Investor Presentaiton

US$/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

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