Vale Investor Presentation — July 2018

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Vale’s Performance in 2Q18Ricardo Teles / Agência Vale

Rio de Janeiro, July 25th, 2018

Agenda“This presentation may include statements thatpresent Vale's expectations about

future events orresults .Allstatements, when based upon expectations about the

future and notonhistorical facts, involve various risks and uncertainties .Vale

cannot guarantee that such statements willprove correct .These risks and

uncertainties include factors related tothefollowing :(a)thecountries where we

operate, especially Brazil and Canada ;(b)theglobal economy ;(c)thecapital

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

industrial production, which iscyclical bynature ;and(e)global competition inthe

markets inwhich Vale operates .Toobtain further information onfactors thatmay

lead toresults different from those forecast byVale, please consult thereports

Vale files with theU.S.Securities and Exchange Commission (SEC), the

Brazilian Comissão deValores Mobiliários (CVM), theFrench Autorité des

Marchés Financiers (AMF) and inparticular the factors discussed under

“Forward -Looking Statements” and“Risk Factors” inVale’s annual report onForm

“Cautionary Note toU.S.Investors -TheSEC permits mining companies, intheir

filings with theSEC, todisclose only those mineral deposits thatacompany can

economically and legally extract orproduce .Wepresent certain information in

thispresentation, including ‘measured resources,’ ‘indicated resources,’ ‘inferred

resources,’ ‘geologic resources’, which would notbepermitted inanSEC filing.

These materials arenotproven orprobable reserves, asdefined bytheSEC, and

wecannot assure you that these materials willbeconverted into proven or

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

thedisclosure inourAnnual Report onForm 20-K,which may beobtained from

us,from ourwebsite orathttp://http ://us.sec.gov/edgar .shtml .”

AgendaAgenda1.Vale’s performance in 2Q18

5.Capital allocation

6.Diversification through own assets

7.Business segment performance4Vale’s performance in

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