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V l ' f iV l ' f i 33Q14Q14Vale's performance in Vale's performance in 33Q14Q14October 30, 2014

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Disclaimer

“This presentation may include statements that present Vale's expectations aboutp y p pfuture events or results. All statements, when based upon expectations about thefuture and not on historical facts, involve various risks and uncertainties. Valecannot guarantee that such statements will prove correct. These risks anduncertainties include factors related to the following: (a) the countries where weoperate, especially Brazil and Canada; (b) the global economy; (c) the capitalmarkets; (d) the mining and metals prices and their dependence on globalindustrial production, which is cyclical by nature; and (e) global competition in themarkets in which Vale operates. To obtain further information on factors that maylead to results different from those forecast by Vale, please consult the reportsV l fil ith th U S S iti d E h C i i (SEC) th B iliVale files with the U.S. Securities and Exchange Commission (SEC), the BrazilianComissão de Valores Mobiliários (CVM), the French Autorité des MarchésFinanciers (AMF) and The Stock Exchange of Hong Kong Limited, and in particularthe factors discussed under “Forward Looking Statements” and “Risk Factors” inthe factors discussed under Forward-Looking Statements and Risk Factors inVale’s annual report on Form 20-F.”

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DOCUMENT CONTENT

Operational performance

Financial performance

C it l ditCapital expenditures

Capital structurep

Cash flow generation

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DOCUMENT CONTENT

Operational performance

Financial performance

C it l ditCapital expenditures

Capital structurep

Cash flow generation

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PRODUCTION VOLUMES

Nickel

Kt

Copper²

Kt

Gold

'000 oz

Phosphate rock

Mt

Iron ore¹

Mt

Coal

Mt

Pellets

Mt Kt Kt 000 oz MtMt Mt

64.91Q13 65.1 89.5 57.9 1.8 2.0

Mt

9.1

70.62Q13 65.2 91.3 63.2 2.4 1.99.7

83.1

81.3

3Q13

4Q13

62.0

67.9

94.6

94.6

76.1

88.3

2.4

2.3

2.1

2.3

9.7

10.4

71.11Q14 67.5 88.4 73.7 1.8 1.99.9

79.4

85.7

2Q14

3Q14

61.7

72.1

81.0

104.8

70.0

84.0

2.2

2.3

2.1

2.2

10.0

11.4

¹ Includes iron ore fines, lump, ROM and iron ore feed for Vale’s pellet plants. Excludes Samarco’s attributable production of 3.8 Mt.² 2013 figures include Tres Valles production (1Q13: 3.7 Kt, 2Q13: 3.6 Kt, 3Q13: 2.9 Kt and 4Q13: 0.8 Kt).

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PRODUCTION VOLUMES YEAR-ON-YEAR

Iron Ore¹

Mt

Nickel

Kt

Copper

Kt

85 7

Mt Kt

+3.1% +16.4%

Kt

+10.8%

83.1 85.7

62.0

72.1

94.6

104.8

3Q13 3Q14 3Q13 3Q14 3Q13 3Q14

¹ Includes iron ore fines, lump, ROM and iron ore feed for Vale’s pellet plants. Excludes Samarco’s attributable production of 3.8 Mt.

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SALES VOLUMES

Iron ore¹

Mt

Nickel

Kt

Copper

Kt

Gold

'000 oz

Phosphate rock

Mt

Coal

Mt

Pellets

Mt

55.71Q13

Mt Kt Kt 000 oz MtMt

63.0 72.3 47.2 1.5 0.69.4

Mt

61.92Q13 65.0 76.9 70.2 1.9 0.710.2

73.4

73.6

3Q13

4Q13

62.0

69.0

103.2

99.4

85.5

94.2

1.8

2.9

0.9

0.9

10.2

11.2

57.81Q14 65.0 83.8 78.9 1.4 0.810.0

67.4

66.6

2Q14

3Q14

67.0

71.0

76.3

97.5

68.7

107.0

1.9

2.1

0.8

0.7

9.5

11.5

¹ 3Q14 figure includes 63.0 Mt of iron ore ex-ROM and 3.5 Mt of ROM.

