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    Murilo FerreiraChief Executive Officer

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    Austerity and simplicity are critical principles toour decision making progress

    Capital effiency: extracting maximum value froexisting and new assets.

    Implementing multiple initiatives to generate a locost structure on a permanent basis.

    Preserving our strong balance sheet and A crerating.

    Key strategic priorities

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    Our asset portfolio is being managed to maximshareholder value

    Stronger internal competition for project

    funding: only world-class assets are eligible.

    Divestment of non-core assets.

    Availability for partnership in selected

    businesses and assets.

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    Eliminating uncertainties: several milestones ain the last 18 months

    Tax disputes solved without major pressures on our caflow.

    Brazilian state taxes (TFRM/ICMS).

    Swiss income taxes.

    Brazilsincome tax on CFC.

    Most important projects with environmental permits.

    Carajs S11D.

    CLN S11D.

    CLN 150.

    Conceio Itabiritos.

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    Vania SomavillaExecutive director, HR, Health & Safety,

    Sustainability and Energy

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    Sustainability at Valefocus, integration andengagement

    In 2013, the Sustainability Agenda played a central role in the companysstrategic planning process.

    Vale defined eight priority areas. For each of them, the company developstrategic projects.

    GREAT PLACETO WORK

    HEALTH ANDSAFETY

    LOCALDEVELOPMENT

    EMISSIONSREDUCTION

    LAND USE ANDBIODIVERSITYWATER

    STAKEHOLDEENGAGEMEN

    RESIDUESENVIRONMENT

    EMPLOYEES COMMUNITIES

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    A culture of genuine care delivering operationaexcellence

    Actions:

    Active leadership

    involvement. Implementation of the he

    and safety managementsystem.

    Golden rules.

    Enhanced training for hirisk activities.

    Safety training for leade

    Focus on high potentialincidents.

    Risk reduction throughtechnical improvements

    Malaria prevention prog

    Total recordable injuries frequency rateper million hours worked

    Medical treatment, restricted work, fatalities and lost time. Includesemployees and contractors.

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    Northern RangeCaves issues

    1988 Federal ConstitutionNatural caves are propriety of the Union .

    99,556/1990 Federal DecreeThe natural caves and there are of influence are deemednational heritage and must be preserved.

    6,640/2008 Federal DecreeDefines criteria, restrictions and compensation forirreversible impacts on caves.

    02/2009Environmental Agency InstructionEstablishes cave classification criteria based onimportance of attributes.

    30/2012Environmental Agency InstructionDefines compensation procedures (in case ofirreversible impacts) for regular and high relevancecaves.

    1988

    1990

    2008

    2009

    2012

    It took 24 years for the rules to become clear

    Caves legal regulation milestones

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    2013 July:

    Caves relevance study and compensation approval.

    Installation permit.

    137 caves preserved.

    30-year lifetime reserves.

    S11D: a successful example

    S11D MineCaves

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    Luciano SianiChief Financial Officer

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    Capital and R&D expenditures are trending dowas a consequence of the focus on capital efficie

    Capital and R&D expenditures

    US$ billion

    E = Estimated B = Budgeted P = Planned

    3rdconsecutiveyear of reduction

    Approved projects only

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    Growth through a focused portfolio of world-clainitiatives

    Growth initiatives US$ million

    Carajs expansion Iron ore 3,283

    Itabiritos Iron ore 1,067

    Distribution network Iron ore 436

    Moatize II / Nacala Coal 2,573

    Salobo II Copper 332

    Main growth initiatives 7,691

    Total projects capex 2014 9,299

    Includes S11D, CLN S11D, Serra Leste, Additional 40 Mtpy and CLN150. Includes Conceio Itabiritos II, Vargem Grande Itabiritos, Cau Itabiritos and Conceio Itabirito

    Includes Teluk Rubiah and shipping.

