2012ValeDay New York

2

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 Comisso de Valores Mobilirios (CVM), the French Autorit des Marchs Financiers (AMF), and The Stock Exchange of Hong Kong Limited, and in particular the factors discussed under Forward-Looking Statements and Risk Factors in Vales annual report on Form 20-F.

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, CFC1 tax litigation.

6

Controlled foreign companies.

Commodity prices have increased sharply in the last decade, in contrast to the decline of the 20th century

0

20

40

60

80

100

120

140

160

180

1900 1928 1956 1984 2012

Prices in 2012 US$/metric ton.

Sources: USGS, Bloomberg and Vale.

Real iron ore prices

1900-2012

0

5,000

10,000

15,000

20,000

25,000

30,000

35,000

40,000

1900 1928 1956 1984 2012

Real nickel prices

1900-2012

Growth was the most critical source of value creation. The new scenario requires stronger focus on discipline in capital allocation and efficiency

A more moderate expansion of

the global demand for metals.

More reliance on greenfield

projects.

Higher capex costs and taxes.

New world-class assets

increasingly located in more

remote and complex regions.

8

Focus on the marginal

volume.

Opportunities for brownfield

expansions.

Slow response of industry

supply.

Last decade New scenario

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

11

D

Peak year in 2012.

2013 capex focused on world-class

projects.

Stabilization of sustaining

expenditures.

Slashing of R&D expenditures.

Preservation of credit ratings is a key

priority.

Unlocking working capital.

Asset divestment.

Partnerships.

Clearing tax issues.

Dividends

Dividends associated to cash

flow.

Flexibility: no promise of

progressive

dividends.

Return of excess cash to

shareholders.

Lower costs across-the-board

Investments Balance sheet

6.5 5.8 8.2

11.7 11.3 10.1

2.7 2.2

3.3

4.6 4.8 5.1

1.1 1.0

1.1

1.7 1.4 1.1

10.2 9.0

12.7

18.0 17.5

16.3

2008 2009 2010 2011 2012E 2013B

Projects Sustaining R&D

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

12

E = Estimated

B = Budgeted

13

Growth initiatives US$ million

Carajs expansion Iron ore 2,112

Itabiritos Iron ore 1,129

Distribution network Iron ore 758

Moatize / Nacala Coal 1,439

Long Harbour Nickel 1,216

Salobo Copper 525

Rio Colorado Fertilizers 611

CSP4 Steel 439

VLI projects General cargo 335

Main growth initiatives 8,564

Total projects capex 2013 10,126

Includes Additional 40 Mtpy, Serra Leste, CLN 150 Mtpy, S11D, CLN S11D. CLN S11D to be

approved by the Board of Directors.

Includes Conceio Itabiritos, Conceio Itabiritos II, Vargem Grande Itabiritos and Cau Itabiritos.

Includes Teluk Rubiah and shipping. 4 Relative to Vales stake in the project.

A smaller and more focused set of organic growth initiatives

Capex 2013

050

100

150

2011 2012E 2013E 2014E 2015E 2016E 2017E

Eq

uiv

ale

nt ir

on

ore

pro

duction

un

it b

asis

Aggregate production growth1,2,3

Index encompassing the output of all Vale's products translated into iron ore units through relative prices, base 2011=100.

Not including attributable production of non-consolidated companies.

Serra Sul S11D will reach full capacity in 2018.

Brownfield projects

Greenfield projects

83

Delivering output growth and value

Current operations

119

139

14

2.2

2.7

2.2

3.3

4.6

5.0 5.1

2007 2008 2009 2010 2011 2012 2013B

Sustaining capex

in US$ billion

Keeping sustaining expenditures under control

15

5.4%

4.6%

4.2%

4.5%

5.1% 5.1%

5.0%

2007 2008 2009 2010 2011 2012 2013B

Sustaining investment / asset base

Property, plant and equipment + intangible assets + investments in affiliated companies, JVs and other investments.

Last twelve-month period ended at Sept 30, 2012.

B = Budgeted

Sustaining capex: main initiatives

16

Iron ore US$ 2.4 billion

Replacement of mine and logistics equipment US$ 989 million.

Operations enhancement - US$ 597 million.

Tailing dams and waste dumps US$ 809 million.

Base metals US$ 1.4 billion

Operations enhancement US$ 494 million.

Clean AER US$ 213 million.

Rebuild of Ona Puma furnace #1 US$ 188 million.

