DR grade pellets: supporting the growth of the steel industry in the Middle East

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1 Dubai, UAE December, 2015 DR grade pellets: supporting the growth of the steel industry in the Middle East 1 19 th Middle East Iron & Steel Conference Guilherme Reinisch Neves - Chief Commercial Officer MENA & India

2 Disclaimer This presentation may include declarations stating Vale s expectations concerning future events or results. All declarations, when based on future expectations rather than historical facts, involve various risks and uncertainties. Vale cannot guarantee that such declarations will prove to be accurate. Such risks and uncertainties include factors related to the following: (a) countries where we have operations, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) mining and metals businesses and their dependence on global industrial production, which is cyclical by nature; and (e) the high degree of global competition in the markets in which Vale operates. To obtain additional information about factors that could give rise to results different from those estimated by Vale, please consult the reports filed with the Brazilian Securities Commission (CVM), the Autorité des Marchés Financiers (AMF), the US Securities and Exchange Commission (SEC), The Stock Exchange of Hong Kong Limited, and, in particular, the factors discussed in the Estimates and projections and Risk factors sections of Vale s Annual Report Form 20F.

3 Agenda Vale - Iron Ore Pelletizing Global Oman Final remarks

4 Agenda Vale - Iron Ore Pelletizing Global Oman Final remarks

5 Vale operates four integrated iron ore production systems in Brazil, comprising of mines, mineral processing plants, railways, pelletizing plants and port facilities Northern System Atlantic Ocean PA Vale currently operates 22 iron ore mines form its 4 production systems Western System San Nicolas Port (Argentina) MS MG Southern System Southeastern System Sinter feed, pellet feed, lump ore and pellets are the final products shipped to the seaborne market Vale has a goal of improving product quality and business sustainability

6 Main accomplishments in Project Implementation Progress Ramp-up completed of Tubarão VIII pelletizing plant Delivery of another two projects on time and under budget Conceição Itabiritos II is expected to be completed 7% below budget Cauê Itabiritos will start up in 4Q15 as planned Consistent progress at S11D (on schedule and below budget) Supply Chain Optimization Berthing of fully loaded Valemaxes in China Ramp up of the Malaysia Distribution Center, producing the Brazilian Blend Fines with excellent acceptance by the market

7 Pellet-related projects in Tubarão VIII Pelletizing Plant Conceição Itabiritos II Cauê Itabiritos Status: Ramp-up completed 1H15 Start-up: 2H14 Total Capex: US$ 1.32 billion Status: Ramp-up completed Start-up: 1H15 Total Capex: US$ 1.03 billion Status: Ramp-up initiated Start-up: 2H15 Total Capex: US$ 0.93 billion

8 The S11D project is progressing according to plan and start-up is expected in 2H16 As of October Mine and Plant Railway Port Physical Progress of 77% 100% of the modules positioned at site Physical Progress - Railway spur at 75% - Railway duplication at 36% with 6 segments and 7 semisegments out of 48 segments delivered Physical Progress: - Onshore at 68% - Offshore at 67%

9 Vale s iron ore and pellets production plan Mt Iron ore Pellets 1 Non additive production 9 Production range ¹ Note: DR pellet share is about 30-35% of pellet production

10 Agenda Vale - Iron Ore Pelletizing Global Oman Final remarks

11 Pelletizing plants Global Southeastern System Tubarão Capacity: 37.0Mtpy Southern System Minas Gerais Capacity: 11.0Mtpy Oman Pellet Capacity: 9.0Mtpy Distribution Capacity: 20Mpty

12 Vale s pelletizing plants in Brazil and Oman serve more than 35 customers around the world EUROPE EAST ASIA NORTH AMERICA & CARIBBEAN MIDDLE EAST & NORTH AFRICA OMAN INDIA SE ASIA BRAZIL BRAZIL SOUTH AFRICA SOUTH AMERICA DR Pellet BF Pellet

13 Agenda Vale - Iron Ore Pelletizing Global Oman Final remarks

14 Since its start-up, Vale Oman has produced over 33Mt* of pellets to fulfill the growing demand in the region 2015 Vale Oman achievements Vale Oman pelletizing company reached annual capacity of 9Mt between 4Q2014 and 3Q2015 Vale Oman distribution center played a key role in delivering iron ore blends to the Indian market Vale Oman (Sohar) awarded the Best Specialist Dry Bulk Port or Terminal in Nov 2015 at the IBJ awards * As of Nov 2015

15 Omanization level of more than 58% has been achieved after 4 years of operation

16 Vale Oman provides stable quality of the DR pellet produced and proximity to customers Safe sourcing In addition to consistent quality: Just-in-time Improves buyers cash flow and working capital due to low stock Fe (%) Al2O3 + SiO2 (%)

17 Agenda Vale - Iron Ore Pelletizing Global Oman Final remarks

18 We overcame the challenges in 2015 but are fully aware of the work ahead in to 2018 and beyond was a year of significant progress as a result of our delivered projects of high Fe DR grade pelletfeed 2016 and we are prepared to meet the challenges created by continued demand uncertainty and volatility in commodity prices in 2016 and we expect initiatives underway to increase productivity and quality to remain competitive and reach new levels of operation in a sustainable way

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