    Capex 2014

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    Sustaining capex mainly dedicated to the iron obusiness

    US$ million

    Ferrousminerals Basemetals Fertilizers Co

    Operations 1,427 644 222 15

    Waste dumps and tailings dams 507 140 51 8

    Health and safety 365 34 29 2

    CSR 174 138 81 9

    Administrative & others 424 67 16 3Total 2,897 1,023 400 17

    Mainly equipment.

    Includes Clean AER project.

    ERP implementation (IT) 107

    R&D i f d ll f li

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    R&D strategy is focused on a smaller portfolio higher return projects

    Last twelve-month period ended at Sep 30, 2013. Conceptual, pre-feasibility and feasibility studies.

    Detection and development of deposits with potential for large scale prodand low cost.

    Exploration to define existing areas potential and supporting projects andoperations.

    US$ million

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    Vale is on a journey to become even more costcompetitive

    Mainly impact fromramp-ups.

    Rio Colorado.

    Low -hanging frui t

    Eff iciency and

    product iv i ty

    Structural chan

    Culture of austeri ty and simpl ic i ty

    20132014

    2015 o

    Pre-operating& stoppage

    One Vale / ERP efficien Simplification of orgstructures.

    Simplification of orgstructures.SG&A

    Further reduction of pro

    portfolio.

    Further focus on exploration

    portfolio.

    Reduction of projectsportfolio.

    Closure of explorationofficies.

    R&D

    Opening of new iron or Dilution of fixed costs. S11D / Moatize. Vale extended enterpri Surface plants optimiza

    New approach to procurement. Contract review. Fixed costs of new projects.

    Workforce productivity. Closure of high-cost

    operations.

    COGS -5%

    -47%

    -39% -10%

    -50%

    -x% Major achievem9M12) & targe

    Stoppage expenses are

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    Growth trilemma for 2014: divestitures and partnmay allow for potential dividends and/or lower le

    Analysts'averageEBITDA

    2014

    US$ billion

    Workingcapital

    VLI sale(up to26%)

    Additionaldivestitures

    Partnerships(coal,

    fertilizers)

    Capex2014

    LTM 2013interest

    payments

    Taxes @2013

    effectiverate

    2013minimumdividend

    Rest

    Actuals 2013 Projects and sustaining investments.

    Additional dividends/

    lower leveragePotentials

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    Galib ChaimExecutive Officer. Capital Projects

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    Discipline in project management from thedevelopment to completion phases

    Pre feasibility (FEL2) and feasibility (FEL 3) studies approvonly after a complete and rigorous maturity assessment.

    Increasing the design quality and constructability along thedevelopment phase.

    Effective procurement and management plan for all supplie

    and contractors.

    A robust and efficient construction and completionmanagement system.

    A renewed Health and Safety guidance.

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    Main projects delivered in 2013

    Additional 40 Mtpy. CLN 150railway and port facilities.

    Conceio Itabiritos.

    Teluk Rubiah DC unloading facilities. Long Harbour.

    Totten.

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    Additional 40 Mtpy

    Status: ramp-up Capacity: 40 Mtpy Start-up: 3Q13 Capex: US$ 3.475 billion

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    CLN 150Railway and port facilities

    Status: operationRailway capacity: 128

    Port capacity: 151 MtpCapex: US$ 3.931 billi

    More than 6 Mt shippedin 25 vessels (5Valemax) through thenew berth.

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    Conceio Itabiritos

    Status: ramp-up Capacity: 12 Mtpy Start-up: 4Q13 Capex: US$ 1.174 billion

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    Teluk Rubiah distribution center

    Project Completion: Status: construction Throughput: 30 Mtpy Start-up: 2H14 Capex: US$ 1.371 billio

    Unloading System: Status: comissioning Capacity: 30 Mtpy (Valemax ready) Start-up: 4Q13

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    Teluk Rubiah distribution center

    M i j t d t ti

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    Main projects under construction

    S11D: mine, plant and logistics (iron ore).

    Moatize II and Nacala: mine, plant and logistics

    (coal).

    Salobo II: plant (copper and gold).