Replacement of equipment US$ 181 million.

Mine development US$ 90 million.

Fertilizers US$ 506 million

Equipment replacement at Uberaba, Cubato and Arax US$ 105 million.

Sustainability US$ 195 million.

Coal US$ 241 million

Degassing & mine extension US$ 66 million.

Social investments (passenger train, resettlement) US$ 61 million.

Equipment replacement US$ 42 million.

IT US$ 297 million

ERP implementation US$ 172 million.

General cargo US$ 170 million

Replacement of VLI assets US$ 137

million.

564 417

703 638 382

360 581

915 826

465

85 138

124

172

206

1,008 1,136

1,742 1,635

1,053

2009 2010 2011 2012 2013B

Mineral exploration Feasibility studies Technological innovation

Streamlining R&D will imply a smaller but more selective and higher return portfolio of projects in the future

in US$ million

Last twelve-month period ended at Sep 30, 2012.

Conceptual, pre-feasibility and feasibility studies. 17

Total R&D Mineral exploration

Iron ore25%

Nickel12%

Copper36%

Coal9%

Fertilizers13%

Others 5%

Mineral exploration

36%

Conceptual, pre-feasibility

and feasibility studies

44%

New processes,

technological innovation

and adaptation

20%

Total

US$ 1.1 billion

Total

US$ 382 million

Allocation of R&D expenditures

18

US$ 73 million is budgeted for oil & gas exploration. Oil & gas assets will be divested.

Iron ore

Nickel

Copper

Coal

Potash

Phosphates

Advanced projects

Brazil

Argentina

Chile

Peru

USA

Canada

South Africa

Mozambique

Angola

Zambia

DRC

Australia

Indonesia

Philippines

Papua New Guinea Guinea

Mexico

Iron ore and nickel are the main priorities for

brownfield exploration while copper is the focus

of greenfield exploration

19

Greenfield59%

Brownfield41%

Optimizing capital management

Partnerships to leverage growth and value creation.

- VLI.

- 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.

20 Valor Logstica Integrada, encompassing the general cargo logistics business.

TFRM

Vale has paid amounts due - R$ 532 million - to the states of Par and Minas Gerais.

Agreements with both states to reduce the TFRM.

Par: reduced by 2/3.

Minas Gerais: reduced by 60%.

Estimated savings of about R$ 950 million per year.

The legal proceeding initiated by CNI is still pending of judicial discussion before the Brazilian Supreme Court (STF).

ICMS Minas Gerais

Basically cease the litigation for 2006 (R$ 1.2 billion), 2007, and tax assessments for the following years.

An overview of tax matters (1/2)

21

State mining fees.

Brazilian National Industry Confederation.

As of December 31, 2011.

CFC profits litigation

Final decision on Vales injunctions still pending in Brazilian Superior Courts.

Coamo leading case still pending in STF.

Administrative decision for reduction of R$ 1.6 billion in the tax assessment covering the years of 1996-2002, relative to exchange

rate variation effects.

CFEM (royalties)

Total amount provisioned of R$ 1.4 billion relative to deductibility of transportation expenditures.

Reduction of R$ 1.2 billion reached by committee composed of Vale and DNPM4.

The other thesis remain under discussion.

An overview of tax matters (2/2)

22

Controlled foreign companies.

Cooperativa Agropecuria Mouroense.

Including interest and penalties. 4 Departamento Nacional da Produo Mineral, an agency of the Ministry of Mines and Energy of the Brazilian government.

Lower costs across-the-board

Initiatives to streamline the cost structure.

Shutdown of loss-making mines and plants.

Using procurement to cut costs and boost efficiency.

Curbing SG&A expenses by around 20%.

23 Relative to the last twelve-month period ended at Sep 30, 2012.

Galib Chaim Executive Officer, Capital Projects Execution

Excellence in project

execution

Our project development methodology has brought consistency and reliability to project execution

Disciplined methodology: more timely, cost efficient,

sustainable and transparent.

Stronger integration with environmental licensing

team.

Reinforced long-term agreements strategy for

equipment and construction services.

25

A more proactive and knowledge-based approach to the application for environmental permits is bearing fruit

Around 100 licenses granted in 2012, supporting the continuity of operations and allowing expansions.

Key licenses.

LO Carajs N5 South mine.

LP Carajs S11D mine and plant project.

LI CLN S11D Carajs railway expansion .

LO Salobo copper mine.

26

Note:

LP: Preliminary License.

