Vale’s Performance in 3Q18 Truckless system – S11D

www.vale.com vale.ri@vale.com Tel.: (55 21) 3485-3900 Investor Relations Department André Figueiredo André Werner Carla Albano Miller Fernando Mascarenhas Samir Bassil Bruno Siqueira Clarissa Couri Renata Capanema Except where otherwise indicated the operational and financial information in this release is based on the consolidated figures in accordance with IFRS. Our quarterly financial statements are reviewed by the company’s independent auditors. The main subsidiaries that are consolidated are the following: Companhia Portuária da Baía de Sepetiba, Mineração Corumbaense Reunida S.A., Minerações Brasileiras Reunidas S.A. PT Vale Indonesia Tbk, Salobo Metais S.A, Vale International Holdings GMBH, Vale Canada Limited, Vale International S.A., Vale Manganês S.A., Vale Malaysia Minerals Sdn. Bhd., Vale Moçambique S.A., Vale Nouvelle-Calédonie SAS, Vale Oman Pelletizing Company LLC and Vale Oman Distribution Center LLC. This press release may include statements that present Vale’s expectations about future events or results. All statements, when based upon expectations about the future, 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) and the French Autorité des Marchés Financiers (AMF), and in particular the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F. Conference call and webcast on Thursday, October 25th Portuguese (non-translated) at 10:00 a.m. Rio de Janeiro time Brazil: (55 11) 3193-1001 or (55 11) 2820-4001 USA and Canada: (1 800) 492-3904 Other countries: (1 646) 828-8246 Access code: VALE English, at 12:00 p.m. Rio de Janeiro time (11:00 a.m. US Eastern Standard Time, 4:00 p.m. British Standard Time). Brazil: (55 11) 3193-1001 or (55 11) 2820-4001 USA and Canada: (1 866) 262-4553 Other countries: (1 412) 317-6029 Access code: VALE

Vale’s performance in 3Q18 – delivering in every meaningful way Chief Executive Officer, Mr. Fabio Schvartsman, commented on the 3Q18 results, “The strong 3Q18 results showcase the structural change in the Chinese iron ore and steel markets. We are the mining company that is best suited to further benefit from the flight to quality given the increasing share of premium products.” He concluded, “We are turning Vale into a very predictable company by delivering sound operational performance, higher price realization, lower costs and rigorous capital allocation.” • In line with our annual production guidance, we reached a record of 104.9 Mt for iron ore in 3Q18, with an improvement in the overall quality of our products that is a unique combination of higher volumes and higher quality. • Our flexible supply chain along with S11D and pellet plants ramp-ups led to another quarterly sales volume record for iron ore and pellets at 98.2 Mt. 3Q18 was also marked by the increase in the share of our premium products, which achieved 79% of total sales. Our pellets volumes reached a record high of 14.3 Mt, supported by our decision to restart the three idle pellet plants. • Iron ore fines and pellets quality premiums reached the record of US$ 11.0/t1 , an increase of US$ 4.2/t, when compared to 3Q17, completely offsetting the decrease in iron ore prices thus showing our ability to cope with changes in the market trend and adding predictability to our performance. • Our strong cash flow generation of US$ 3.1 billion led us to virtually achieve the net debt target of US$ 10 billion. Net debt reduced further, despite the return of US$ 2.4 billion to our shareholders, totaling US$ 10.7 billion in 3Q18, the lowest level since the third quarter of 2009. • 3Q18 results translated into a minimum shareholder remuneration of US$ 1.142 billion. If we deliver the same results next quarter, our minimum dividend related to the second half, according to our policy, will be US$ 2.3 billion, against US$ 1.9 billion in the first half. Chief Financial Officer Mr. Luciano Siani Pires highlighted, “Over the next years we will explore 1 Iron ore premium of US$ 8.6/t and weighted average contribution of pellets of US$ 2.4/t. 3

options for our accumulated free cash flow in a disciplined way. Dividends will be our natural choice based on our new policy, and on top of dividends, we will pursue: (i) extraordinary dividends or buybacks, (ii) organic growth opportunities, such as the recently approved Salobo III project, (iii) bolt-on acquisitions and (iv) optimization of other liabilities.” • Consistent with our rigorous capital allocation strategy, we have just approved the investment of US$ 1.1 billion in the Salobo III copper project, a high return investment. Vale will receive a bonus ranging from approximately US$ 600 to 700 million from Wheaton Precious Metals, after achieving certain production targets. We have also approved a sustaining investment of US$ 428 million in the Gelado project, which will recover approximately 10 Mtpy of pellet feed with 64.3% Fe content, 2.0% silica and 1.65% alumina from tailings dams in the Carajás Complex, reducing opex (no trucks, no transportation distances and no grinding) and future capex (lower production rates and less replacement of equipment at the existing Carajás mine). Gelado shows the flexibility of our resource base, where even former waste is superior in quality to industry standards. Salobo III and Gelado will start up in 1H22 and 2H21, respectively. • Despite the US$ 4/t drop in iron ore prices, Ferrous Minerals EBITDA increased US$ 197 million when compared to 3Q17, totaling US$ 3.960 billion in 3Q18, showing strong volumes and premiums along with lower C1 cash costs. Mr. Peter Poppinga, Executive Officer for Ferrous Minerals and Coal commented, “Aligned with the consolidation of our differentiation strategy, the quality premium on Vale’s realized price improved for the third quarter in a row, achieving a record of US$ 11/t in 3Q18. The increase of over 7% vs. 2Q18 reflects our value over volume strategy, our margin optimization approach and our strong pricing position in the spot market, attesting to the intrinsic value of our premium products. Additionally, the demand for products with low contaminants, such as alumina and phosphorous, increased and contributed to higher market premiums.” • On August 27th, 2018, Metal Bulletin launched a new index, the MB 62% Fe low alumina, which is based on our blended product, Brazilian Blend Fines (BRBF). During 3Q18 the MB 62% Fe low alumina traded with a premium of US$ 5.9/t over the 62% index. The recently launched index better captures the intrinsic value of Vale’s BRBF. • 9M18 pellets EBITDA was US$ 2.4 billion, representing 19% of Vale’s total EBITDA and is on track to achieve more than US$ 3 billion in 2018. • As anticipated in 2Q18, our iron ore C1 cash cost decreased US$ 2.3/t totaling US$ 12.4/t in 3Q18, reflecting S11D’s ramp-up, higher productivity, dilution of fixed costs on higher volumes and exchange rate variation. • We continued to show strong competitiveness and our iron ore and pellets EBITDA breakeven in 3Q18 reduced even further and reached our lowest level ever of US$ 27.4/t in 4

3Q18, despite the inflationary pressures of bunker prices and spot freight rates. • Base Metals EBITDA was US$ 528 million in 3Q18, a decrease of US$ 250 million when compared to 2Q18, with about 65% of the decrease related to the exogenous factor of lower prices of nickel, copper and cobalt, and 35% mainly associated with Sudbury’s annual scheduled maintenance shutdown and its effects on lower by-product volumes and higher costs. Mr. Eduardo Bartolomeo, Executive Officer for Base Metals commented, “3Q18 results represented a tipping point for the Base Metals business. We are undergoing an important restructuring process led by our new management team with the focus on optimizing our operations, stabilizing our cost structure and reviewing mine plans. We are creating the basis for the nickel business to generate strong cash flows in any price scenario, while keeping the optionality to capture the upside of emerging demand for nickel in electric vehicles.” • Base Metals EBITDA in 9M18 was US$ 1.950 billion, significantly higher than the US$ 1.441 billion registered in 9M17. • The price of our nickel products was US$ 14,092/t in 3Q18, US$ 826/t higher than the average LME, representing an aggregate nickel price realization of 6.2% above LME prices, the highest percentage above the benchmark in the last 10 years. Selected financial indicators Net operating revenues 9,543 8,616 9,050 Adjusted EBIT 3,525 3,041 3,184 Adjusted EBITDA 4,374 3,902 4,192 Iron ore - 62% Fe reference price 66.7 65.3 70.9 Underlying earnings 2,056 2,094 2,090 Net debt 10,704 11,519 21,066 Net operating revenues 26,762 24,800 7.9 Adjusted EBIT 9,664 8,327 16.1 Adjusted EBITDA 12,247 11,229 9.1 Net income (loss) 3,074 4,736 (35.1) Underlying earnings per share on a fully diluted basis (US$ / share) 1.14 0.99 15.7 5 Capital expenditures2,2872,870(20.3) Underlying earnings5,9375,13715.6 Adjusted EBITDA margin (%)46%45%1.1 Adjusted EBIT margin (%)36%34%7.5 Total costs and expenses17,48716,4736.2 US$ million9M189M17% Capital expenditures692705863 Underlying earnings per share on a fully diluted basis (US$ / share)0.400.400.40 Net income (loss)1,408762,230 Adjusted EBITDA margin (%)46%45%46% Adjusted EBIT margin (%)37%35%35% Total costs and expenses6,1005,7675,866 US$ million3Q182Q183Q17