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    S11D il d t f iliti i

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    S11D - railway and port facilities expansion

    Railway & maritime terminal: Work force (peak): 25,000 Capex: US$ 11.582 billion Executed capex: US$ 953 million

    Note: Information until October 2013, except when indicated

    Railway: Progress: 8%

    Start-up: from 1H14 to 2H18Maritime terminal: Progress: 19% Start-up: 1H16

    M ti II i d l t i

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    Moatize II - mine and plant expansion

    Capacity: 11 Mtpy

    Start-up: 2H15 Capex: US$ 2.068 billion Executed capex: US$ 775 million Progress: 48%

    Note: Information until October 2013, except when indicated

    N l id il d t

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    Nacala corridorrailway and port

    Railway progress: 33% Start-up: 2H14 Port progress: 36%

    Start-up: 1H15 Capacity: 18 Mtpy Capex: US$ 4.444 billion Executed capex: US$ 1.0

    Note: Information until October 2013, except when indicated

    Railway construction in Malawi

    Salobo II duplicating Salobo throughput

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    Salobo IIduplicating Salobo throughput

    Note: Information until October 2013, except when indicated

    Progress: 89% Additional capacity: 100,000 tpy Start-up: 1H14 Capex: US$ 1.707 billion Executed capex: US$ 986 million

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    Jos Carlos MartinsExecutive Officer, Ferrous Mineralsand Strategy

    Iron ore seaborne demand and global crude steel production will

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    58% 45% 34% 35%

    The shift to Asia will continue but at lower pace. Seaborne iron ore market penetration is much higher in Asia and emerging economies than develo Developed/traditional economies have more availability of scrap or captive mines (NAFTA, CIS, E

    34% and 23% respectively until 2020, mainly driven by Asia andEmerging Economies

    World (Mt) Asia (MRest of the World (Mt)

    Grow th 2012 - 2020: +25% Grow th 2012 - 2020: +34% Grow

    Grow th 2012 - 2020: +21% Grow th 2012 - 2020: +23% Grow

    Scrap availability will not be an issue in the next 10 years and thi

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    Iron ore production controlledby steel industry

    Several factors caused verticalization to reduceinstead of increase over last decade: Supply growth by mining companies. Scarcity of tier 1 deposits (size and quality). Increasing CAPEX. Infrastructure / logistic bottlenecks. Alternatives (off-take agreements, JVs).

    Sources: UNCTAD, WSA, Vale estimates

    Global pig iron + DRI productionpercentage of crude steel consum

    Chinese scrap generation and usage growtshould be relatively slow and does not conan imminent threat to iron ore demand: Majority of obsolete scrap is from construc

    low quality and difficult to collect. China lacks large scale and well-structured

    for scrap collection. Chinas industrial electricity is relatively sca

    expensive.

    p y ybeen overrated, just like verticalization was in the beginning of th

    The threat of oversupply is also exaggerated. O

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    1.2

    1.7

    2019

    1.7

    18

    1.6

    17

    1.6

    16

    1.5

    15

    1.4

    14

    1.3

    1312

    1.1

    Iron ore seaborne supply capacity000 Mt

    Current OperationProjects

    Source: Vale estimates

    Have greater cash availability and lower

    dependence on external funding. Synergies with existing operations. Best reserves, consequently better cost / ton. Time-to-market. Probable recovery of market share.

    Traditional players

    New entrants

    Dependence on external financing in times ofvolatile and high risk.

    "Window" to enter the market closing. Greater exposure to countries with high

    geopolitical risk and / or poor infrastructure. Even projects already under construction, but

    still without full funding, are at risk.

    pp y ggof the new capacity will only replace depletion

    Steel intensity of GDP indicates that the main

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    yfor iron ore has a long way to go before peaking

    Source: WSA, IMF, Vale analysis

    0

    200

    400

    600

    800

    1,000

    1,200

    1,400

    0 5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000

    Crudestee

    lconsumptionpercapita(Kg)

    GDP per capita (US$, 2005, Real)

    Steel intensity of GDP

    Japan(1980 to 2011)