LI: Installation License.

LO: Operating License.

Carajs S11D mining and plant - largest project in Vales history and in the iron ore industry

27

Nominal capacity: 90 Mtpy.

Start-up: 2H16.

Physical progress: 37%.

Total capex: US$ 8.04 billion.

Capex 2013: US$ 658 million.

Stripping ratio: 0.27.

Mass recovery: 100%.

Truckless mining, dry ore processing, no need for tailing dams and 50% cut in the

emission of greenhouse gases.

Low cost, 4.2 billion metric tons of proven & probable reserves @ 66.7% Fe.

Processing plants 3D Design

Modules equipment stockyard

1 As of September 30, 2012.

Carajs S11D

28

CLN S11D1 logistics to support S11D

Enlargement of the existing logistics infrastructure.

Start-ups: from 1H15 to 2H18.

Estimated capex of US$ 11.4 billion.

Five sub-projects: rail spur with 101 km, new railway

sections with dual tracks, rail terminal and onshore and

offshore investments.

Increase Northern System logistics capacity to 230 Mtpy.

29

1 This project is subject to the Board of Directors approval

Logistics expansion

30

So Lus

Parauapebas

Carajs

PA

MA

TO

PI

Ponta da

Madeira

maritime

terminal

Serra

Leste

Northern logistics capacity expansion CLN 150 Mtpa

Northern logistics capacity expansion CLN S11D

42 duplicated railway sections

2 CDs

2 Yards

2 Rec

1 Stacker

2 CDs

4 Yards

2 Rec

1 Stacker

2 SRs

Pier IV - SB

Pier IV - NB

S11D

Northern

Range

Carajs Railway

11 duplicated railway sections

CD: car dumper

Rec: reclaimer

SR: stacker reclaimer

SB: South berth

NB: North berth

PDM offshore: North and South berths

31

3D view

PDM Pier IV CLN 150

32

Leveraging the best iron ore reserves in the world and expanding our logistics capacity

CLN 150 Mtpy

Start-ups: from 1H13 to 2H14.

Physical progress: 81%



Carajs Additional 40 Mtpy

Start-up: 2H13.

Physical progress:76%



33


Carajs Additional 40 Mtpy

34

Itabiritos projects (1/2)

35

Conceio Itabiritos

Additional nominal capacity of 12 Mtpy.

Start-up: 2H13.




Conceio Itabiritos II

Nominal capacity of 19 Mtpy, with no net additional capacity.

Start-up: 2H14.





Cau Itabiritos

Nominal capacity of 24 Mtpy, with net additional capacity of 4Mtpy in 2017.

Start-up: 2H15.




Itabiritos projects (2/2)

36

Vargem Grande Itabiritos

Additional nominal capacity of 10 Mtpy.

Start-up: 1H14.





Tubaro VIII and Teluk Rubiah: boosting productivity in pellet production and expanding our global distribution network

Tubaro VIII

Nominal capacity of 7.5 Mtpy.

Start-up: 1H13.




37

Teluk Rubiah DC

Handling capacity of 30 Mtpy.

Start-up: 1H14.





Moatize II - leveraging our rich coal resources in Mozambique

Moatize I is ramping up.

Moatize II is being executed

Start-up: 2H14.




Increase Moatize production

capacity to 22 Mtpy.

38


Moatize II

39

Nacala Corridor railroad and maritime terminal to support Moatize

40

Expand logistics to transport coal from Moatize to the Nacala--Velha maritime terminal.

Construction of 230 km of new railway and rehabilitation of 682 km of existing railway.

30-year concession agreements with the governments of Mozambique and Malawi.

Start-up: 2H14 and physical progress of 8% (as of Sep 30, 2012).


Capex 2013: US$ 1.079 billion.

Section 2

Greenfield Mz

62.5km

Section 3

Greenfield Mw

138.5 km

Section 5

Brownfield Mw

98.6 km

Section 6

Brownfield Mz

79.1 km

Section 8

Greenfield Mz

29.3 km

Mine

Port

67

8

9

2

3

5

Section 7

Brownfield Mz

504.2 km

Nacala-

-Velha

1

MOZAMBIQUE

Nacala Corridor track sections

Nacala--Velha port - Nacala Corridor

41

Jos Carlos Martins Executive Officer, Ferrous Minerals

and Strategy

Consolidating the global leadership in

iron ore

Adding value to the iron ore business

Iron ore demand still far from peaking.