Market overview IRON ORE Iron ore 62% Fe reference price averaged US$ 66.7/dmt in 3Q18, a decrease of 6% YoY, however it represents an increase of 2% from 2Q18 as steel production continues to respond to firm steel demand ahead of the winter season in the northern hemisphere. In China, the combination of steel capacity restrictions and healthy demand enabled steel mills to enjoy a solid margin. The increase in environmental awareness and controls is leading steel mills to optimize steel output whilst decreasing CO2 emissions. As a result, the market has recognized that higher Fe grade ores offer a substantial advantage and this can be seen through the premium captured by 65% Fe in the market and the resulting US$ 27/dmt in 3Q18. Vale is well positioned as a major supplier of sinter fines combining high Fe and low alumina, and also as a major supplier of pellets. COAL In 3Q18, seaborne coking coal prices decreased to US$ 188.6/t from US$ 190.2/t in the previous quarter, influenced by import restrictions in China and seasonally weaker demand from India due to monsoons. This has slowly improved in September due to restocking demand, logistics constrains and supply tightness. In the thermal coal market, 3Q18 Richards Bay FOB edged up to US$ 101.6/t, from US$ 100.3/t in the previous quarter. The quarter started very strong with prices reaching a 6 ½ year high during July at US$ 109.2/t. This price hike in July was driven by strong demand in Asia, increased coal-fired power generation in Europe and supply tightness from Colombia and USA. But the same has been downplayed from August and was impacted by weaker demand from India due to the monsoon, and arbitrage from Australian coals owing to weaker demand from China over import restrictions. NICKEL LME nickel prices declined during 3Q18 to an average of US$13,266/t, vs. US$ 14,476/t, in 2Q18. Total exchange inventories (LME and SHFE) continued to decline closing at 245 kt, at the end of 3Q18, down 165 kt since the end of 2017. Global stainless-steel production increased 2.4% in 3Q18 relative to 3Q17, while sales of EVs worldwide grew 48% during the same period. Demand for nickel in other applications continues to be positive. Supply decreased approximately 0.8% in 3Q18 relative to 3Q17, Class II (NPI) material increased (+5.6%) and Class I material declined (-8.3%) in the same period. Our near-term outlook for nickel remains cautious as current inventories will act as a buffer to price recovery. Meanwhile, macroeconomic factors such as the ongoing trade dispute between major powers introduce volatility to the base metals price complex, nickel included. Our long-term outlook for nickel continues to be positive. Nickel in electric vehicle batteries will become an increasingly important source of demand growth particularly as battery chemistry 6

favors higher nickel content due to lower cost and higher energy density. Capital is starting to flow back into the industry given the recovery in price. However, the timing of investments may increase the lag and widen future deficits given continued demand growth. COPPER LME copper price averaged US$ 6,105/t in 3Q18, a decrease of 11% from 2Q18 (US$ 6,872/t) impacted by concerns about the trade war. Copper inventories on all exchanges, LME, SHFE and COMEX, decreased by 294 kt in 3Q18 vs. 2Q18. Global demand increased approximately 1.8% in 3Q18 vs. 3Q17. In China, demand increased 3.2% in the same period and was driven primarily by increased infrastructure investment. On the supply side, global refined copper production increased nearly 1% in 3Q18 vs. 3Q17. More labor negotiations were concluded this quarter, reducing the potential for supply disruption for the year given that these settlements create precedent for the upcoming negotiations. Vale’s near-term outlook for copper shifted to a more positive tone, as the market is expected to remain essentially balanced for the year while maintaining a potential for deficit in 2019. The long-term outlook for copper is positive. Copper demand is expected to grow, partially driven by EVs and renewable energy as well as infrastructure investments, while future supply growth is challenged given declining ore grades and the need for greenfield investment. COBALT Cobalt price averaged US$ 65,724/t in 3Q18 a decrease of 25% vs. 2Q18, mainly due to the strong supply growth in the DRC and the continued drive to reduce cobalt use in EV batteries. Cobalt is one of the key metals, besides nickel, to produce the highest energy density batteries for use in electric vehicles. The cobalt market needs to grow significantly to feed into battery demand – but unlike other metals, cobalt is predominantly a by-product of nickel and copper mines. This means that it does not have the flexibility to respond to demand pressures as readily as other metals. Moreover, much of the cobalt comes from the DRC, which introduces ethical sourcing issues as well as reliance on operations in an unpredictable jurisdiction. Our near-term outlook for cobalt is mixed. Although demand for cobalt is increasing, supply is expected to increase as well with the start-up of major cobalt production in the DRC. Over the long term, although we see demand well supported by the battery market, chemistry developments are shifting to nickel-rich materials that bring lower cost and higher density. On the supply side, given the need to grow in nickel we see the nickel industry increase its contribution of cobalt units into the market, minimizing concerns about the future supply of cobalt for the electric vehicle battery market. 7

Adjusted EBITDA Adjusted EBITDA was US$ 4.374 billion in 3Q18, 12.1% higher than 2Q18 mainly as a result of (i) the strong operational performance of the Ferrous Minerals segment that reached an iron ore fines sales record of 83.5 Mt, representing a positive net effect of US$ 372 million on sales and COGS; (ii) the higher price realization (US$ 284 million) due to the increase in the share of premium products2 on total sales (79% in 3Q18 vs. 77% in 2Q18) together with the increase in the contributions of quality and average premium to the realized price of iron ore fines (US$ 8.6/t in 3Q18 vs US$ 7.1/t in 2Q18); and (iii) the positive impact on COGS (US$ 121 million) of BRL depreciation against USD. The above-mentioned US$ 777 million effect was partially offset by Base Metals’ lower volumes and prices (US$ 254 million). Adjusted EBITDA Net operating revenues 9,543 8,616 9,050 SG&A (136) (122) (129) Pre-operating and stoppage expenses (60) (67) (83) Dividends and interests on associates and JVs 33 165 88 Adjusted EBIT 3,525 3,041 3,184 Depreciation, amortization & depletion 849 861 920 Iron ore - 62% Fe reference price 66.7 65.3 70.9 Adjusted EBITDA by business area Ferrous Minerals 3,960 3,228 3,763 Base Metals 528 778 587 Iron ore - 62% Fe reference price 66.7 65.3 70.9 2 Pellets, Carajás, Brazilian Blend Fines (BRBF), pellet feed and Sinter Feed Low Alumina (SFLA). 8 Others(130)(149)(211) Total4,3743,9024,192 Coal164553 US$ million3Q182Q183Q17 Adjusted EBITDA4,3743,9024,192 Other operational expenses(12)(82)(151) Research and development(87)(92)(91) COGS(5,756)(5,377)(5,412) US$ million3Q182Q183Q17

Net operating revenue by business area US$ million 3Q18 % 2Q18 % 3Q17 % Ferrous Minerals 7,439 78.0 6,321 73.4 6,820 75.4 Iron ore fines 5,594 58.6 4,570 53.0 5,131 56.7 ROM 8 0.1 5 0.1 7 0.1 Manganese ore 61 0.6 74 0.9 87 1.0 Ferroalloys 43 0.5 41 0.5 44 0.5 Others 106 1.1 113 1.3 110 1.2 Metallurgical coal 284 3.0 261 3.0 266 2.9 Thermal coal 141 1.5 95 1.1 94 1.0 Base Metals 1,586 16.6 1,870 21.7 1,762 19.5 Copper 452 4.7 570 6.6 683 7.5 PGMs 103 1.1 126 1.5 72 0.8 Gold as by-product 150 1.6 156 1.8 161 1.8 Cobalt 65 0.7 94 1.1 79 0.9 Others 4 0.0 4 0.0 8 0.1 Others 93 1.0 69 0.8 108 1.2 COGS by business segment Ferrous Minerals 3,808 66% 3,507 65% 3,375 62% Base Metals 1,383 24% 1,417 26% 1,524 28% Coal 498 9% 379 7% 423 8% Depreciation 814 827 868 Expenses US$ million 3Q18 2Q18 3Q17 Administrative 118 88 112 Services 19 18 19 Others 20 16 18 R&D 87 92 91 Pre-operating and stoppage expenses 60 67 83 Stobie & Birchtree 5 6 - S11D 17 19 39 Depreciation 17 21 35 Other operating expenses 61 109 151 Depreciation 35 34 52 Expenses ex-depreciation 309 356 402 9 Total expenses344390454 Others21219 Selling183417 Depreciation181319 Personnel614156 SG&A ex-depreciation118109110 SG&A136122129 COGS, ex-depreciation4,942 4,550 4,544 Other products671%741%902% Total COGS5,756100%5,377100%5,412100% US$ million3Q18%2Q18%3Q17% Total9,543100.08,616100.09,050100.0 Silver as by-product50.190.170.1 Nickel8078.591110.67528.3 Coal4254.53564.13604.0 Pellets1,62717.01,51817.61,44115.9

Underlying earnings Following another strong operational performance, underlying earnings in 3Q18 were US$ 2.056 billion, remaining practically in line with 2Q18, with higher EBITDA being offset mainly by higher income tax in 3Q18. Income tax increased in 3Q18 mainly as a result of the positive impact on tax of shareholder remuneration declared as interest on equity in 2Q18. Underlying earnings exclude the non-cash impacts from net income such as: (i) the effect of the depreciation of BRL on USD denominated debt (US$ 765 million3); (ii) the impairment and other results on non-current assets of US$ 172 million. All the adjustments resulted in income tax of US$ 334 million in the underlying earnings. As a consequence of the non-cash impacts, net income was US$ 1.408 billion in 3Q18 vs. US$ 76 million in 2Q18. Underlying earnings Net Income (loss) 1,408 76 2,230 Impairment and other results on non-current assets 172 (5) 389 Shareholders Debentures 3 304 72 Income tax over excluded items (334) (1,035) 172 Financial results Following Vale’s deleveraging path, in 3Q18, gross interest totaled US$ 272 million, decreasing 7.5% and 34.8% vs. 2Q18 and 3Q17, respectively. Non-cash effects, such as the impact of the BRL depreciation, represented 60% of the net financial loss in 3Q18. Net financial results totaled a loss of US$ 1.263 billion mainly due to the BRL depreciation (3.8%) against the USD from BRL 3.8558/ USD as of June 30th, 2018 to BRL 4.0039/ USD as of September 30th, 2018. 3 Includes currency and interest rate swaps. 10 Others2210(52) Underlying earnings2,0562,0942,090 Foreign exchange and swaps7652,333(747) Impairment and other results in associates and joint ventures2041126 Items excluded from basic earnings US$ million3Q182Q183Q17

Financial results US$ million 3Q18 2Q18 3Q17 Financial expenses (367) (781) (826) Gross interest (272) (294) (417) Capitalization of interest 50 44 111 Tax and labor contingencies (7) (26) (22) Shareholder debentures (3) (304) (72) Others (87) (150) (332) Financial expenses (REFIS) (48) (51) (94) Financial income 111 81 152 Derivatives¹ (105) (306) 365 Currency and interest rate swaps (80) (387) 295 Others² (bunker oil, commodities, etc) (25) 81 70 Foreign Exchange (685) (1,946) 443 Monetary variation (217) (103) 86 Financial result, net (1,263) (3,055) 220 ¹ The net derivatives loss of US$ 105 million in 3Q18 is comprised of settlement loss of US$ 22 million and mark-to-market loss of US$ 83 million. ² Other derivatives include bunker oil derivatives which, for 3Q18 were US$ 9 million. Equity income from affiliated companies Equity income from affiliated companies showed a gain of US$ 32 million in 3Q18. The main contributors to equity income were the leased pelletizing companies in Tubarão (US$ 76 million), CSI (US$ 24 million), VLI (US$ 21 million) and MRS (US$ 12 million), which was partly offset by losses from CSP (US$ 119 million). CSP losses were mainly due to the non-cash impact of the BRL depreciation on its USD denominated debt. Shareholders’ remuneration Vale considers its share buy-back program one of the best investments for its excess cash following the strong cash performance, the accelerated deleveraging profile and the positive outlook for its operational and financial performance. As such, Vale has executed 48.9% in 3Q18 of its US$ 1 billion share buy-back, purchasing 36.8 million shares at an average price of US$ 13.274 as of September 30th, 2018. According to Vale’s shareholder remuneration policy, the 1H18 result translated into a shareholder remuneration of R$ 7.694 billion that was equivalent to US$ 2.054 billion considering the exchange rate of July 24th, 2018. As a result of the BRL depreciation against the USD5, shareholder remuneration paid on September 20th, 2018 amounted to US$ 1.876 billion. The 3Q18 result yields a minimum shareholder remuneration of US$ 1.142 billion, which will be further increased by applying the threshold of 30% over adjusted EBITDA less sustaining investments to 4Q18 results, for payment in March 2019. 4 Net of brokerage fee. 5 The dividend of USD 0.3952 per share was translated into BRL at the exchange rate of BRL/USD 3.7459 on July 24th, 2018 but was effectively paid on September 20th, 2018 at the prevailing exchange rate of BRL/USD 4.0997. 11