    South Korea(1970 to 2011)

    China (1978to 2011)

    USA(1947

    Brazil (1947 to 2011)

    Germ(1970

    India (1950 to 2011)

    Iron ore price volatility has been reduced ov

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    IODEX 62% average 2008 to 2013: US$ 130/t

    since the beginning of the new pricing system

    Source: Platts

    2008 2009 2010 2011 2012 201

    IODEX 62% ave 119 80 147 169 130 135

    acc ave 47.4 31.3 26.6 24.5 22.7 21.0

    Platts 62% Fe Index

    Supply is catching up bringing cap prices down. High cost producers keeping floor pricesLong term iron ore prices NOT below US$ 100/ton.

    Vales iron ore strategy

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    Vale s iron ore strategy

    Confidence in Asia & ChinaCost Curve& Quality

    Safety & HealthSustainability

    Time-to-MarketTailor-to-Market

    Keeping market leadership

    Keeping FOB cost parity

    Increasing quality advantage

    Reducing logistic cost

    Improving customers services

    Vales strategy addresses the challenges

    of delivering shareholders value through:

    Our projects will deliver lower cost and higher quality thi i h l i W ill k i i i h

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    innovative technologies. We will keep our position in thequartile of the cost curve

    Source: Vale estimates

    Iron ore industrys cost curve

    Seaborne + China domestic

    (US$/t

    CFR China)

    (Mt)

    ~ 30% highercost producers

    Vales current and

    future position inthe cost curve

    The shift to Asia challenge

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    Shorter time to market,optimized lot size and blen

    ValemaxEconomies of scale andlower carbon emissions

    Valemax

    FTS(Philipp

    DC

    Malaysia& FTS

    Our logistic strategy through very large ore carriers, transfer stations and distribution cdesigned to better compete in Asia combining low cost, high quality and flexibility to ocustomer service.

    DC Malaysia

    Valemax strategy is developing smoothly. Vale already exported 44 Mt f i th h th l W tl h 30 h

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    PDM28.5 Mt

    64%

    Tubaro

    15.8 Mt36%

    Loading ports

    44 Mt of iron ore through these vessels. We currently have 30 shoperation and the remaining five will start during 2014

    FT21

    4Sohar14.3 Mt

    32%

    Clients8.9 Mt20%

    Discharging ports

    Up to date, Valemaxes achieved 121 shipments, being unloaded in

    nine different ports around the world on top of our floating stations Vale is investing US$ 37 billion in its iron ore strategy, recovering market share, redimproving quality and extending mine life. US$ 18 billion already invested and US$ 1

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    be invested up to 2018

    Approved Projects Start up Product Capex(US$ billion)

    IncreaseVolume(Mtpy)

    Reducecosts

    Improvquality

    Carajs Additional 40 Mtpy + SerraLeste (new processing plant) andCLN 150 Mtpy

    2H13-2H14

    SF 7.9 50

    Carajs S11D & CLN S11D - 230Mtpy (mine + processing plant,railway and port)

    2H16-2H18

    SF 19.7 90

    Conceio Itabiritos 2H13 PF 1.2 12

    Vargem Grande Itabiritos 2H14 PF 1.9 10

    Conceio Itabiritos II 2H14 PF/SF 1.2 19

    Cau Itabiritos 2H15 PF/ SF 1.5 24

    Oman and Tubaro VIII PelletizingPlants

    2H11-1H14

    P 2.6

    Teluk Rubiah (DC, Malaysia) 2H14 - 1.4 -

    VLOC fleet* (19 own + 16 chartered)& Floating Transfer Stations /Tubaro P1 up grade

    - - 3.9 & 0.3 -

    * VLOC fleet Capex not included in the US$ 37 billion total. Equivalent Shipowners capex considered for chartered tonnage equivalen

    MAINFOCUS

    VOLUM

    E

    QUALITY

    EXTENDED

    ENTERPRISE

    Completion

    89%

    100%

    100%

    64%

    100%

    61%

    48%

    18%

    17%

    215 Mt of additional capacity: 65 Mt of depletion replacement and 150 Mt net growth

    Vales iron ore production capacity

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    p p y

    million tons

    S11D expected to reach 90 Mt in 2018.