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SALES VOLUMES YEAR-ON-YEAR

Iron Ore Nickel Copper

Mt Kt Kt

-9.3% +14.5% -5.5%

73.4

66.662.0

71.0103.2

97.5

3Q13 3Q14 3Q13 3Q14 3Q13 3Q14

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DOCUMENT CONTENT

Operational performance

Financial performance

C it l ditCapital expenditures

Capital structurep

Cash flow generation

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ADJUSTED EBITDA¹Adj t d EBITDA i (%)

US$ billionAdjusted EBITDA margin (%)

49 0 45 9 47 4 50 6 42 7 41 4 33 1

5 8

6.6

49.0 45.9 47.4 50.6 42.7 41.4 33.1

5.24.9

5.8

4 14.1 4.1

3.0

1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14

¹ Adjusted EBITDA excludes gains and/or losses on sale of assets and non-recurring expenses and includes dividends received from non-consolidated affiliates

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EBITDA BY BUSINESS SEGMENTUS$ million

3Q14 2Q14 3Q13

2,411 Ferrous minerals 3,604 5,626

(149) Coal (154) (72)

781 Base

metals

Fertilizer

609 303

96

(135)

Fertilizer nutrients

Others

72

(27)

(64)

13 ( )

3,004 Total

( )

4,104 5,806

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EBITDA COMPARISON – 2Q14 VS 3Q14US$ million

1 2494,104 1,249

85 40 85 52 178148 87

85 1783,004

2Q14 Iron ore and

pellets prices

Pellet volumes

Base metals prices & volumes

Base metals costs &

expenses

Coal costs &

expenses

Ferrous mineralscosts &

expenses

Dividends¹ Others 3Q14

¹ Dividends received from non-consolidated affiliates.

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PRICE REALIZATION – IRON OREUS$/ 3Q14US$/t, 3Q14 US$/t

22.2

90,2 6.8

10.0

2.0 1.4 2.4 1.8 3.8

2.8 68,0 2.8

65,2

AveragePlatts

3Q14 (dmt)

Humidity Freight Quality Provisional prices on

priorquarter¹

Laggedprices

Current Provisional prices in current quarter²

Others Iron ore prices

(ex-ROM)

ROM Valeprice

3Q14 (wmt)q q

Pricing system

¹ Adjustment as a result of provisional prices booked in the previous quarter.² Prices provisionally set at the end of the quarter at US$ 77.8/t based on forward curves compared to US$ 90.2/t from IODEX current quarter.

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IRON ORE PRICING SYSTEMS

Impact of Pricing Mechanisms

US$ / t

Pricing System Breakdown

%

Lagged

Current

Provisional

Provisional - prior quarter Lagged

2Q14 3Q14

3.02.4

2Q14 3Q14

28% 31%¹

-2.2-1.4

58% 54%Current Provisional - current quarter

58% 54%2Q14 3Q14 2Q14 3Q14

14% 15%

2Q14 3Q14-1.4 -1.8

-0.8

-3.8

¹ Provisional prices were settled at US$ 77.8 /t in the end of 3Q14.

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EVOLUTION OF COSTS AND EXPENSES¹

Costs¹ Expenses1,2

US$ million US$ million

2.8% -34.2%

¹ COGS less depreciation and amortization.² Includes SG&A, R&D, Pre-operating and stoppage and Other expenses.

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EVOLUTION OF EXPENSESDepreciation

SG&A

US$ million

Pre-operating and stoppage expenses

Depreciation

50

60

315

237274

549

264 284499

217 224

47 60

3Q13 2Q14 3Q14

280

3Q13 2Q14 3Q14

R&D Other expenses¹

280

165184

3Q13 2Q14 3Q14

¹ Includes contingencies, provisions, profit sharing.

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DOCUMENT CONTENT

Operational performance

Financial performance

C it l ditCapital expenditures

Capital structurep

Cash flow generation

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CAPITAL EXPENDITURES EVOLUTIONUS$ billionUS$ billion

Nine-month evolution Quarterly evolution

Sustaining

Projects11,19710,393

3,003

3,192 8,232

3,177

2,591

753 906

9332,587 2,4698,194

7,2015,641

1,834 1,5632,244

1Q14 2Q14 3Q149M12 9M13 9M14

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PROJECT PROGRESS INDICATORS3Q14

Project CapacityMtpy

Estimated start-up

Executed capexUS$ million

2014 Total

Estimated capexUS$ million2014 Total

Physical progress

Carajás Serra Sul S11D 90 2H16 700 3,331 1,091 8,089 54%

CLN S11D 230 (80¹) 1H14 to 2H18 942 2,098 1,914 11,582 25%

V. Grande Itabiritos 10 2H14 360 1,652 376 1,910 94%

Conceição Itabiritos II 19 (0¹) 1H15 193 846 240 1,189 91%

Cauê Itabiritos 24 (4¹) 2H15 259 612 373 1 504 71%Cauê Itabiritos 24 (4¹) 2H15 259 612 373 1,504 71%