CAPEX Capital expenditures totaled US$ 692 million in 3Q18 with US$ 123 million in project execution and US$ 569 million in sustaining capital. As a result of Vale’s more rigorous capital allocation approach, a new governance process was established in the implementation of sustaining projects, which led to a reengineering of some projects included in the 2018 budget. Consequently, the new governance concentration of disbursements in 4Q18, which together with the usual disbursements translates into a very high expenditure in the last quarter. will lead to a seasonality of Project Execution and Sustaining by business area Ferrous Minerals 437 63.2 462 65.5 551 63.8 Base Metals 223 32.2 208 29.5 289 33.5 Others - - - - 1 0.1 Project execution Investment in project execution totaled US$ 123 million in 3Q18, a decrease of US$ 82 million when compared to 2Q18, in line with Vale’s budget and reflecting that CLN S11D, its main capital project under development, is approaching its completion. In October 2018, Vale’s Board of Directors approved the investment of US$ 1.1 billion in the Salobo III copper project, a brownfield expansion increasing processing throughput capacity. The project encompasses a third concentrator line, and it will use Salobo’s existing infrastructure. Salobo III will produce an average copper volume of approximately 50 ktpy in the first 5 years, 42 ktpy in the first 10 years and 33 ktpy throughout the life of mine. As Salobo III will anticipate copper and gold production from the original mine plan, the life of mine will go until 2052 instead of 2067. Start-up is scheduled for 1H22 with a ramp-up of 15 months. Vale will receive a bonus ranging from approximately US$ 600 million to US$ 700 million from Wheaton Precious Metals after achieving certain production targets, as part of the previously negotiated terms of the goldstream transaction. S11D (including mine, plant and associated logistics – CLN S11D) achieved a combined physical progress of 98% in 3Q18 with the mine site concluded and 96% progress at the logistic infrastructure sites. The duplication of the railway reached 93% physical progress with all 63 segments duplicated and 53% of the patios renewed. The successful development of the project together with the 12 Total692100.0705100.0863100.0 Power generation20.310.170.8 Coal304.3344.8141.6 US$ million3Q18%2Q18%3Q17%

S11D mine and plant ramp-up enabled Vale’s 3Q18 iron ore production volume to achieve a quarterly record. S11D Logistics – Duplication of the railway Capital projects progress indicator6 (Mtpy) start-up a Net a dditional capacity. b Original capex bu dget of US $ 11.5 82 billion. Project execution by business area Ferrous Minerals 122 99.2 171 83.4 273 92.5 Coal - - 15 7.3 2 0.7 Base Metals - - 19 9.3 13 4.4 Others - - - - 1 0.3 Sustaining capex Sustaining capital expenditure totaled US$ 569 million in 3Q18, US$ 69 million higher when compared to 2Q18. For 4Q18, sustaining capex will increase due to the usual seasonality of 6 Pre-operating expenses were not included in the estimated capex for the year, although included in the total estimated capex column, in line with Vale’s Board of Directors approvals. Estimated capex for the year is only reviewed once a year. 13 Total123100.0205100.0295100.0 Power generation10.8--72.4 US$ million3Q18%2Q18%3Q17% ProjectCapacityEstimated Executed capexEstimated capex (US$ million)(US$ million) Physical progress 2018Total2018 Total Ferrous Minerals project CLN S11D230 (80)a1H14 to 2H194787,054647 7,850b96%

disbursements, the above-mentioned new governance process and higher investments in Ferrous Minerals and in VBME. In September 2018, Vale’s Board of Directors approved the Gelado project in the Northern System, for a total of US$ 428 million. The project encompasses the recovery of approximately 10 Mtpy of iron ore fines from the Gelado tailings dam up to 2031, in order to feed the recently restarted São Luís pellet plant. The tailings have an average of 64.3% Fe content, 2.0% of silica and 1.65% of alumina. The economics of the project are robust as it will (i) allow 9.7 Mtpy of iron ore production with zero transportation distance and no use of trucks, therefore reducing opex and (ii) reduce the mining rate at the existing Carajás mine, avoiding sustaining capital on the replacement of trucks. It also depicts the flexibility of Vale’s resource base – where even former waste is better than the industry’s standard product. In 3Q18, the Digital Transformation program continued its evolution, Vale’s Executive Board approved its extension into the Base Metals operations, in Canada. An additional US$ 116 million of a multiyear sustaining capex will encompass the implementation of 15 suites of projects for Sudbury operations. The main suites of projects that started to be developed are: (i) integrated planning and scheduling; (ii) cooling system; (iii) advanced insight center; and, (iv) tagging and tracking (Radio-Frequency IDentification RFID). The objective of the program in Sudbury is to unlock capacity for additional feed (~10%) over the first 3 years, aligned with the premium portfolio and the flexibility that Vale is enhancing in its operations. The Digital Transformation program encompasses more than 120 projects throughout the Ferrous Minerals and Base Metals segments totaling US$ 467 million approved up to 3Q18 to be spent by 2023. The Ferrous Minerals and Base Metals business segments accounted for 55% and 39%, respectively, of total sustaining capex in 3Q18, remaining in line with 2Q18. Sustaining capex in the Base Metals business segment was mainly for: (i) operational improvements (US$ 146 million); (ii) enhancements in the current standards of health and safety, social and environmental protection (US$ 64 million); and (iii) maintenance improvements and expansion of tailings dams (US$ 6 million). Sustaining capital for the Ferrous Minerals business segment included, among others: (i) enhancements and replacements in operations (US$ 219 million); (ii) improvements in the current standards of health and safety, social and environmental protection (US$ 44 million); and (iii) maintenance, improvement and expansion of tailings dams (US$ 31 million). Maintenance of railways and ports in Brazil and Malaysia accounted for US$ 76 million. 14

Replacement projects progress indicator7 (Ktpy) Mine Extension Gelado 9,700 2H21 0 0 3 428 0% Sustaining capex by type - 3Q18 Minerals Operations 219 24 146 389 Health and Safety 35 0 8 43 Administrative & Others 22 2 7 31 Total 317 29 223 569 Sustaining capex by business area Ferrous Minerals 315 55.3 291 58.2 278 48.9 Base Metals 223 39.2 188 37.7 276 48.6 Nickel 194 34.1 159 31.8 250 44.0 Copper 29 5.1 29 5.9 26 4.6 Others - - - - - - Corporate social responsibility Investments in corporate social responsibility totaled US$ 123 million in 3Q18, of which US$ 110 million dedicated to environmental protection and conservation and US$ 13 million to social projects. Vale aims to transform natural resources into prosperity and sustainable development. The main driver of Fundação Vale, with its 50 years of experience, is to support positive social legacies for the territories where it operates. Fundação Vale develops social projects related to work and income generation, health, and education. From its inception, the projects establish a relationship with the communities, based on open dialogue, respecting the local culture, their values, initiatives and desires. The following results can be highlighted: • Work and income generation: promotion of sustainable labor alternatives in 24 municipalities, benefiting more than 2,000 social entrepreneurs and more than 400 rural producers of family agriculture since 2014. 7 Pre-operating expenses were not included in the estimated capex for the year, although included in the total estimated capex column, in line with Vale’s Board of Directors approvals. Estimated capex for the year is only reviewed once a year. 15 Total569100.0500100.0568100.0 Power generation10.210.310.2 Coal305.3193.8122.1 US$ million3Q18%2Q18%3Q17% Social investments and environmental protection1035669 Waste dumps and tailing dams31-637 US$ millionFerrousCoalBase MetalsTOTAL ProjectCapacity EstimatedExecuted capexEstimated capex start-up (US$ million)(US$ million) Physical progress 2018Total2018 Total Voisey’s Bay401H2154113141 1,69412%

• Health: improving primary care in 28 municipalities, benefiting more than 4,100 health professionals and community leaders, and providing around 5,000 pieces of equipment to 126 basic health units since 2014. Education: promoting reading habits and access to books in 40 municipalities, benefiting more than 60,000 people, providing more than 30,000 books since 2012 and 21 reading locations in 2017. • In order to obtain effective results, Fundação Vale understands that development only becomes sustainable when there is an alignment between companies, the state and civil society. In this regard, Fundação Vale fosters a network amongst its suppliers and clients to integrate and leverage voluntary corporate social responsibility investments, and uses voluntary social investments for the implementation and strengthening of public policies. Portfolio Management In 3Q18, Vale concluded the sale of its 50% interest in the Eagle Downs hard coking coal project in Queensland, Australia, to a subsidiary of China BaoWu Steel Group Corporation Limited (Baosteel) for US$ 117 million in cash8, aligned with Vale’s strategy to simplify its asset portfolio and divest non-core assets. 8 Out of which US$ 90 million were a cash inflow in 3Q18 and US$ 27 million will be paid once operational preconditions are met. 16

Free cash flow Free cash flow was US$ 3.113 billion in 3Q18. The strong cash generation in the quarter enabled both continuity in the deleveraging of the company towards the US$ 10 billion net debt target and the return to investors of US$ 2.4 billion through interest on capital, dividends and share buyback. Free Cash Flow 3Q18 US$ million 17

