Vale Investor Presentation — April 2017

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The new Vale: leaner andmore competitiveRicardo Teles / Agência Vale

Luciano Siani Pires, Vale CFO

Bradesco BBI –Brazil Investment Forum 2017

São Paulo, April 5th, 2017

Disclaimer“This presentation may include statements thatpresent Vale's expectations about future events

orresults .Allstatements, when based upon expectations about thefuture andnotonhistorical

facts, involve various risks anduncertainties .Vale cannot guarantee thatsuch statements will

prove correct .These risks and uncertainties include factors related tothefollowing :(a)the

countries where weoperate, especially Brazil and Canada ;(b)theglobal economy ;(c)the

capital markets ;(d)themining and metals prices and their dependence onglobal industrial

production, which iscyclical bynature ;and(e)global competition inthemarkets inwhich Vale

operates .Toobtain further information onfactors thatmay lead toresults different from those

forecast byVale, please consult thereports Vale files with theU.S.Securities andExchange

Commission (SEC), theBrazilian Comissão deValores Mobiliários (CVM), theFrench Autorité

desMarchés Financiers (AMF) andinparticular thefactors discussed under “Forward -Looking

Statements” and“Risk Factors” inVale’s annual report onForm 20-F.”

“Cautionary Note toU.S.Investors -The SEC permits mining companies, intheir filings with

theSEC, todisclose only those mineral deposits thatacompany caneconomically andlegally

extract orproduce .Wepresent certain information inthispresentation, including ‘measured

resources,’ ‘indicated resources,’ ‘inferred resources,’ ‘geologic resources’, which would notbe

permitted inanSEC filing.These materials arenotproven orprobable reserves, asdefined by

theSEC, and wecannot assure you that these materials willbeconverted intoproven or

probable reserves, asdefined bytheSEC.U.S.Investors should consider closely the

disclosure inourAnnual Report onForm 20-K,which may beobtained from us,from our

website orathttp://http ://us.sec.gov/edgar .shtml .”In a scenario of lower prices, uncertainties and restrictions, Vale

answered to its challenges through four core accomplishments3

allowing timely project

implementation•18 main projects

concluded in the last 5

and on time•Over 30% cost

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