CSP² 1.5 2H15 182 1,055 197 2,570 68%

Moatize II 11 2H15 464 1,303 761 2,068 70%

Nacala corridor 18 2H14 1,219 2,560 1,812 4,444 74%

¹ Net additional capacity

² Relative to Vale’s stake in the project

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PROJECTS DELIVERED IN 3Q14

• Distribution center in Malaysia with capacity to receive and import 30 Mtpy of iron ore

Teluk Rubiah

• Already unloaded 8 Valemaxes and loaded 5 Capesizes

• Executed capex of US$ 1.222 billion out of a ecuted cape o US$ b o out o aoriginally estimated capex of US$ 1.371 billion

• Dry processing plant in Carajás with nominalSerra Leste

Salobo II

Dry processing plant in Carajás with nominal capacity of 6 Mtpy

• Produced 1.0 Mt in the quarter

E ec ted cape of US$ 446 million o t of a• Executed capex of US$ 446 million out of a originally estimated capex of US$ 456 million

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DOCUMENT CONTENT

Operational performance

Financial performance

C it l ditCapital expenditures

Capital structurep

Cash flow generation

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DEBT POSITION (EX-REFIS)

Gross Debt

US$ million

Net Debt

Cash positionSeptember 30, 2014

8,332

29,776 30,25729,366

22 57423,190

3Q13 2Q14 3Q14

22,574

21,034

3Q13 2Q14 3Q14

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FINANCIAL INDICATORS¹US$ million

Interest coverage - Ratio

US$ million

Net Debt / LTM² EBITDA - Ratio

13.7 13.411.1 1.4 1.3 1.5

3Q13 2Q14 3Q14 3Q13 2Q14 3Q143Q13 2Q14 3Q14 3Q13 2Q14 3Q14

Maturity - years Cost of Debt - %

9.7 9.5 9.1

4.58 4.55 4.50

3Q13 2Q14 3Q14 3Q13 2Q14 3Q143Q13 2Q14 3Q14 3Q13 2Q14 3Q14

¹ Ex-Refis² LTM – last twelve months

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DOCUMENT CONTENT

Operational performance

Financial performance

C it l ditCapital expenditure

Capital structuresp

Cash flow generation

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FREE CASH FLOW – 9M14US$ billion

13.544 1.236

0.69011.618 8.364

Includes a reduction of US$ 447 million in cash flows due to short-term investments

0.479

1.246 0.4094.57 0.285 2.111

2.744

Cash flowfrom

operating activities

Interest on loans

Income taxes

& settlementprogram

Net cash provided by operating activities

Capex Dividends received¹

Disposal of assets and investments

Others FCF² Net additions/

repayments of loans

Dividends paid

Increase in cash &

cash flow equivalents

¹ Dividends and interest on capital received from associates and joint ventures² Before debt additions/repayments and amortization and payment of dividends.

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FREE CASH FLOW – 3Q14US$ billion

3.597 0.438

0.2172.942 3.269

Includes a reduction of US$ 450 million in cash flows due to short term investments

0.929 0.2350 627

0.155 0.011 0.771

cash flows due to short-term investments

0.260

0.627

Cash flowfrom operating

activities

Interest on loans

Income taxes

& settlementprogram

Net cash provided by operating activities

Capex Dividendsreceived¹

Disposal of assets and

investments²

Others³ FCF Net additions/repayments

of loans

Dividends paid

Increase in cash &

cash flow equivalents

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¹ Dividends and interest on capital received from affiliates and joint ventures² Proceeds from the sale of VLI to Brookfield R$ 2bi³ Includes short-term investments, guarantees and deposits, additions to investments and loans4 Before debt additions/repayments and amortization and payment of dividends.

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CHANGES IN VALE'S NET DEBTUS$ billion, 2Q14 to 3Q14

23.190 0.7710.450

0.7370.400 0.598

21.034

Net Debt Cash and cash Short term Translation Interest Others Net DebtNet Debtend 2Q14

Cash and cash Equivalents

Short-terminvestments¹

TranslationImpact²

Interestprovisioned

Others Net Debtend 3Q14

¹ Short-term investments which are not considered cash or cash equivalents² Impact on debt and cash denominated in BRL. The impact of the translation of BRL denominated debt in is counterbalanced by US$ 740

million resulting from the translation of the BRL denominated portion of the currency swap derivatives

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EXPLANATION OF VALE’S REALIZED COPPER PRICESUS$/t

6,992 222 43770 323 5 940323 5,940

C LME i P i i l i i TC/RC ( T f l i Oth V l ' R li dCopper LME price Provisional pricing TC/RC (copper concentrate)

Taxes for sales in Brazil

Others Vale's Realized Prices

Note: Others include contractual differences between contained and payable copper as well as discounts due to deleterious elements in the copper concentrate.