Debt indicators Vale has continued to trim its net debt and practically achieved the US$ 10 billion net debt target, lowering it to US$ 10.704 billion as of September 30th, 2018, decreasing by US$ 815 million from June 30th, 2018 and by US$ 10.362 billion from September 30th, 2017, reaching the lowest net debt level since 3Q09. Leverage measured by net debt to LTM9 adjusted EBITDA remained at 0.7x, the lowest level since 1Q12. The debt decrease was supported by strong cash generation and was achieved despite the payment of shareholder remuneration of US$ 1.9 billion and the share buyback program10 of US$ 489 million, which occurred in 3Q18. Gross debt amounted to US$ 16.810 billion as of September 30th, 2018, decreasing by US$ 1.096 billion from June 30th, 2018 and by US$ 8.980 billion from September 30th, 2017. The decrease in gross debt compared to the end of last quarter was mainly due to net debt repayments11 of US$ 1.206 billion in 3Q18. Average debt maturity increased to 9.1 years on September 30th, 2018, against 8.9 years on June 30th, 2018. Average cost of debt, after currency and interest rate swaps, increased slightly to 5.09% per annum on September 30th, 2018 from 4.96% per annum on June 30th, 2018. Debt indicators Total debt 16,810 17,906 25,790 Total debt / adjusted LTM EBITDA (x) 1.0 1.1 1.6 Adjusted LTM EBITDA / LTM gross interest (x) 12.8 11.4 9.1 9 Last twelve months. 10 US$ 1.0 billion share buyback program announced on July 26th, 2018 to be carried out over a period of up to 365 days. 11 Debt repayments less debt additions. Include interest payments. 18 Net debt / adjusted LTM EBITDA (x)0.70.71.3 Net debt10,70411,51921,066 US$ million3Q182Q183Q17

Debt position breakdown by currency (before hedge) Debt position breakdown by currency (after hedge) . uso •BRL •EUR •Others % % •USD • Hedge to USD •BRL •Others Debt amortization schedule' US$ billoi n Debt breakdown by instrument % • Devetopment Agencies • Capital Markets • Bank Loans 0.4 2018 2019 2020 2021 2022Gross onwards debt • As ot September 30", 2018. Does nolinclude accrued charges. 77% of debt maturity aftef" 2022

Performance of the business segments Segment information - 3Q18, as per footnote of financial statements Revenues others¹ & stoppage¹ associates EBITDA Iron ore fines 5,594 (2,459) (1) (27) (24) - 3,083 ROM 8 - - - - - 8 Pellets 1,627 (811) (4) (6) (6) - 800 Mn & Alloys 104 (72) - - - - 32 Base Metals 1,586 (1,030) (5) (15) (8) - 528 Nickel² 1,086 (804) (3) (11) (8) - 260 Copper³ 500 (226) (2) (4) - - 268 ¹ Excluding depreciation and amortization ² Including copper and by-products from our nickel operations ³ Including by-products from our copper operations 20 Others93(63)(121)(34)(5)-(130) Total9,543(4,942)(130)(87)(43)334,374 Coal425(433)2(4)-2616 Others ferrous106(74)(1)(1)-737 Expenses Dividends and US$ millionNetCost¹SG&A andR&D¹Pre operatinginterests onAdjusted and JVs Ferrous Minerals7,439(3,416)(6)(34)(30)73,960

Ferrous Minerals ADJUSTED EBITDA Adjusted EBITDA of the Ferrous Minerals business segment was US$ 3.960 billion in 3Q18, US$ 732 million higher than in 2Q18, mainly due to higher sales volumes, lower C1 cash cost and better average premium, reflecting: (i) marketing efforts to position Vale’s premium product portfolio; (ii) the flexibility of the operations; (iii) the active supply chain management; (iv) the share of premium products in total sales; and (v) stronger market premiums. The successful ramp-up of S11D and Tubarão pellet plants I and II led to quarterly records in production and sales volumes, increasing the share of premium products, which achieved the record of 79% of total sales, and decreasing the level of contaminants. Therefore, Vale’s portfolio is benefiting from the structural “flight to quality” trend with rising market premiums. Iron ore fines and pellets quality premiums broke the barrier of US$ 10/t for the second consecutive quarter, totaling US$ 11.0/t in 3Q18 and resulting in a gain of US$ 158 million vs. 2Q18. The strong operational performance was also translated into unit costs reductions beyond the positive effect of exchange rate variation, with total savings amounting to US$ 166 million. EBITDA variation 2Q18 vs. 3Q18 – Ferrous Minerals business segment 21

FERROUS MINERALS ADJUSTED EBITDA MARGIN12 Adjusted EBITDA per ton for Ferrous Minerals, excluding Manganese and Ferroalloys, was US$ 40.0/t in 3Q18, an increase of US$ 3.2/t when compared to the US$ 36.8/t recorded in 2Q18. After normalizing the impacts of 62% iron ore market reference prices, bunker oil prices and exchange rate on the previous quarters, 3Q18 adjusted EBITDA per ton maintained its progressive growth trend and posted a new record, being US$ 1.9/t higher than the second-best quarter in Vale’s history (2Q18). Normalized EBITDA/t – Ferrous Minerals business segment Iron ore fines (excluding Pellets and ROM) ADJUSTED EBITDA13 Adjusted EBITDA of iron ore fines was US$ 3.083 billion in 3Q18, 31.2% higher than 2Q18, mainly due to higher volumes (US$ 352 million), higher premiums (US$ 135 million), higher market reference prices (US$ 117 million) and exchange rate variations (US$ 77 million). SALES REVENUES AND VOLUME Net sales revenues of iron ore fines, excluding pellets and run of mine (ROM), increased to US$ 5.594 billion in 3Q18 vs. US$ 4.570 billion in 2Q18, as a result of higher sales volumes (US$ 705 million) and higher sales prices (US$ 319 million). 12 Excluding Manganese and Ferroalloys. 13 Considers the new allocation criteria for general and administrative expenses as described in the box “Managerial Allocation Changes” of the 1Q18 Earnings Release. 22

Sales volumes of iron ore fines achieved a quarterly record of 83.5 Mt in 3Q18, despite the increase in offshore stocks to support the ongoing blending activities. CFR sales of iron ore fines totaled 61.0 Mt in 3Q18, representing 73% of all iron ore fines sales volumes in 3Q18, 4.4 p.p. higher than in 2Q18. The sales mix has been consistently improving mainly as a result of S11D and Tubarão I and II pellet plants ramp-ups. The share of premium products (pellets, Carajás, Brazilian Blend Fines – BRBF, pellet feed and Sinter Feed Low Alumina - SFLA) increased to 79% in 3Q18, contributing to the US$ 1.5/t increase of Vale’s average premium in the realized iron ore fines CFR/FOB wmt price in 3Q18 vs. 2Q18, which has been continuously improving to reach US$ 8.6/t in 3Q18 vs. US$ 7.1/t in 2Q18 and US$ 5.6/t in 3Q17. Sales composition - % Net operating revenue by product Iron ore fines 5,594 4,570 5,131 Pellets 1,627 1,518 1,441 Others 106 113 110 Volume sold Iron ore fines 83,500 72,921 76,388 Pellets 14,250 13,231 13,135 Ferroalloys 37 34 32 23 Manganese ore554239498 ROM476368406 ‘000 metric tons3Q182Q183Q17 Total7,4396,3216,820 Manganese & Ferroalloys104115131 ROM857 US$ million3Q182Q183Q17

REALIZED PRICES Pricing system breakdown - % Price realization – iron ore fines Vale’s CFR dmt reference price for iron ore fines (ex-ROM) was US$ 76.6/t, US$ 9.9/t higher than the market reference price for 62% Fe content, mainly as a result of higher quality and premiums (US$ 8.6/t). Vale’s realized price increased 6.9% (US$ 4.3/t) and totaled US$ 67.0/t, mainly as a result of the above-mentioned higher premiums. The ‘Premiums/Discounts and commercial conditions’ totaled US$ 6.6/t in 3Q18, achieving the highest level ever and increasing by US$ 1.6/t from the US$ 5.0/t recorded in 2Q18. The record 24 The percentage of sales recorded under the provisional pricing system in relation to total sales in 3Q18 was in line with 2Q18, after having decreased in the previous quarters. This new level reflects Vale’s reduced time to market, following the increased number of distribution centers offshore, and therefore being closer to the end customer. The reduction of the share of provisional pricing system sales also improves the predictability of Vale’s results, as it decreases the price adjustments.

was a result of marketing efforts to position Vale’s premium product portfolio and the dynamic supply chain management maximizing margins. Additionally, Vale’s realized premiums were also supported by stronger market premiums. Iron ore fines and pellets quality premium Iron ore fines quality premium 8.6 7.1 5.6 Pellets weighted average contribution 2.4 3.2 1.2 Iron ore fines and pellets total quality premium 11.0 10.3 6.8 Average prices Iron ore - Metal Bulletin 65% index 94.2 86.0 91.2 Iron ore - 62% Fe reference price 66.7 65.3 70.9 Provisional price at the end of the quarter 68.0 64.0 62.7 Iron ore fines CFR reference (dmt) 76.6 72.7 76.1 ROM 18.7 19.5 17.2 Pellets CFR/FOB (wmt) 114.2 114.7 109.7 Manganese ore 109.1 310.1 175.8 COSTS Costs for iron ore fines amounted to US$ 2.459 billion (or US$ 2.738 billion with depreciation charges) in 3Q18. Costs remained practically in line with 2Q1814, with lower C1 cash costs offsetting higher freight costs. IRON ORE COGS - 2Q18 x 3Q18 rate variation C1 cash costs 1,072 137 (73) (103) (39) 1,033 Others 211 31 - 2 33 244 Depreciation 295 39 (24) (31) (16) 279 Unit maritime freight cost per iron ore metric ton was US$ 19.4/t in 3Q18, US$ 2.2/t higher than in 2Q18, mainly due to the impact of higher freight spot prices (US$ 1.0/t) and higher bunker oil prices (US$ 0.9/t)15. C1 CASH COST C1 cash cost FOB port per metric ton for iron ore fines ex-royalties decreased substantially, as previously forecast, and totaled US$ 12.4/t in 3Q18. The reduction of US$ 2.3/t vs. 2Q18 was due to the successful S11D ramp-up, higher productivity, higher dilution of fixed costs on higher 14 After adjusting for the effects of higher sales volumes (US$ 353 million) and the positive impact of exchange rate variations (US$ 73 million). 15 The average bunker oil price in Vale’s freight portfolio increased to US$ 443/t in 3Q18 from US$ 396/t in 2Q18. 25 Total2,439396(97)02992,738 Total costs before depreciation and2,144357(73)313152,459 amortization Freight861189-1323211,182 Variance drivers US$ million2Q18VolumeExchangeOthersTotal3Q18 Ferroalloys1,168.61,194.41,380.3 Iron ore fines CFR/FOB realized price67.062.767.2 Iron ore - Metal Bulletin 62% low alumina index72.667.9n.a. US$/ metric ton3Q182Q183Q17 US$/t3Q182Q183Q17