    Average quality:

    64.02% Fe 65.00%

    4.45% SiO2 2.89%

    1.26% Al2O3 1.07%

    0.048% P 0.049%

    23% Seaborne market share 29%

    Vales total iron ore supply will increase smooth

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    pp y

    the coming years

    Vales total iron ore supply forecast

    million tons

    Vales strategy blueprint

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    Delivering valueto shareholders

    Reducingcosts &

    increasingquality

    Keep marketleadership(volumes)

    Flexibility &customerservices

    Safety, susand envi

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    Peter PoppingaExecutive Officer, Base Metals

    Base metals strategy

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    Value drivers

    1. Delivering positive cashflow results

    Gold streaming transaction (US$ 1.9 billion).

    Reduction in operating costs, SG&A and R&D(US$ 800 million Q3 ytd)

    Finalize ramp ups of new operations.

    Idling of non-profitable mines in short and mid optimizing mine plan sequencing.

    Focus on only high value feed resulting in closfurnace in Sudbury (maximize asset utilization)consequently reducing about US$1billion of sucapex (AER).

    Planning to top up the shortfall in North Atlantic

    output by feeding Ni units from PTVI and Thom

    Analyzing synergies in the Sudbury basin and

    Key initiatives

    2. Value over volume infeed generation

    Vales base metals assets are positioned in the 12nd cost curve quartiles

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    4,000

    -2,000

    10,000

    2,000

    8,000

    0

    6,000

    Cumulative cop

    Salobo*Sossego

    Source: WoodMackenzie, Vale

    * Fully ramped-up

    Othe

    Cost curve (C1 cash costs) - USD per ton

    10,000

    0

    15,000

    5,000

    25,000

    20,000

    -5,000Cumulative n

    Sudbury PTVI

    Refinin

    Other

    Vale

    Long Harbour*

    VNC* Onca Puma* Thompson

    2ndcost curve quartiles

    SaloboRamp up of world class asset continu

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    Phase 1 successfully ramping up.

    Phase 2 will double production and is

    expected to start up mid 2014.

    Capex Salobo I and II: US$ 4.2 billion.

    50+ year life of mine .

    A first quartile cash cost producer.

    Progressing to generation of US$ 1billionin annual cash flow.

    Further growth opportunities possibleand being studied.

    Cu production ('000 t)

    Long Harbour processing plant: mechanicalconstruction completed on October 30 2013

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    construction completed on October 30, 2013

    Long Harbour is a state-of-the-art hydrometfacility that will produce:

    50,000 tpy of nickel

    4,500 tpy of copper

    2,500 tpy of cobalt

    Benefits of the Long Harbour facility:

    Flowsheet optimization with significant capital avoidance at other Vale operations throug

    Sudbury: - Rightsizing smelting facilities (to one furnace operation).

    - Reduction of US$1 billion AER capex and reduction of smelting op Thompson: Significantly reducing sustaining capex by shutting down old refine

    avoiding AER capex in the near future.

    Zero SO2emissions and improved H&S conditions due to increased automation

    Seaborne facility, with global access to open market feed and improved logistics

    Vale Newfoundland & Labrador will be a 1stquartile C1 cost vertically integrated operatihigher metal recovery (including Cu and Co by products)

    SudburyTotten mine start up and ramp up of Cj t ill d i f th d ti

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    project will drive further opex reductions

    Totten Underground development completed.

    Handover from Project to operationsscheduled for December 31, 2013.

    High Precious Metals & Cu Grades.

    8,000 t Ni and 10,000 t Cu once ramped up.

    CORe (Mill redesign)

    Flowsheet designed to improve Ni recoveriesby 4%.

    Lower opex & simpler design.

    Project ramp up continues with increased Nirecovery benefits to be further realized in2014.

