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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 U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM), the French Autorité des Marchés 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

Agenda  Delivering value through higher efficiency and lower costs.  Financing growth initiatives.  Excellence in project execution.  Consolidating the global leadership in iron ore.  Improving the performance of base metals.  Coal and fertilizers: leveraging opportunities. 3

Murilo Ferreira Chief Executive Officer Delivering value through higher efficiency and lower costs

Strategy to be the best global natural resources company in long-term value creation  Life comes first: focus on health and safety, training and a great place to work.  Sustainability is a key element of our strategy.  Lean structure, excellence in execution.  Commitment to transparency, investment-grade ratings and shareholder value creation. 5

Defusing uncertainties  Enormous progress in environmental permitting, allowing for high-quality iron ore expansions - Around 100 licenses granted in 2012.  Gradual resolution of state and federal tax issues - TFRM, ICMS, CFEM, CFC 1 tax litigation. ¹ Controlled foreign companies. 6

Commodity prices have increased sharply in the last decade, in contrast to the decline of the 20 th century Real iron ore prices¹ Real nickel prices¹ 1900-2012 1900-2012 40,000 180 35,000 160 140 30,000 120 25,000 100 20,000 80 15,000 60 10,000 40 5,000 20 0 0 1900 1928 1956 1984 2012 1900 1928 1956 1984 2012 ¹ Prices in 2012 US$/metric ton. Sources: USGS, Bloomberg and Vale.

Growth was the most critical source of value creation. The new scenario requires stronger focus on discipline in capital allocation and efficiency Last decade New scenario   A more moderate expansion of Focus on the marginal the global demand for metals. volume.  More reliance on greenfield  Opportunities for brownfield projects. expansions.  Higher capex costs and taxes.  Slow response of industry  New world-class assets supply. increasingly located in more remote and complex regions. 8

Discipline in capital allocation, higher productivity and lower costs  Priority shifted from the marginal volume to the capital efficient volume.  Growth only through world-class assets – long life, low cost, expandability and high quality output.  Major focus on iron ore to increase capacity at lower costs and higher quality. 9

Luciano Siani Chief Financial Officer Financing growth initiatives

Addressing the growth trilemma: reconciling investment financing with a strong balance sheet and dividends Investments Balance sheet Dividends  Peak year in 2012.  Preservation of credit  Dividends ratings is a key associated to cash  2013 capex focused priority. flow. on world-class  Unlocking working  Flexibility: no projects. capital. promise of D  Stabilization of progressive  Asset divestment. sustaining dividends. expenditures.  Partnerships.  Return of excess  Slashing of R&D cash to  Clearing tax issues. expenditures. shareholders. Lower costs across-the-board 11

2013 capital and R&D expenditures budget: capital expenditures of US$ 15.2 billion and R&D expenditures of US$ 1.1 billion Capital and R&D expenditures US$ billion 18.0 17.5 16.3 1.7 1.4 1.1 4.6 4.8 12.7 5.1 1.1 10.2 9.0 3.3 1.1 1.0 2.7 2.2 11.7 11.3 10.1 8.2 6.5 5.8 2008 2009 2010 2011 2012E 2013B Projects Sustaining R&D E = Estimated B = Budgeted 12

A smaller and more focused set of organic growth initiatives Capex 2013 Growth initiatives US$ million Carajás expansion¹ Iron ore 2,112 Itabiritos² Iron ore 1,129 Distribution network³ Iron ore 758 Moatize / Nacala Coal 1,439 Long Harbour Nickel 1,216 Salobo Copper 525 Rio Colorado Fertilizers 611 CSP 4 Steel 439 VLI projects General cargo 335 Main growth initiatives 8,564 Total projects capex 2013 10,126 ¹ Includes Additional 40 Mtpy, Serra Leste, CLN 150 Mtpy, S11D, CLN S11D. CLN S11D to be approved by the Board of Directors. ² Includes Conceição Itabiritos, Conceição Itabiritos II, Vargem Grande Itabiritos and Cauê Itabiritos. ³ Includes Teluk Rubiah and shipping. 4 Relative to Vale’s stake in the project. 13