production volumes, exchange rate variations and lower service and demurrage costs as forecast in the 2Q18 Earnings Release. Iron ore fines costs and expenses in BRL C1 Cash Costs¹ 49.1 53.3 45.8 ¹ Net of depreciation ² Considers the new allocation criteria for general and administrative expenses as described in the box “Managerial Allocation Changes” of the 1Q18 Earnings Release Iron ore fines cash cost and freight Costs (US$ million) (-) Distribution costs 69 51 51 (-) Maritime freight costs (A) 1,182 861 819 FOB at port costs (ex-ROM) 1,208 1,232 1,216 (-) Royalties 175 160 107 Sales volumes (Mt) (-) Total ROM volume sold 0.4 0.4 0.4 Volume sold (ex-ROM) (C) 83.5 72.9 76.4 Freight % of CFR sales (D) 73% 69% 71% Volume CFR (Mt) (E = C x D) 61.0 50.0 54.5 Vale's iron ore unit freight cost (US$/t) (A/E) 19.4 17.2 15.0 EXPENSES16 Iron ore expenses, net of depreciation, amounted to US$ 52 million in 3Q18, 33.3% lower than in 2Q18. Sales and other expenses totaled US$ 1 million in 3Q18, decreasing US$ 25 million vs. 2Q18, mainly due to some positive effects, such as lower provision for doubtful debts, return of insurance premiums on vessels sold and settlement of an insurance claim. R&D amounted to US$ 27 million, remaining practically in line with 2Q18. Pre-operating and stoppage expenses, net of depreciation, amounted to US$ 24 million, 11% lower than in 2Q18, mainly as a result of lower S11D pre-operating expenses. Following the current S11D ramp-up profile, pre-operating expenses related to S11D are expected to be zero as of 1Q19. Iron ore pellets Adjusted EBITDA for pellets in 3Q18 was US$ 800 million, in line with 2Q18, despite the lower dividends received17 (US$ 105 million) which follows a seasonality of payments in the second and 16 Considers the new allocation criteria for general and administrative expenses as described in the box “Managerial Allocation Changes” of 1Q18 Earnings Release. 17 Dividends from leased pelletizing plants, which are usually paid every 6 months in 2Q and 4Q. 26 Maritime freight costs (A)1,182861819 Vale's iron ore cash cost (ex-ROM, ex-royalties), FOB (US$/t) (B/C)12.414.714.5 Total iron ore volume sold83.973.376.8 FOB at port costs (ex-ROM and ex-royalties) (B)1,0331,0721,109 COGS, less depreciation and amortization2,4592,1442,086 3Q182Q183Q17 Expenses¹ ²2.53.93.5 Total51.657.249.3 R$/t3Q182Q183Q17

fourth quarter. Higher sales volumes (US$ 59 million) and lower costs18 (US$ 29 million) partially offset the lower dividends received. Realized prices in 3Q18 were an average CFR/FOB of US$ 114.2/t, in line with 2Q18. CFR pellet sales of 3.9 Mt in 3Q18 represented 27% of total pellet sales, remaining practically in line with 2Q18. FOB pellet sales amounted to 10.4 Mt in 3Q18, also in line with 2Q18. Adjusted EBITDA for pellets totaled US$ 2.4 billion in 9M18, a record level since 9M14, representing 19% of Vale’s total EBITDA in the same period, the highest share since 9M15. Pellets - EBITDA million million Net Revenues / Realized Price 1,627 114.2 1,518 114.7 Dividends Received (Leased pelletizing plants) - - 105 7.9 Expenses (Selling, R&D and other) (16) (1.1) (18) (1.4) IRON ORE FINES AND PELLETS CASH BREAKEVEN19 In 3Q18, Vale’s iron ore fines and pellets EBITDA breakeven reached its lowest level in history of US$ 27.4/t, US$ 1.4/t lower than in 2Q18 as a result of higher quality and premiums for iron ore fines (US$ 1.5/t) and lower C1 cash costs (US$ 2.3/t) which were partially offset by exogenous pressures on freight (US$ 2.2/t) and lower dividends received by the leased pelletizing plants20 (US$ 0.8/t). Iron ore and pellets cash breakeven landed in China¹ Vale's iron ore cash cost (ex-ROM, ex-royalties), FOB (US$/t) 12.4 14.7 14.5 Iron ore fines distribution cost² 0.8 0.7 0.7 Iron ore fines moisture adjustment 3.1 3.2 2.8 Iron ore fines EBITDA breakeven (US$/dmt) 29.8 32.0 29.9 Iron ore fines pellet adjustment (2.4) (3.2) (1.2) Iron ore fines and pellets EBITDA breakeven (US$/dmt) 27.4 28.8 28.7 Iron ore fines sustaining investments 3.0 3.5 3.2 Iron ore fines and pellets cash breakeven landed in China (US$/dmt) 30.4 32.3 31.8 ¹ Measured by unit cost + expenses + sustaining investment adjusted for quality ² Distribution cost per ton calculation method has been revised and adjusted retroactively, now dividing by total sales volume instead of CFR sales volume ³ Net of depreciation and includes dividends received 18 Net of exchange rate variations and higher volumes. 19 Considers the new allocation criteria for general and administrative expenses as described in the box “Managerial Allocation Changes” of 1Q18 Earnings Release. 20 Dividends from leased pelletizing plants, which are usually paid every 6 months in 2Q and 4Q. 27 Iron ore fines quality adjustment(8.6)(7.1)(5.6) Iron ore fines expenses³ & royalties2.73.32.5 Iron ore fines freight cost (ex-bunker oil hedge)19.417.215.0 US$/t3Q182Q183Q17 EBITDA80056.179760.2 Cash Costs (Iron ore, leasing, freight, overhead, energy and other)(811)(56.9)(808)(61.1) 3Q182Q18 US$ US$/wmtUS$ US$/wmt

Manganese and ferroalloys Adjusted EBITDA of manganese ore and ferroalloys was US$ 32 million in 3Q18, US$ 15 million lower than in 2Q18, mainly due to lower sales volumes (US$ 41 million) which were partially offset by lower costs21 (US$ 26 million). Volume sold by destination – iron ore and pellets Americas 10,608 10,155 9,306 Brazil 7,460 7,064 6,710 Others 3,148 3,091 2,596 China 56,754 45,995 52,355 Japan 7,320 8,094 8,127 Others 6,954 5,172 5,372 Germany 4,147 4,545 4,309 France 1,875 1,769 1,678 Others 5,396 6,795 4,239 Rest of the World 1,599 2,035 2,390 Total 98,226 86,520 89,929 Selected financial indicators - Ferrous Minerals Net Revenues 7,439 6,321 6,820 Expenses¹ (6) (33) (27) Pre-operating and stoppage expenses¹ (30) (33) (49) R&D expenses (34) (32) (27) Adjusted EBITDA 3,960 3,228 3,763 Depreciation and amortization (408) (425) (442) Adjusted EBIT 3,552 2,803 3,321 ¹ Net of depreciation and amortization Selected financial indicators - Iron ore fines Adjusted EBITDA (US$ million) 3,083 2,349 2,961 Adjusted EBITDA (US$/t) 36.9 32.2 38.8 Selected financial indicators - Pellets Adjusted EBITDA (US$ million) 800 797 692 Volume Sold (Mt) 14.3 13.2 13.1 Adjusted EBITDA (US$/t) 56.1 60.2 52.7 Selected financial indicators - Ferrous ex Manganese and Ferroalloys Adjusted EBITDA (US$ million) 3,928 3,181 3,705 Adjusted EBITDA (US$/t) 40.0 36.8 41.2 ¹ Volume including iron ore fines, pellets and ROM. 21 After adjusting for the effects of lower volumes (US$ 37 million) and exchange rate variations (-US$ 4 million). 28 Volume Sold (Mt)¹98.286.589.9 US$ million3Q182Q183Q17 US$ million3Q182Q183Q17 Volume Sold (Mt)83.572.976.4 US$ million3Q182Q183Q17 Adjusted EBIT margin (%)47.744.348.7 Dividends and interests on associates and JVs710613 Costs¹(3,416)(3,101)(2,967) US$ million3Q182Q183Q17 Middle East3,5731,9602,153 Europe11,41813,10910,226 Asia71,02859,26165,854 ‘000 metric tons3Q182Q183Q17

Base Metals ADJUSTED EBITDA Base Metals adjusted EBITDA was US$ 528 million in 3Q18 vs. US$ 778 million in 2Q18, with about 65% of the US$ 250 million decrease related to the exogenous factor of lower prices for nickel, copper and cobalt (US$ 162 million). The remainder was mainly associated with Sudbury’s annual scheduled maintenance shutdown and its effects on lower by-product volumes, leading to lower volumes (US$ 86 million) and higher costs22 (US$ 33 million), mostly from one-off effects of the above-mentioned maintenance shutdown. Despite lower LME prices, the average nickel realized price was US$ 14,092/t, US$ 826/t higher than the average LME nickel price of US$ 13,266/t in 3Q18, an aggregate nickel price realization 6.2% above LME prices, the highest percentage above the benchmark in the last 10 years, and in line with the strategy of exploring the potential of its premium nickel products. Base Metals EBITDA in 9M18 was US$ 1.950 billion, significantly higher than the US$ 1.441 billion registered in 9M17. The EBITDA increase comes even with the one-off adaptations of Canadian flowsheet in 3Q18 and the resumption of Coleman mine in 2Q18. Looking forward, the Base Metals business will improve its performance based on the operational stabilization plan of its new management team along with the tailwind of EV demand for battery-suitable nickel as a catalyst in the medium to long-term. Average prices Nickel 14,092 14,784 10,554 Platinum (US$/oz) 1,229 877 917 Silver (US$/oz) 13.6 15.3 15.9 Base Metals EBITDA overview – 3Q18 North Onça US$ million PTVI Site VNC Site Sossego Salobo Others Base Costs (535) (132) (137) (44) (84) (142) 44 (1,030) Pre-operating and stoppage (7) - - (1) - - - (8) 22 Net of volume and exchange rate effects. 29 R&D(3)(3)(2)(1)(3)(1)(2)(15) EBITDA14870(42)295221655528 Selling and other expenses---(1)(2)-(2)(5) Total AtlanticPumaMetals Net Revenues6932059776141359151,586 Cobalt (US$/t)57,70673,98453,428 Gold (US$/oz)1,1981,3301,175 Copper4,8956,0206,203 US$/ metric ton3Q182Q183Q17

