#1Excellence in resource and operations - Salobo overview Investor Tour Pará, Brazil, May 13th, 2016 VALE#2"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." Disclain#31. 2. 3. 4. General overview Asset competitiveness Production & flowsheet Future developments Agend#41. General overview#5Salobo - Timeline Mine 2006 Implementation License for Salobo | 2007 Construction begins for Salobo I Stock Pile 2010 Construction begins for Salobo II 2012 Start-up of Salobo I - Plant 2013 - First goldstream transaction with Silver Wheaton 2014 Start-up of Salobo II - 2015 Second goldstream transaction with Silver Wheaton VALE 4#6Salobo Overview - Largest copper deposit ever found in Brazil with more than 49 years of mine life Sulphide ore deposit World-class ore body - High copper grade: 0,91% in 1Q16 - High gold grade: 0,67 g/t in 1Q16 High quality concentrate with 38.0-38.8% Cu content and 15-24 g/t Au content VALE 5#7Salobo - Project facts Salobo I Salobo II • Capex of US$ 4.1 billion Start-up in 2Q12 (Salobo I) and 1Q14 (Salobo II) • Ore processing capacity of 24Mtpy .Nameplate capacity of 200kt per year Long-term contracts for 100% of production VALE 6#82 Asset competitiveness#98 Salobo - Resources and reserves Reserves: 1,156.8 Mt @ 0.67% Cu grade @ 0.35 g/t Au grade VALE#10HD QML 200.0Y 400 QX GR спок Salobo - Geology section view 2000Y 9359400.0 N 551300.0 F 9359600.0 N 551400.0 E 9359800.0 N 551500.0 9360000.0 N GR Salobo Granite; QML - Quartz-Mylonite; HD - Hydrothermalite; DBX - Biotite Schist; XMT - Magnetite Schist; DGRX (Biotite-Granate Schist); ML - Mylonite; DB - Diabase. 0800.0 8 DBX XMT ML DB VALE DGRX 6#11Production profile Copper kt 65 194 206 212 220 195 155 98 13 T 2012 2013 2014 Gold ,000 oz, 100% basis 251 160 117 304 320 319 303 258 10 10 21 T 2015 2016E 2017E 2018E 2019E 2020E 2012 2013 2014 2015 2016E 2017E 2018E 2019E 2020E VALE#12US$/t Cu payable Salobo 2016 Global Copper Industry C1 Cash Cost Curve - USD per ton of copper Actual (1Q16) 9.000 8.000 7.000 6.000 1st quartile 2nd quartile 3rd quartile 4th quartile 5.000 4.000 3.000 2.000 1,280 1.000 0 Source: Wood Mackenzie, Vale 25% 50% 75% 100% Cumulative production VALE 11#133 Production & flowsheet#14Salobo Flowsheet - - PRIMARY CRUSHING SECONDARY CRUSHING AND PRIMARY SCREENING HPGR AND SECONDARY SCREENING GRINDING CYCLONING Giratory Crusher Crushed ore stockpile THICKENING - FILTERING Press Filter Thickener Concentrate Pulp Tank Concentrate Pile FINAL PRODUCT Primary Screens Secondary Crushers Secondary Stockpile FLOTATION AND REGRINDING Cleaner 1, 2 e 3 Rougher 1 000 Scavenger Of Cleaner Secondary Screens VERTMILLS HPGR Rougher 2 Cyclones CYCLONE BATTERY Ball Mills Tailings dam VALE 13 3#1514 Salobo Logistics - From mining to port terminal Beneficiation plant at the minesite Railroad from Parauapebas to São Luis Transportation by truck from the minesite to Parauapebas railroad terminal Storage house - Itaqui port 344 Railroad terminal (Parauapebas) Exportation VALE 14#164. Future developments#17Salobo Ill growth option Scope Concentration plant with 12 Mtpy capacity to accelerate copper and gold production Situation Opportunities • • . Production started in May 2012 at 12Mtpy and expanded to 24Mtpa in June 2014 Plan for Salobo III with new concentration plant with additional throughput of 12 Mtpy • Salobo III represents a low-cost brownfield expansion opportunity • Project still subject to approval of Board of Directors Leverage current experience with Salobo's ore body . Increase gold production with the ramp-up of the new concentration plant • Leverage current copper contracts with benchmark smelters VALE 16#18VALE 17