12,000 Cumulative Nickel Production Vale C1 Cash Cost 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Sudbury On a Puma PTVI VNC1 Thompson Long Harbour1 10 10 1 After accounting for the Goldstream transaction, Salobo operation is positioned in the lower 2nd quartile of the cost curve Source: Wood Mackenzie, Vale Likewise, Base Metals copper business is based on highly competitive assets 2015 Global Copper Industry C1 Cash Cost Curve, USD per ton of copper 9,000 6,000 7,000 5,000 8,000 4,000 3,000 2,000 1,000 0 -1,000 Cumulative Copper Production C1 Cash Cost Vale 1st Quartile 2nd Quartile 3rd Quartile 4th Quartile Salobo Sossego 11 Market Overview 12 12 Nickel Copper Broad range of product offerings, serving a variety of industries / applications Positive medium and long-term market perspective Supplier of copper concentrate.

6 Anodes and cathodes Expectation of equilibrium in the mid-term as a result of the shutdown of high cost producers Core Base Metals operations are in nickel and copper 13 13 Broad range of product offerings, serving a variety of industries / applications Positive medium and long-term market perspective Supplier of copper concentrate, anodes and cathodes Expectation of equilibrium in the mid-term as a result of the shutdown of high cost producers Core Base Metals operations are in nickel and copper Nickel Copper 14 14 More than 60% of nickel sales directed to the non-stainless steel market 68% 32% Stainless SteelNon-stainless steel39% 61% Stainless SteelNon-stainless steelWorld nickel demand by application Vale s nickel sales volume by application Roughly 70% of the world s nickel production goes to stainless steel applications Most of Vale s nickel production goes to non- stainless steel applications Source.

7 Vale 2014, % 2014, % 15 15 A broad geographic distribution of sales provides superior commercial flexibility 52% 18% 20% 8% 2% ChinaOther AsiaEuropeNorth AmericaRest of World11% 30% 28% 30% 1% ChinaOther AsiaEuropeNorth AmericaRest of WorldSource: Vale, WoodMackenzie 70% of total nickel sales volume is directed to Asia Vale s sales are more evenly distributed across geographic regions World nickel demand by geography 2014, % Vale s nickel sales volume by geography 2014, % 16 16 7% 4% 5% 6% 6% 6% 8% 14% 11% 11% 18% 4% AutomotiveAerospaceOther TransportAppliancesElectronicsEnergyChem ical,PetrochemicalOther EngineeringBuilding &ConstructionCutlery/KitchenIntermediate ProductsOthersTotal100% End use - world 2013, % Examples of new applications New applications helping drive future demand Source.

8 Pariser 17 17 Actual end use intensity Kg Ni/person 965 330 369 158 42 1,864 ChinaOther AsiaEuropeNorth AmericaOtherTotalContained nickel demand 2014, Kt 1 Total nickel consumption (primary + scrap) adjusted for net trade in intermediates and final products Source: Vale, WoodMackenzie, Pariser China represents about 50% of total world demand and still offers growth potential China 18 18 38 74 87 102 180 267 307 493 453 361 115 123 128 153 165 184 199 230 232 228 111 162 123 227 237 261 265 177 281 433 2006200720082009201020112012201320142015 FChinese NPI ProductionChinese Refined Nickel Production (ex-NPI)Dependency on importskt Note: Chinese dependency on imports is calculated as nickel consumption minus domestic refined production Source.

9 Vale, WoodMackenzie As the impact from the Indonesian ore ban gains traction, China is becoming increasingly dependent on nickel imports 19 52 Share of world consumption, % Chinese nickel consumption 19 19 But despite the Indonesian ore ban, the nickel industry got prices wrong in 2015 2015 reality 2014 headwinds Significant stocks of Indonesian ore in China Increase in Filipino ore supply Chinese de-stocking of cathode Indonesian ore stocks largely depleted No further increase in 2015 and/or new countries of origin Chinese imports of nickel improved in 2Q15 Despite a better than expected 2015 to date, concerns with the Chinese economy and cost deflation have helped bring prices down 20 20 1,5002,0002,5003,0003,5004,0004,5005,000 2010 2011 2012 2013 2014 2015 Japan Germany USA China Cold-Rolled Stainless Steel Sheet Prices, US$/t ex-works Concerns over Chinese stainless steel demand have been a key catalyst for falling nickel prices Source: CRU 21 21 The market appears to be assuming a near term surplus in the nickel market driven by a no growth in China scenario (47) (43) (53) (4) 16 26 38 74 104 2018 2017 2016 CRU forecast 50% of growth in China No growth in China Nickel supply/demand balance1 Does not include any potential supply side shutdowns due to current price environment Note.

10 Considering CRU s forecast of , and increase in Chinese primary nickel demand in 2016, 2017 and 2018, respectively; CRU s forecast includes an increase of , and in Chinese stainless steel melted production in 2016, 2017 and 2018, respectively. Source: CRU, Vale 22 22 With demand concerns and higher LME inventories, prices have declined to the depths of the 2009 financial crisis 050,000100,000150,000200,000250,000300,0 00350,000400,000450,000500,0002008200920 1020112012201320142015$0$5,000$10,000$15 ,000$20,000$25,000$30,000$35,000 Inventory (t) LME Cash Price (USD/t) Source: Bloomberg LME Cash Price (USD/t) Inventory (t) 23 23 Just over 10% of an iceberg is typically above surface But shifts in LME inventories represent only a fraction of the market 24 24 100 30 13 16 8 33 19 14 TotalStainlessSteel ScrapFeNiNickel Pig IronNon-Deliverablefinished nickelSubtotalHigher Puritynickel"Commodity"LMED eliverableDiscounts improved in China for non-deliverable units Non-Deliverable LME Products (67% of total) % Scrap market has tightened in Europe with prices improving from low 70% to mid 80% of contained metal Record imports into China combined with smaller discounts Production falling year-over-year as ore availability tightens