Industry cost curve and depletion of existing mines will sustain prices even in a moderate

growth scenario.

Projects being developed will unlock high quality ore at lower costs.

High focus on cost and quality.

Maximizing asset value based on time to market and tailor to market strategy.

43

44

Iron ore demand still far from peaking

Emerging countries still have a significant gap of housing and infrastructure requirements.

0 5 10 15 20 25 30 35

World

India

S America

Brazil

China

Middle East

UK

France

South Korea

Germany

USA

Japan

Accumulated steel 1961 to 2011 (000 Kg/capita)

Sources: WSA, Roland Berger

Minimum level of infrastructure

and housing/capita*

Average for steel

intensive goods

exporting countries

* Accumulated steel for developed countries with low level of steel intensive goods exports

Brownfield growth options are gone.

Higher capex costs and taxes.

New frontiers: complex regions, lacking

basic infrastructure and

stable investment

environment.

Increasing environmental pressures.

Lack of skilled labor.

Several challenges and constraints should

continue to impact global mining supply

0

50

100

150

200

250

0.0

0.2

0.4

0.6

0.8

1.0

1.2

1.4

1.6

1.8

2.0

1995 2000 2005 2010 2015 2020 2025 2030

Histrico

Vale (cenrio base)

0

50

100

150

200

250

Volume for

Replacement

Bi t Mt

Volume to supply

additional demand

IO Seaborne x IO Replacement Volume

Average Mine Life (years)

40 33 28 24 20 17 15 15

45

-20

40

60

80

100

120

140

160

180

200

0 50 100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

950

1000

1050

1100

1150

1200

1250

1300

1350

1400

1450

1500

1550

1600

1650

1700

1750

1800

1850

CIF C

ost C

hina (

$/t)

Volume (mt)

-

20

40

60

80

100

120

140

160

180

200

0 50 100

150

200

250

300

350

400

450

500

550

600

650

700

750

800

850

900

950

1000

1050

1100

1150

1200

1250

1300

1350

1400

CIF C

ost C

hina (

$/t)

Volume (mt)

The cost curve of seaborne IO landed in China is a strong

fundamental that sustains price levels in the long term

Vales new projects will keep our landed curve within the 1st quartile

Pressure to increase costs due to

exchange rate volatility, labor and

energy cost rises, depletion,

deterioration of quality of ROM

46

1st quartile 2nd quartile 3rd quartile 4th quartile

Lan

ded

Co

st

Ch

ina $

/t

Lan

ded

co

st

Ch

ina $

/t

Lan

ded

co

st

Ch

ina $

/t

Volume (Mt)

* Volume seaborne CFR China + Chinese local concentrate

Source: Macquarie

Vale is well positioned to thrive through the cycles

47

Production is expected to rise to about 400 Mt by

2017, primarily based on

Carajs high-grade ores.

Low-cost structure.

World-class asset base.

Project pipeline quality.

Flexibility.

306326

364 369402

2013 2014 2015 2016 2017

Operations Projects

Iron ore production

million tons

New environmental licenses contribute to boost growth and quality while reducing costs in the Northern System

Operation of the N5 South mine, 67.1% Fe content, providing 25% of the Carajs ROM in

2013.

Additional 40 Mtpy coming on stream in 2H13, 66.5% Fe content.

Carajs Serra Sul S11D 90 Mtpy coming on stream in 2H16.

Serra Leste, additional volume of 6Mt.

48

Construction of new iron ore processing plant .

Estimated additional nominal capacity of 10 Mtpy.

100% pellet feed.

67.8% Fe content.

1.2% silica.

Vargem Grande Itabiritos

Adaption of the plant to process low-grade itabirites.

Estimated nominal capacity of 24 Mtpy, with net additional capacity of 4Mtpy in 2017.

29% sinter feed with 65.3% Fe content and 4.4% of silica.

71% pellet feed with 67.8% Fe content and 2.8% silica.

Cau Itabiritos

Construction of a concentration plant.

Estimated nominal capacity of 12 Mtpy.

100% pellet feed.

67.7% Fe content.

0.8% silica.

Conceio Itabiritos

Adaption of the plant to process low-grade itabirites.

Estimated nominal capacity of 19 Mtpy, without additional capacity.

31.6% sinter feed with 66.5% Fe content and 3.8% of silica.

68.4% pellet feed with 68.8% Fe content and 0.9% silica.