    New CaledoniaSolid performance in 2013 reprth f d ti f f t iti lt

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    the foundation for future positive results

    No technological flaws

    The integrated process works.

    Q3 with periods of successfulsimultaneous operation of 3 autoclaves.

    Focus on increasing plant operating availability.

    In November, a sub-marine effluent pipelineruptured without any environmental impact.

    Work to reconnect and stabilize the pipe has

    been initiated and we anticipate restartingproduction at the end of the year.

    2014 production target ~ 40,000 t Ni.

    On track for positive financial results with futureexpected free cash flow generation of over US$500 million.

    Ona PumaA successful restart

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    Furnace rebuild completed according to plan withfirst nickel achieved on November 6.

    2014 production targeted at 15,000t Ni.

    Base metals EBITDA trend

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    EBITDAUS$ billion

    T = Target.

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    Roger DowneyExecutive Officer, Fertilizers and Coal

    Our fertilizer business is driven by two secular themes:food security and fertilizer-driven agricultural expansion in

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    Brazil has all the required scarce natural resources (land, climate and water) and wproductivity with more intensive fertiliser use.

    Fresh water availability (% world)

    15%

    8%6% 5% 5% 5% 4% 4% 3% 2%

    Brazil has 15% of theworld's fresh water

    58

    138

    116

    132

    169

    188

    328

    144

    88

    81

    Brazil

    China

    EU

    Russia

    India

    USA

    Agricultural land Potential for expansion

    Brazil has50% of

    potentialarable land in

    the world

    Arable land and expansion potential

    174

    100

    2227.9% 8.3% 8.4% 8.6%

    8.9% 9.2% 9.5% 9.8% 10.1%

    4%

    5%

    6%

    7%

    8%

    9%

    10%

    11%

    0

    50

    100

    150

    200

    250

    300

    '12 '15 '20 '25 '30 '35 '40 '45 '50World (exc. Brazil) Brazil % Brazil

    Food production (2012=100)

    Brazilgrain production, harvested area and

    deliveries (Base 100 = 1992)

    '92 '96 '00 '04 '08 '12

    Grain production

    Fertilizer deliveries

    Harvested area

    B

    U

    Br 3

    p 1

    e

    Sources: FAO, IFA, Agroconsult, USP

    Our strategy is grounded on two pillars of competitive advVales expertise in mining and reach into Brazil

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    Phosphates

    Largest fertilizer producer in Brazil, with 5.5 Mtpy

    capacity.

    5 bulk mining operations in Brazil and 1 in Peru, with totalphosphate rock capacity of 9.2 Mtpy.

    Integrated plants: 6.2 Mtpy of MAP, DCP, SSP and TSP.

    5 warehouses and distribution centers guarantee

    competitiveness in major Brazilian markets.

    Unfolding the map: sourcing competitive supply from

    Bayvar enhances synergies between our operations.

    Potash

    21 years of experience in potash productio

    marketing.

    Experience in solution miningexperienctwo pilot plants.

    Strong customer ties from our wide suite o

    geographically diversified network and rea

    Leverage from integrated logistics will con

    competitive delivered costs into our marke

    TPD

    Aratu

    TIPLAM

    Guar

    Catalo

    Uberaba

    Cubato

    TapiraArax

    Patos de Minas

    Railways controlled by Vale

    Railways with Vale participation

    Logis t i cs :

    Our strategic plan will be deployed in three main stages abased on a portfolio that sustains long-term value creatio

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    Guarantee long-term

    sustainability of the business

    Continuous cost reduction

    programmes. Reducing and focusing sustaining

    capital.

    Streamlining and optimizing

    operations.

    Divestment of non-core assets.

    Ensure self-sufficiency to

    deploy growth

    Value engineering of projects to

    reduce capital intensity.

    Market by-products.

    Optimize R&D.