Nickel operations Nickel operations – EBITDA by operation US$ million 3Q18 2Q18 3Q17 North Atlantic operation¹ 148 393 240 PTVI 70 66 35 VNC (42) 1 (6) Onça Puma 29 25 13 Others² 55 12 (32) Total 260 497 250 ¹ Includes the operations in Canada and in the United Kingdom ² Includes the PTVI and VNC off-takes, intercompany sales eliminations, purchase of finished nickel and corporate center allocation for Base Metals Nickel operations – unit cash cost of sales, net of by-product credits US$/t 3Q18 2Q18 3Q17 North Atlantic operations¹ 9,234 4,680 4,484 PTVI 7,084 7,170 5,866 VNC 15,100 12,515 9,841 Onça Puma 7,938 7,957 7,944 ¹ North Atlantic figures include Clydach and Acton refining costs. Details of nickel operations’ adjusted EBITDA by operation are as follows: • The North Atlantic operations EBITDA was US$ 148 million, decreasing by US$ 245 million vs. 2Q18 mainly due to lower nickel and by-product volumes (US$ 77 million), higher costs (US$ 76 million) and lower nickel, copper and cobalt realized prices (US$ 73 million). Unit cash costs increased mostly due to lower copper, and other by-products volumes as nickel volumes decreased in the quarter with Sudbury’s maintenance shutdown and Thompson’s transition to a mine-mill operation. Also, there were the effects of lower dilution of fixed costs, as nickel volumes decreased in the quarter, and lower by-product prices, in line with lower LME benchmark prices. • PTVI’s EBITDA was US$ 70 million, increasing by US$ 4 million when compared to 2Q18, due to slightly higher nickel price realization (US$ 3 million) related to the timing of deliveries in the quarter. Unit cash costs were in line with 2Q18. • VNC's EBITDA was negative US$ 42 million, decreasing by US$ 43 million when compared to 2Q18, mainly as a result of lower nickel and cobalt realized prices (US$ 33 million) and higher costs23 (US$ 11 million). Unit cash costs increased with lower cobalt prices affecting by-product credits and also due to lower ore deliveries from the mine and refinery limitations. • Onça Puma’s EBITDA was US$ 29 million, increasing by US$ 4 million when compared to 2Q18. Unit cash costs were in line with 2Q18 as favourable exchange rate variations offset a slight increase in costs related to energy and supplies. 23 Costs net of volume effect. 30

EBITDA breakeven – nickel operations24 SALES REVENUES AND VOLUMES Nickel sales revenues were US$ 807 million in 3Q18, decreasing US$ 104 million vs. 2Q18 as a result of lower sales volumes (US$ 64 million) and lower realized prices (US$ 40 million). Sales volumes of nickel were 57 kt in 3Q18, 5 kt lower than in 2Q18. Nickel sales volumes were lower than in 2Q18 in line with lower production in the quarter, partially offset by drawdown of finished inventory in 3Q18. Copper by-product from nickel operations generated sales revenues of US$ 96 million in 3Q18, decreasing US$ 80 million vs. 2Q18 as a result of lower sales volumes (US$ 50 million), mainly related to lower copper by-product from the North Atlantic operations, and lower copper realized prices (US$ 30 million) following the decrease in the LME benchmark. Sales volumes of copper by-product totaled 21 kt in 3Q18, 9 kt lower than in 2Q18. Sales volumes were lower than in 2Q18 reflecting the annual scheduled maintenance in Sudbury and the strategic decision to decrease mine production at Voisey’s Bay to extend the mine lifespan to match the Voisey’s Bay Mine Extension (VBME) underground development schedule. Cobalt by-product sales revenues totaled US$ 65 million in 3Q18, decreasing US$ 29 million vs. 2Q18 mainly as a result of lower cobalt prices (US$ 18 million). Sales volumes of cobalt by-product amounted to 1,120 t in 3Q18, 152 t lower than in 2Q18. Net operating revenue by product - Nickel operations US$ million 3Q18 2Q18 3Q17 Nickel 807 911 752 Copper as by-product 96 176 227 Gold as by-product 10 23 27 Silver as by-product 2 5 4 PGMs 103 126 72 Cobalt 65 94 79 Others 3 4 8 Total 1,086 1,339 1,169 24 Considering only the cash effect of US$ 400/oz that Wheaton Precious Metals pays for 70% of Sudbury’s gold by-product, nickel operations EBITDA breakeven would increase to US$ 9,540/t 31

Volume sold - Nickel operations Class I nickel 32 37 37 Class II Battery-suitable nickel 15 16 17 Class II nickel 6 4 6 Copper as by-product 21 30 37 Gold as by-product ('000 oz) 11 18 34 Silver as by-product ('000 oz) 185 329 242 Cobalt (metric ton) 1,120 1,272 1,482 REALIZED NICKEL PRICES Vale’s nickel products are classified as Class I, Class II Battery-suitable, Class II and Intermediates. In 3Q18, 56% of our production was high-quality Class I. Considering Class II products that can be used in the production of batteries, 82% of Vale’s current quarterly production has an upside with the advent of EVs. The proportion of Class I within the nickel product mix decreased temporarily in 3Q18 as a result of the one-off lower production from Sudbury and Thompson. 32 PGMs ('000 oz)9013885 Intermediates4411 ‘000 metric tons3Q182Q183Q17 Nickel576271

Class I products, 32 kt, 56% of nickel sales in 3Q18 Class I products are sourced from 100% of North Atlantic operations and 46% of PTVI operations. Part of the Class I nickel products is being sold at premiums for the specialties/high-quality markets but part of it is sold to stainless-steel Class II markets, with lower premiums. As demand for specialty products and batteries for EVs increases, a larger portion of our high-quality Class I nickel products will be sold to Class I markets, capturing a larger share of premiums among its products. In line with the strategy to increase awareness of the quality of Vale’s new Class I products, in September Vale welcomed more than 80 significant customers to attend a workshop in Long Harbour. The event was an opportunity for customers to learn about Vale’s business, its processes and to see, firsthand, how Vale’s new plating rounds were made as well as its benefits. Class II Battery-suitable, Class II and Intermediates, 25 kt, 44% of nickel sales in 3Q18 Class II Battery-suitable products offer an upside for use as feed into the battery supply chain for EV batteries. Although technically any nickel can be upgraded to the purity level required by the EV batteries market, the products comprising the Class II Battery-suitable nickel are those which offer economic feasibility and cost-efficient solutions to be used in that market. Also, the different products included in this category offer different levels of potential and readiness for 33

utilization in EVs. The Class II Battery-suitable products are sourced from 100% of VNC operations and 35% of PTVI operations. It is economically challenging to use Class II products such as ferro-nickel in electric vehicle battery applications, mainly due to impurities, operational costs and capital costs associated with the conversion process. Vale’s Class II products are sourced from 100% of Onça Puma operations. Intermediate products are sourced from 19% of PTVI production. These products do not represent finished nickel production and are generally sold at a discount given that they still need to be processed before being sold to end customers. Premiums/discount by nickel product Class II Battery-suitable nickel (90) (180) (100) Class II nickel 260 420 190 Intermediates (2,860) (2,690) (1,210) The average nickel realized price was US$ 14,092/t, US$ 826/t higher than the average LME nickel price of US$ 13,266/t in 3Q18. The aggregate impact of the aforementioned premiums and discounts (considering their respective volumes in the sales mix) was: • Premium for Class I nickel products for 56% of sales, with aggregate impact of US$ 739/t; • Discount for Class II Battery-suitable nickel products for 26% of sales, with aggregate impact of -US$ 23/t; • Premium for Class II nickel products for 11% of sales, with aggregate impact of US$ 29/t; • Discount for Intermediates for 7% of sales, with aggregate impact of -US$ 201/t; • Other timing and pricing adjustments, mainly due to carryover effects from the differences between the LME price at the moment of sale and the quarterly LME average, along with the impact of fixed forward price sales, with a positive aggregate impact of US$ 282/t. Nickel premium/discount by product and average aggregate premiums 34 US$/t3Q182Q183Q17 Class I nickel1,3201,430790

Nickel COGS - 2Q18 x 3Q18 rate Nickel operations 810 (54) (11) 59 (6) 804 Depreciation 309 (45) 5 45 5 314 Total 1,119 (99) (6) 104 (1) 1,118 EXPENSES25 Selling expenses and other expenses totaled US$ 3 million in 3Q18, lower than the US$ 18 million registered last quarter as, in 2Q18, part of the G&A expenses was still in transition from the Base Metals business segment to “Others”, along with other general and corporate expenses that are not directly related to the performance of the nickel segment. R&D expenses were US$ 11 million in 3Q18, higher than the US$ 8 million registered in 2Q18. These expenses encompass R&D initiatives for further operational improvements, with North Atlantic, PTVI and VNC corresponding to US$ 5 million, US$ 3 million and US$ 2 million, respectively, in the quarter. Pre-operating and stoppage expenses were US$ 8 million in 3Q18, mainly due to care and maintenance expenses for Stobie and Birchtree in the North Atlantic operations (US$ 5 million) and expenses associated with the closure of Acton PGM refinery in the U.K. (US$ 2 million). Selected financial indicators - Nickel operations Net revenues 1,086 1,340 1,168 Expenses¹ (3) (18) (21) Pre-operating and stoppage expenses¹ (8) (7) - R&D expenses (11) (8) (14) Adjusted EBITDA 260 497 250 Depreciation and amortization (316) (313) (340) Adjusted EBIT (56) 184 (90) ¹ Net of depreciation and amortization Copper operations – Salobo and Sossego Copper operations – unit cash cost of sales, net of by-product credits Sossego 2,822 3,212 2,951 Copper – EBITDA by operation Sossego 52 61 77 25 Considers the new allocation criteria for general and administrative expenses as described in the box “Managerial Allocation Changes” of the 1Q18 Earnings Release. 35 Salobo216220260 Total268281337 US$ million3Q182Q183Q17 Salobo351937792 US$/t3Q182Q183Q17 Adjusted EBIT margin (%)(5.2)13.7(7.7) Dividends and interests on associates and JVs---Costs¹(804)(810)(883) US$ million3Q182Q183Q17 Variance drivers US$ million2Q18VolumeExchangeOthersTotal variation3Q18