Conceio Itabiritos II

To counteract the effects of ageing of our Southeastern and Southern Systems resources technology will be key: Itabiritos projects

49

2.0

2.5

3.0

3.5

4.0

4.5

5.0

2009 2011 2013 2015 2017 2019

Significant quality improvement from 2013 onward

50

Silica content %

61

62

63

64

65

66

2009 2011 2013 2015 2017 2019

Fe content %

Australian Fe average = 62%

Australian SiO2 average = 4.5%

Shale gas as a new booster for U.S. industry can reactivate direct reduction plants in the United States, increasing the demand for pellets

Nominal capacity of 7.5 Mtpy.

Total capex: US$ 1.088 billion

Benefits from the existing infrastructure of the Tubaro port.

Use of state-of-the art technology in terms of productivity, safety and

environmental control.

Open circuit milling with high productivity and plant with high level

of automation.

51

Modernization of pelletizing capacity, with shutdown of old plants and ramp-up of brand new Tubaro VIII to support this new market scenario

Iron ore pricing has become increasingly spot-linked, which results in higher short-term volatility determined by demand and supply dynamics

In 2010, almost 100% of our shipments were

contract based and priced according to the 3-month average price index with one-month lag (VRP).

In 3Q12, the distribution of our sales by pricing system was 16% VRP, 32% current quarter average, and 52% spot and monthly average.

Moisture, freight, premium for quality, product portfolio and the composition of pricing terms can create differences between our realized average price and the reference index.

52

DC Malaysia

Time to Market Valemax Economy of Scale and

Lower Carbon Emissions

Valemax

FTS

(Philippines)

DC

Malaysia

& FTS

Initiatives to support a time to market & tailor to

market strategy

CFR sales, Valemax, own fleet and distribution center are our solution for time to market, blending quality, lower quantities.

IO Seaborne Ytade 2000 2005 2012 2020 2025

China 70 275 737 1115 1201

14% 39% 63% 68% 69%

Total Asia 262 472 957 1392 1491

52% 66% 82% 85% 86%

Total World 503 711 1165 1632 1743

53

1 3 4 5 8

9 13 17 18 20

22 26 32 36

37 41

46

3 8 10

22 28

31

43

75

-5

5

15

25

35

45

55

65

75

85

Ma

Ju

l

Se

No

Ja

Ma

Ma

Ju

l

Se

No

Ja

Ma

Ma

Ju

l

Se

No

Ja

Ma

Ma

Ju

l

Se

No

Mt

Valemax Discharge capacity

Valemax fleet

2012 18

2013 35

The Valemax logistics is ready. Negotiations for start-up in

China are being conducted at a diplomatic level, and also

with ship-owners, ports and clients. We expect to deliver

results during 2013, eventually.

Rotterdam

Malaysia DC (Jun/2014)

Taranto Oita

Kwangyang

Kashima

Kimitsu

Mindanao

Sohar FTS

Conclusion

Despite the expected slowdown, demand for iron ore is still far from peaking.

Slower demand growth will be offset by increasingly difficult supply response.

Vales iron ore business is well positioned to meet market needs by delivering low cost volumes, improved product

quality and supply chain reach.

World-class projects will create value for shareholders and consolidate Vales global leadership in iron ore business.

55

Peter Poppinga Executive Officer, Base Metals

Improving the performance of

base metals

Strategy to maximize value and ensure the long-term sustainability of the base metals business

57

Nickel remains as a core business but is non core for short-term greenfield capacity expansion.

Divestiture of non core assets and simplification of the overall flowsheet.

Integrated operation at VNC resumed in October economics to be assessed at the end of 1Q13 .

Rebuilding one furnace at Ona Puma and ramp-up forecast for 2H13.

Ramp-ups.

Lower costs.

Higher productivity.

Paradigm shifts:

Feed smelters only with high value feed from a revised and optimized

mine plan.

Link increased Indonesian matte production to the Canadian flow

sheet to guarantee refineries at full

capacity.

Live within our means Maximize value instead of volume

Long Harbour enhancing nickel smelting and refining capacity

Fully integrated hydrometallurgical flowsheet.

50,000 tpy of high purity and high value nickel cathodes, 4,500 tpy of LME grade copper cathode and 2,500 tpy of high purity cobalt.

Additional concentrate and nickel matte processing capacity, allowing for retirement of older assets and lower sustaining capex.

Guarantees continuity of access to the rich deposits of Voiseys Bay.

Benefits from the new technology :

Integrated smelting and refining process with lower operating costs.