    Maximize exposur

    cycle

    Self-funded sustaina

    in potash and phosp

    enhanced competitiv

    Search for new busiopportunities and m

    p g

    Doing the homework

    Preparing for thefuture

    Growth

    Partnerships with strategic industry players can unlock vour promising project portfolio

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    Creation of a fertilizer business capable of attracting world clapartners, building on Vales strategic positioning.

    Project-level JVs to fast-track and bring in capabilities and maaiming at the best strategic fit.

    Potash: discussions well advanced. Phosphates: Bayovar expansion studies advancing with current

    Key projects

    Fertilizervehicle

    Partnerships on our potash and phosphates projects will guarantee future growreducing capital commitment and risks to the business

    Coal prices must improve to reduce pressure on marginsincentivize greenfield capacity to reverse likely supply de

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    Moatize will bring lowest quartile cost and premium hard coking coal todemanding markets.

    100

    50

    150

    0

    200Q1 Q4Q3Q2

    2013 Seaborne met coal total cash cost curve (US$/t)

    Source: Wood Mackenzie

    Argus / Platts

    Australian HCC

    Mid Vol HCC 64 CSRSSCC

    Seaborne supply growth of ~3%pa from 2013to 2023, with downside potential if marketdrives further mine closures.

    Long term fundamentals driven by Asian(mainly China and India) urbanization process.

    Oversupplied market in short/mid tepressure on coal prices and margin

    Lower prices in short/mid term causdeficit in the long term and requirinincentive prices.

    Coal business turnaround: delivering resultsFiring on all cylinders: improved performance at all sites has increased and stabilised Au

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    Australian ROM100% basis (Mt)

    Australian unit costFOB (US$/t) Vale global coal sales mix (%)

    42%

    58%JapanOthers

    Firing on all cylinders: improved performance at all sites has increased and stabilised Auproduction and new limits tested at Moatize

    Mozambique: Moatize mine cost of US$64/t Improved performance of the S

    logistics corridor, with record 3October and ~ 30% y-o-y despfloods.

    Marketing: Australian sales up ~34% y-o- Support from JV partners resu

    favorable sales mix. 2013 sales forecast 30% grow

    Australia: Sep-Oct saw new production and sales records. Unit costs down ~35% y-o-y, notwithstanding longwall

    moves at Carborough. Cash positive operations since September, despite very

    depressed markets.

    Moatize will establish a new reference in the coal busines

    our growth plan is also on track with our foundation Moatize expansion ramping up d

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    Moatize is a world-class asset with potentialto be one of the largest and mostcompetitive met coal mines in the world:

    Open cut assets (30m seams).

    Large production scale.

    Long life and expandable operation.

    Integrated operation (minerailport).

    Premium productChipanga recognized aspremium HCC.

    2023 Seaborne met coal FOB cash cost

    0

    5

    10

    15

    20

    25

    20422020201920182017201620152014

    Moatize expected production (Mt)

    Source: Wood Mackenzie, Moatize - Vale cost projection

    150

    200

    250

    0

    50

    100

    Q1 Q2 Q3

    Moatize

    US$/t on 2013 US

    Eagle Downs

    our growth plan is also on track, with our foundation Moatize expansion ramping up d

    Eagle Downs is a pillar to grow a quabusiness in Australia

    Estimated capacity of 4 to 5 Mtpy and laresource base for future expansions.

    1st quartile cost.

    Construction underway.

    Source: Vale.

    Balancing and mitigating risks will be key to thesuccessful delivery of our coal business growth

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    Minority sell down of Vale Global Coal vehicle, comprisingoperating assets and projects.

    Capex burden lightened: Potential users and investors to b

    Funding: Non-recourse, project finance.

    y gThe Nacala Logistics Corridor will provide open access to other cargoes and businessespotential users and investors will be invited to participate in the JV.

    Nacala LogisticsCorridor

    Re-structure CoalBusiness forgrowth

    Partnerships with customers/investors in Nacala and coal assets will provide fureduce capital commitment and risks, and bring customer support to our Coal b

    Larger, stronger, de-risked

    Creating

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    Creating

    long-termvalue

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