Details of copper operations’ adjusted EBITDA by operation are as follows: • Sossego’s EBITDA was US$ 52 million, decreasing by US$ 9 million vs. 2Q18, mainly as a result of lower copper realized prices (US$ 24 million) that were partially offset by positive exchange rate variations (US$ 7 million) and higher volumes (US$ 6 million). Unit cash costs decreased mainly due to dilution of costs on higher by-product volumes along with the positive effect of exchange rate variations. • Salobo’s EBITDA was US$ 216 million, in line with 2Q18. Unit cash costs decreased to US$ 351/t, reaching close to negative cost levels, mainly due to higher by-product credits, the impact of higher volumes on fixed cost dilution and the positive effect of exchange rate variations. EBITDA breakeven – copper operations26 The realized price to be used against the EBITDA breakeven should be the copper realized price before discounts (US$ 5,590/t), given that TC/RCs and other discounts are already part of the EBITDA breakeven build-up. SALES REVENUES AND VOLUMES Copper sales revenues were US$ 356 million in 3Q18, decreasing US$ 38 million vs. 2Q18 as a result of lower realized prices (US$ 75 million) which were partially offset by higher copper volumes (US$ 37 million). Copper sales volumes were 71 kt in 3Q18, 6 kt higher than in 2Q18, in line with the increase in production over the quarter. By-products revenues were US$ 143 million in 3Q18, increasing US$ 6 million vs. 2Q18 as a result of higher volumes (US$ 20 million) which were partially offset by lower by-product prices (US$ 13 million). Sales volumes of gold by-product were 114,000 oz in 3Q18, 15,000 oz higher than in 2Q18 and sales volumes of silver by-product were 211,000 oz in 3Q18, 48,000 oz lower than in 2Q18. 26 Considering only the cash effect of US$ 400/oz that Wheaton Precious Metals pays for 75% of Salobo’s gold by-product, copper operations EBITDA breakeven would increase to US$ 2,659/t 36

Net operating revenue by product - Copper operations Copper 356 394 456 Silver as by-product 3 4 3 Volume sold - Copper operations Copper 71 65 73 Silver as by-product ('000 oz) 211 259 223 REALIZED COPPER PRICES The realized copper price was US$ 4,988/t, US$ 1,117/t lower than the average LME copper price of US$ 6,105/t in 3Q18. Vale’s copper products are sold on a provisional pricing basis during the quarter with final prices determined in a future period, generally one to four months forward27. The realized copper price differed from the average LME price in 3Q18 due to the following factors: • Current period price adjustments: mark-to-market of invoices still open in the quarter based on the copper price forward curve28 at the end of the quarter (-US$ 47/t); • Prior period price adjustment: variance between the price used in final invoices (and in the mark-to-market of invoices from previous quarters still open at the end of the quarter) and the provisional prices used for sales in previous quarters (-US$ 468/t); and, • TC/RCs, penalties, premiums and discounts for intermediate products (-US$ 602/t). Price realization – copper operations 27 On September 30th, 2018, Vale’s copper operations had provisionally priced copper sales totaling 57,485 tons valued at an LME forward price of US$ 6,201/t, subject to final pricing over the following months. 28 Includes a small number of final invoices that were provisionally priced and settled within the quarter. 37 Gold as by-product ('000 oz)11499104 ‘000 metric tons3Q182Q183Q17 Total500531593 Gold as by-product140133134 US$ million3Q182Q183Q17

Copper COGS - 2Q18 x 3Q18 rate Copper operations 245 23 (16) (26) (19) 226 EXPENSES Selling expenses and other expenses totaled US$ 2 million in 3Q18. Research and development expenses were US$ 4 million in 3Q18, in line with 2Q18, with Sossego and Salobo corresponding to US$ 3 million and US$ 1 million, respectively, in the quarter. Selected financial indicators - Copper operations Net revenues 500 530 594 Costs¹ (226) (245) (246) Expenses¹ (2) - (5) R&D expenses (4) (4) (6) Dividends and interests on associates and JVs - - - Adjusted EBITDA 268 281 337 Adjusted EBIT 229 228 282 Adjusted EBIT margin (%) 45.8 43.0 47.5 ¹ Net of depreciation and amortization 38 Depreciation and amortization(39)(53)(55) Pre-operating and stoppage expenses¹---US$ million3Q182Q183Q17 Depreciation545(3)(17)(15)39 Total29928(19)(43)(34)265 Variance drivers US$ million2Q18VolumeExchangeOthersTotal variation3Q18

Coal ADJUSTED EBITDA The adjusted EBITDA of Vale’s Coal business was US$ 16 million in 3Q18, US$ 29 million lower than in 2Q18, as higher costs associated with the structural changes being implemented in the business and lower metallurgical coal realized prices more than offset the positive impact of higher sales volumes and lower expenses. Volume sold Metallurgical coal 1,611 1,408 1,869 Thermal coal 1,584 1,101 1,279 Total 3,195 2,508 3,148 REVENUES AND PRICE REALIZATION Revenues increased US$ 69 million to US$ 425 million in 3Q18 from US$ 356 million in 2Q18, mainly due to higher sales volumes (US$ 79 million) and higher thermal coal realized prices (US$ 5 million), which were partially offset by lower metallurgical coal realized prices (US$ 16 million). Net operating revenue by product Metallurgical coal 284 261 266 Vale’s metallurgical coal realized price declined 5.3% in 3Q18, to US$ 175.9/t in 3Q18 from US$ 185.9/t in 2Q18, with price realization of 93% of market index in 3Q18. Price realization was mainly affected by: (i) lower allocation in September when market prices were higher, while lagged index sales were priced based on previous months lower prices, (ii) widening spread between premium and non-premium indices and (iii) increased freight rates to Asia. 39 Thermal coal1419594 Total425356360 US$ million3Q182Q183Q17 ‘000 metric tons3Q182Q183Q17

Price realization – Metallurgical coal US$/t, 3Q18 Vale’s thermal coal realized price increased US$ 3.1/t in 3Q18, to US$ 89.2/t in 3Q18 from US$ 86.1/t in 2Q18, with price realization of 88% of market index in 3Q18, higher than the 86% of market index achieved in 2Q18. The 2 p.p. higher price realization was mainly due to higher lagged indexed sales prices as the market index trended lower in the quarter. Price realization – Thermal coal US$/t, 3Q18 Coal prices Metallurgical coal index price¹ 188.6 190.2 188.8 Thermal coal index price² 101.6 100.3 86.6 Vale’s average realized price 132.9 142.1 114.2 ¹ Reference price Premium Low Vol Hard Coking Coal FOB Australia. ² Argus API4 FOB Richards Bay 6000 kg/kcal Nar 40 Vale’s thermal coal realized price89.286.173.8 Vale’s metallurgical coal realized price175.9185.9141.8 US$ / metric ton3Q182Q183Q17

COSTS AND EXPENSES Costs totaled US$ 433 million in 3Q18, US$ 106 million higher than in 2Q18, mainly due to higher volumes and the implementation of initiatives associated with the structural changes in the coal segment, such as the increase in removal of overburden, opening of new mine sections and preparation of selected mining pits for future tailing disposals. Therefore, pro-forma C1 cash cost increased to US$ 125.0/t in 3Q18 from US$ 116.6/t in 2Q18. Despite the short-term impact on costs, these initiatives will ensure a sustainable ramp-up of Moatize from 2019 onwards. Pro-forma cash cost Nacala non-operational tariff² ³ (B) 53.2 51.9 45.5 Cost at Nacala Port (D = A+B+C) 133.2 128.1 114.2 Pro-forma C1 cash cost (F = D-E) 125.0 116.6 92.9 ¹ Includes the inferred NLC tariff components related to fix and variable costs and excludes royalties ² Includes the inferred NLC tariff components related to sustaining capex, working capital, taxes and other financial items ³ Reallocation of US$ 6.7/t in 2Q18 between pro-forma operational costs and Nacala non-operational tariff lines due to adjustment of accounting procedure from railed volume to sales volume Selected financial indicators - Coal Net Revenues 425 356 360 Costs¹ (433) (327) (368) Expenses¹ 2 (7) (2) R&D expenses (4) (6) (4) Dividends and interests on associates and JVs 26 29 67 Adjusted EBITDA 16 45 53 Adjusted EBIT (51) (10) (2) Adjusted EBIT margin (%) (12.0) (2.9) (0.5) ¹ Net of depreciation and amortization 41 Depreciation and amortization(67)(56)(55) Pre-operating and stoppage expenses¹---US$ million3Q182Q183Q17 NLC’s debt service to Vale (E)8.111.621.3 Other costs (C)0.13.6(1.3) US$/ metric ton3Q182Q183Q17 Pro-forma operational costs¹ ³ (A)79.972.670.0

ANNEXES SIMPLIFIED FINANCIAL STATEMENTS Income Statement Net operating revenue 9,543 8,616 9,050 Cost of goods sold (5,756) (5,377) (5,412) Gross margin (%) 39.7 37.6 40.2 Research and development expenses (87) (92) (91) Other operational expenses (61) (109) (151) Operating profit 3,271 2,854 3,015 Financial revenues 111 81 152 Gains (losses) on derivatives, net (105) (306) 365 Equity results in associates and joint ventures 32 41 115 ventures Income (loss) before taxes 2,020 (571) 3,324 Current tax 77 (127) (522) Deferred tax (724) 791 (457) Net Earnings (loss) from continuing operations 1,373 93 2,345 Net income (loss) attributable to noncontrolling interest (35) 7 7 stockholders) Earnings (loss) per share (attributable to the Company's stockholders - US$) 0.27 0.01 0.43 Company's stockholders - US$) Equity income (loss) by business segment Ferrous Minerals 110 350 105 256 91 79 Base Metals 1 4 - - 1 1 Logistics - - - - - - Steel (95) (302) (63) (154) 9 8 42 Others1548(9)(22)109 Total3210341100115100 Coal1282043 US$ million3Q18%2Q18%3Q17% Diluted earnings (loss) per share (attributable to the0.270.010.43 Gain (loss) from discontinued operations-(10)(108) Net earnings (attributable to the Company's1,408762,230 Impairment and others results in associates and joint(20)(411)(26) Monetary and exchange variation(902)(2,049)461 Financial expenses(367)(781)(758) Impairment and others results in non-current assets(172)5(169) Pre-operating and stoppage expenses(60)(67)(83) Selling, general and administrative expenses(136)(122)(129) Gross profit3,7873,2393,638 US$ million3Q182Q183Q17