Delivering output growth and value Aggregate production growth 1,2,3 150 139 Greenfield projects Equivalent iron ore production unit basis 119 Brownfield projects 100 83 50 Current operations 0 2011 2012E 2013E 2014E 2015E 2016E 2017E ¹ Index encompassing the output of all Vale's products translated into iron ore units through relative prices, base 2011=100. ² Not including attributable production of non-consolidated companies. ³ Serra Sul S11D will reach full capacity in 2018. 14

Keeping sustaining expenditures under control Sustaining investment / asset base¹ Sustaining capex in US$ billion 5.1 5.0 5.4% 4.6 5.1% 5.1% 3.3 5.0% 2.7 2.2 2.2 4.6% 4.5% 4.2% 2007 2008 2009 2010 2011 2012² 2013B 2007 2008 2009 2010 2011 2012² 2013B ¹ Property, plant and equipment + intangible assets + investments in affiliated companies, JVs and other investments. ² Last twelve-month period ended at Sept 30, 2012. 15 B = Budgeted

Sustaining capex: main initiatives Iron ore – US$ 2.4 billion Base metals – US$ 1.4 billion – Operations enhancement – US$ 494 – Replacement of mine and logistics million. equipment – US$ 989 million. – Clean AER – US$ 213 million. – Operations enhancement - US$ 597 – Rebuild of Onça Puma furnace #1 – US$ million. 188 million. – Tailing dams and waste dumps – US$ 809 – Replacement of equipment – US$ 181 million. million. – Mine development – US$ 90 million. Fertilizers – US$ 506 million IT – US$ 297 million – Equipment replacement at Uberaba, Cubatão and Araxá – US$ 105 million. – ERP implementation – US$ 172 million. – Sustainability – US$ 195 million. General cargo – US$ 170 million Coal – US$ 241 million – Degassing & mine extension – US$ 66 – Replacement of VLI assets – US$ 137 million. million. – Social investments (passenger train, resettlement) – US$ 61 million. – Equipment replacement – US$ 42 million. 16

Streamlining R&D will imply a smaller but more selective and higher return portfolio of projects in the future in US$ million 1,742 1,635 124 172 1,136 915 1,053 1,008 138 826 85 206 360 581 465 703 638 564 417 382 2009 2010 2011 2012¹ 2013B Mineral exploration Feasibility studies² Technological innovation ¹ Last twelve-month period ended at Sep 30, 2012. ² Conceptual, pre-feasibility and feasibility studies. 17

Allocation of R&D expenditures Total R&D¹ Mineral exploration New processes, Others technological 5% innovation and Iron ore Fertilizers adaptation 25% 13% 20% Mineral Coal Total Total exploration 9% US$ 382 million US$ 1.1 billion 36% Nickel Conceptual, 12% pre-feasibility and feasibility studies 44% Copper 36% ¹ US$ 73 million is budgeted for oil & gas exploration. Oil & gas assets will be divested. 18

Iron ore and nickel are the main priorities for brownfield exploration while copper is the focus of greenfield exploration Brownfield 41% Greenfield 59% Canada USA Mexico Philippines Guinea  Iron ore Papua New Guinea DRC Indonesia  Nickel Angola Peru Zambia  Copper Brazil Mozambique  Coal Australia Chile South Africa  Potash Argentina  Phosphates  Advanced projects 19

Optimizing capital management  Partnerships to leverage growth and value creation. - VLI¹. - Nacala Corridor.  Divestitures to improve capital allocation and unlock funds to finance world-class projects.  Reduction of working capital needs: - Deals with banks to provide credit to suppliers. - Revision of processes and counterparties to shorten the number of days of sales outstanding. - Restrictions in advances to suppliers and longer payment terms. ¹ Valor Logística Integrada, encompassing the general cargo logistics business. 20