Eliminates SO2 and particulate emissions.

Increases metals recovery.

Higher efficiency and reduced energy consumption.

58

Flowsheet designed to improve nickel recovery by 4%, similar to mining

a small nickel mine.

Lower operating cost and simpler design.

Improve concentrate quality and reduce variability for downstream

smelter operation.

Started to operate in 4Q12.

CORe: technology innovation allows for additional

volumes at Clarabelle Mill

59

Lubambe: our first project in the rich African copperbelt on budget, on schedule

60

Underground mine, plant and

related infrastructure in Zambia.

Lubambe produced its first

copper concentrate in October

2012.

Nominal capacity of 45,000 tpy

of copper in concentrates.

Total capex of US$ 235 million.

Capex relative to Vales stake in the project. Vale holds 50% of the joint venture that controls the project.

Salobo

61

Salobo I obtained the operating license in November 2012, is ramping up,

currently at a 50% capacity pace.

Salobo II is being executed, expected to start-up in 1H14.

Total capex Salobo I & II - of US$ 4.214 billion.

Nominal capacity of 200,000 tpy of copper in concentrates and 322,000

ozpy of gold.

1.112 billion tons of proven and probable reserves, with an average grade of

0.69% of copper and 0.43 grams of gold

per ton.

Salobo: increasing copper & gold exposure

Salobo I

Salobo II

62

Roger Downey Executive Officer, Fertilizers and Coal

Coal and fertilizers: leveraging opportunities

Moatize is transformational to our coal business

The first large scale integrated coal operation in the world.

Large p&p reserves - 952 Mt - and low-cost open pit mining.

High-quality, high-margin HCC business.

Chipanga premium HCC brand being consolidated.

Sena-Beira: improvements underway to grow shipments.

64

Nacala corridor: integrated mine-rail-

port infrastructure.

Australia: turnaround and execution being delivered

Turnaround: To deliver competitive, stable and reliable operations

Important presence in Bowen Basin and Hunter Valley.

JVs with Customers and key players.

Focus on coking coal.

65

APCT

Northern

Bowen

Basin

Southern

Bowen

Basin

Hunter

Valley

Belvedere

DBCT + DPCT

RGT/WICET

PWCS

Integra

APCT

Degulla

Galilee North

Galilee

CD, IP, EL, ED, RH OC, RH LE,

RH GO, BW, WO

Why fertilizers?

Brazil:

- One of the worlds largest agricultural bases.

- 4th largest consumer and importer of fertilizers.

- Availability of large areas of arable land for expansion.

- The worlds largest deposits of fresh water.

Vale:

- Tradition, vocation and expertise.

- Logistics and distribution: removing bottlenecks.

- Solid market recognition

66

Leveraging a global agricultural powerhouse:

Brazil

Brazil is estimated to have an unexploited arable land equivalent to 13% of its territory.

According to FAO estimates, Brazil has about 15% of worlds renewable water resources.

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100

150

200

250

300

88 91 94 97 00 03 06 09

Fertilizer consumption Agricultural production Harvested area

Fertilizer consumption in Brazil increased by 4.7% p.a.

over the last 25 years, faster than agricultural production

and harvested acreage

Source: ANDA

1988=100

CAGR 1988-2011 %

Fertilizer consumption 4.7

Agricultural production 3.8

Harvested area 1.0

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67

Given the high growth potential of Brazilian agriculture,

its demand for fertilizers is expected to continue to

expand rapidly

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4.5

1.0

0.9

4.5

4.6

4.6

RoW

EU

US

India

China

Brazil

Source: IFA Agriculture

Fertilizer demand CAGR 2011-2016

%

3.1

1.2

0.7

2.7

1.4

3.9

RoW

EU

US

India

China

Brazil

Potash Mt K2O Phosphates Mt P2O5

Value creation through growth and performance of existing operations

A portfolio of growth options in potash and phosphates to meet Brazilian demand: Carnalita I & II, Bayovar II and Salitre.

Leverage from Vales logistics to de-bottleneck

Room for margin increase of phosphates through operational improvement.

Divestiture of non value-adding assets.

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Rio Colorado : adjusting to the context

Rio Colorado Potash (PRC): a world class resource,

lowest delivered cost to Brazil.

Overall project execution: 42%.

Adjusting to the context:

Slowing down pace of project execution.

Discussions with potential partners.

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71

Creating long-term

value

2012ValeDay New York

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