Balance sheet Cash and cash equivalents 6,100 6,369 4,719 Other financial assets 413 482 2,255 Prepaid income taxes 645 657 333 Others 518 590 337 Judicial deposits 1,681 1,744 2,005 Recoverable income taxes 561 505 539 Deferred income taxes 5,713 6,535 6,651 Fixed assets 58,369 59,925 68,786 Suppliers and contractors 4,038 3,587 4,013 Other financial liabilities 885 795 634 Provision for income taxes 159 255 309 Liabilities related to associates and joint ventures 292 273 301 Liabilities directly associated with non-current assets held for sale and discontinued operations - - 1,132 Loans and borrowing 15,437 16,084 23,952 Taxes payable 3,858 4,071 5,168 Provisions 6,367 6,567 6,877 Gold stream transaction 1,669 1,725 1,922 43 Others2,0541,9991,682 Total liabilities43,84545,19955,610 Stockholders' equity41,64142,88846,482 Total liabilities and stockholders' equity85,48688,087102,092 Liabilities related to associates and joint ventures761895725 Deferred income taxes1,7111,6781,604 Other financial liabilities2,8182,9942,963 Non-current liabilities34,67536,01344,893 Others619809563 Provisions1,1731,0051,197 Taxes payable631640730 Loans and borrowing1,3731,8221,838 Total assets85,48688,087102,092 Liabilities Current liabilities9,1709,18610,717 Others271304309 Recoverable taxes543564651 Other financial assets3,2173,0423,262 Non-current assets held for sale and discontinued operation--4,325 Non-current assets11,98612,69413,417 Recoverable taxes9491,0231,125 Inventories4,0563,9994,083 Accounts receivable2,4502,3482,712 US$ million9/30/20186/30/20189/30/2017 Assets Current assets15,13115,46819,889

Cash flow Cash flows from operating activities: Adjustments to reconcile Equity Income (32) (41) (115) Items of the financial result 1,263 3,055 (220) Accounts receivable (149) 201 (936) Suppliers and contractors 336 (37) 37 Tax assets and liabilities, net (18) (18) (114) Others 28 (422) (121) Interest on loans and financing (248) (274) (407) Remuneration paid to debentures - (72) - Income taxes - settlement program (104) (113) (124) Cash flows from investing activities: Proceeds from disposal of assets and investments 116 259 198 and associates Loans and advances receivable (87) (99) (101) Net cash used in investing activities (701) (440) (825) Loans and financing Repayments (1,169) (2,599) (2,818) Dividends and interest on capital (1,876) - - interest Other transactions with noncontrolling interest (489) - - Increase (decrease) in cash and cash equivalents from discontinuing operations - (2) (18) Cash and cash equivalents in the beginning of the period 6,369 5,368 5,720 equivalents Cash of subsidiaries disposed - (14) 2 Non-cash transactions: capitalization 44 Additions to property, plant and equipment - interest5044111 Cash and cash equivalents, end of period6,1006,3694,719 Effect of exchange rate changes on cash and cash(59)(247)28 Increase (decrease) in cash and cash equivalents(210)1,2621,031 Net cash provided by (used in) financing activities(3,405)(1,840)(2,583) Dividends and interest on capital attributed to noncontrolling(82)(6)(116) Payments to shareholders: Additions211765351 Cash flows from financing activities: Others(45)(25)(30) Dividends and interest on capital received from joint ventures713621 Additions to property, plant, equipment and investments(692)(711)(913) Net cash provided by operating activities3,8953,5442,395 Income taxes(220)(46)(84) Derivatives received (paid), net(22)12(113) Net cash provided by operations4,4894,0373,123 Cobalt transaction-690-Payroll and related charges200175205 Inventories(200)(262)(52) Variation of assets and liabilities Impairment on assets and investments192406195 Depreciation, depletion and amortization849861920 Net income (loss) before taxes on income2,020(571)3,324 US$ million3Q182Q183Q17

REVENUES, VOLUMES SOLD, PRICES AND MARGINS Net operating revenue by destination US$ million 3Q18 % 2Q18 % 3Q17 % North America 587 6.2 578 6.7 617 6.8 Canada 210 2.2 184 2.1 246 2.7 Mexico 25 0.3 40 0.5 19 0.2 South America 937 9.8 890 10.3 916 10.1 Others 162 1.7 155 1.8 133 1.5 Asia 5,909 61.9 5,060 58.7 5,520 61.0 China 4,266 44.7 3,264 37.9 3,822 42.2 South Korea 312 3.3 402 4.7 384 4.2 Others 634 6.6 635 7.4 578 6.4 Europe 1,427 15.0 1,549 18.0 1,409 15.6 Italy 110 1.2 150 1.7 99 1.1 Others 949 9.9 972 11.3 942 10.4 Middle East 459 4.8 252 2.9 282 3.1 Volume sold - Minerals and metals Iron ore fines 83,500 72,921 76,388 ROM 476 368 406 Pellets 14,250 13,231 13,135 Ferroalloys 37 34 32 Thermal coal 1,584 1,101 1,279 Metallurgical coal 1,611 1,408 1,869 Copper 92 95 110 Gold as by-product ('000 oz) 125 117 138 Silver as by-product ('000 oz) 396 588 465 Cobalt (metric ton) 1,120 1,272 1,482 Average prices Iron ore fines CFR reference (dmt) 76.6 72.7 76.1 ROM 18.7 19.5 17.2 Manganese ore 109.1 310.1 175.8 Thermal coal 89.2 86.1 73.8 Nickel 14,092 14,784 10,554 Platinum (US$/oz) 1,229 877 917 Silver (US$/oz) 13.6 15.3 15.9 45 Cobalt (US$/t)57,70673,98453,428 Gold (US$/oz)1,1981,3301,175 Copper4,8956,0206,203 Metallurgical coal175.9185.9141.8 Ferroalloys1,1691,1941,380 Pellets CFR/FOB (wmt)114.2114.7109.7 Iron ore fines CFR/FOB realized price67.062.767.2 US$/ton3Q182Q183Q17 PGMs ('000 oz)9013885 Nickel576271 Manganese ore554239498 ‘000 metric tons3Q182Q183Q17 Rest of the World2242.32873.33063.4 Total9,543100.08,616100.09,050100.0 Germany3683.94275.03684.1 Japan6977.37598.87368.1 Brazil7758.17358.57838.7 USA3523.73544.13523.9

Operating margin by segment (EBIT adjusted margin) Ferrous Minerals 47.7 44.3 48.7 Coal (12.0) (2.9) (0.5) Base Metals 10.9 22.0 10.9 Total¹ 36.9 35.3 35.2 ¹ Excluding non-recurring effects RECONCILIATION OF IFRS AND “NON-GAAP” INFORMATION (a) Adjusted EBIT¹ Net operating revenues 9,543 8,616 9,050 SG&A (136) (122) (129) Pre-operating and stoppage expenses (60) (67) (83) Dividends and interests on associates and JVs 33 165 - ¹ Excluding non-recurring effects. (b) Adjusted EBITDA EBITDA defines profit or loss before interest, tax, depreciation and amortization. Vale uses the term adjusted EBITDA to reflect exclusion of gains and/or losses on sale of assets, non-recurring expenses and the inclusion of dividends received from non-consolidated affiliates. However, our adjusted EBITDA is not the measure defined as EBITDA under IFRS, and may possibly not be comparable with indicators with the same name reported by other companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of liquidity than operational cash flow, which are calculated in accordance with IFRS. Vale provides its adjusted EBITDA to give additional information about its capacity to pay debt, carry out investments and cover working capital needs. The following table shows the reconciliation between adjusted EBITDA and operational cash flow, in accordance with its statement of changes in financial position: 46 Adjusted EBIT3,5253,0413,184 Other operational expenses(12)(82)(151) Research and development(87)(92)(91) COGS(5,756)(5,377)(5,412) US$ million3Q182Q183Q17 %3Q182Q183Q17

Reconciliation between adjusted EBITDA and operational cash flow Adjusted EBITDA 4,374 3,902 4,192 Working capital: Inventories (200) (262) (52) Suppliers 336 (37) 37 Payroll and related charges 200 175 205 Adjustment for non-recurring items and other effects (82) (192) (88) Cash provided from operations 4,489 4,037 3,123 Income taxes paid - current (220) (46) (84) Interest paid for third parties (248) (274) (407) Participative stockholders' debentures paid - (72) - Derivatives received (paid), net (22) 12 (113) Net cash provided by (used in) operating activities 3,895 3,544 2,395 Reconciliation between adjusted EBITDA and net income (loss) Depreciation, depletion and amortization (849) (861) (920) ventures Special events (221) (22) (169) Financial results (1,263) (3,055) 220 Impairment and other results in associates and joint ventures (20) (411) (26) Net income 1,373 93 2,345 Net income attributable to Vale's stockholders 1,408 86 2,338 (c) Net debt Total debt 16,810 17,906 25,790 Cash and cash equivalents¹ 6,106 6,387 4,724 Net debt 10,704 11,519 21,066 ¹ Including financial investments. (d) Total debt / LTM Adjusted EBITDA Total debt / LTM Adjusted EBITDA (x) 1.0 1.1 1.6 Total debt / LTM operational cash flow (x) 1.3 1.5 2.3 (e) LTM Adjusted EBITDA / LTM interest payments Adjusted LTM EBITDA / LTM gross interest (x) 12.8 11.4 8.8 LTM operational profit / LTM interest payments (x) 9.7 8.6 6.1 47 LTM adjusted EBITDA / LTM interest payments (x)13.011.49.1 US$ million3Q182Q183Q17 US$ million3Q182Q183Q17 US$ million3Q182Q183Q17 Net income attributable to noncontrolling interests(35)77 Income taxes(647)664(979) Equity results in associates and joint ventures3241115 Operating income3,2712,8543,015 Dividends received and interest from associates and joint(33)(165)(88) US$ million3Q182Q183Q17 Adjusted EBITDA4,3743,9024,192 Income taxes paid - settlement program(104)(113)(124) Others10250(235) Accounts receivable(149)201(936) US$ million3Q182Q183Q17