This document provides a summary of Vale's performance in 4Q12 and 2012. Some key points include: - Iron ore production reached a record high of 85.5 Mt in 4Q12, driven by the ramp up of new projects. - Overall revenues declined due to lower metals prices, but operational margins remained strong at 31.5% in 2012. - New growth projects like Salobo, Lubambe, and Voisey's Bay nickel are ramping up as planned and expected to be significant value creators. - Safety and sustainability remain top priorities, with injury rates continuing to decline. - The company is focused on capital discipline and unlocking value from its existing low

1. Starting to deliver
the turnaround
2012/4Q12 performance
February 28, 2013

2. Disclaimer
“This presentation may include statements that present Vale's expectations about
future events or results. All statements, when based upon expectations about
the future and not on historical facts, involve various risks and uncertainties. Vale
cannot guarantee that such statements will prove correct. These risks and
uncertainties include factors related to the following: (a) the countries where we
operate, especially Brazil and Canada; (b) the global economy; (c) the capital
markets; (d) the mining and metals prices and their dependence on global
industrial production, which is cyclical by nature; and (e) global competition in the
markets in which Vale operates. To obtain further information on factors that may
lead to results different from those forecast by Vale, please consult the reports
Vale files with the U.S. Securities and Exchange Commission (SEC), the
Brazilian Comissão de Valores Mobiliários (CVM), the French Autorité des
Marchés Financiers (AMF) and The Stock Exchange of Hong Kong Limited, and
in particular the factors discussed under “Forward Looking Statements” and “Risk
Forward-Looking Statements Risk
Factors” in Vale’s annual report on Form 20-F.”
2

3. At Vale, life comes first. Health and safety is a
key priority
Frequency of accidents remain on a declining trend.
We are continuing to pursue a much safer environment to our employees.
employees
1.5 LWCFR¹ 8.0 TRIFR¹
5.7
1.0
0.9
09
0.8 3.9
0.7
3.3
2.8
2008 2009 2010 2011 2012 2008 2009 2010 2011 2012
¹ LWCFR = Lost workday case frequency rate = all accidents ¹ TRIFR = Total recordable injury frequency rate = all personal
suffered by employees and contractors that result in injuries accidents suffered by employees and contractors resulting in
per million hours of work time off work per million hours of work
3

4. Our goal is to maximize shareholder return
through the cycles. We are actively pursuing
cycles
many ways to achieve it
Removal of uncertainties.
– Enormous progress in environmental permitting and gradual resolution of
tax issues.
Strong discipline in capital allocation
– Focus on world class assets: towards a smaller and higher return project
world-class
portfolio.
– Divestiture of non-core assets.
– A lot of value to be unlocked f
l t f l t b l k d from existing operations and projects ramping
i ti ti d j t i
up.
– Deploying capital to our highest return business: iron ore projects coming
on stream in 2013-2016 to add substantial value.
Building a lean organization, with a greater focus on a lower cost structure.
Meeting the growth trilemma: capex and dividends aligned with expected
cash flow, with a minimal use of the balance sheet.
4

5. A robust financial performance even in face of a
challenging environment, characterized by subpar global
growth and declining metals prices
US$ million
2011 2012
Revenues 60,389 46,454
Operational margin¹
g 48.5% 31.5%
Underlying earnings¹ 23,234 11,236
Adjusted EBITDA¹
EBITDA 33,759 19,135
Adjusted EBITDA margin¹ 57.2% 42.2%
Capital and R&D expenditures
p p 17,994
, 17,729
,
Total dividend 9,000 6,000
1 Excluding non-cash non-recurring items.
5

6. An excellent iron ore performance, increasing
our exposure t th price rally
to the i ll
The highest level for a fourth quarter => 85.5 Mt¹.
4Q performance was superior to 3Q for the first time since
2003.
Operation of N5 South and below normal rainfall were
instrumental to the performance.
f
Iron ore output¹ – Mt
82.9 85.5
85 5
80.1 80.3
69.9
62.2 63.3 63.4
58.1
50.7
4Q03 4Q04 4Q05 4Q06 4Q07 4Q08 4Q09 4Q10 4Q11 4Q12
6 ¹ Including the attributable share of the 50%-owned Samarco JV.

7. Iron ore and pellet sales reached an all-time
high i
hi h in 2012
Iron ore and pellet sales¹
2003-2012
Mt
296 296 299 303
294
276
255
247
231
186
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
7 ¹ US GAAP basis

8. The shortening of time to market through the use of our
g
global distribution network is improving the price
p g p
performance of our shipments, despite the 14.3% fall in
the premium for 1% Fe in 4Q12
Vale realized prices x Spread IODEX FOB
IODEX FOB Brazil Brazil x Vale FOB dry
US$ per metric t
t i ton US$ per metric t
t i ton
8
120
112
6
101
94
100
90
2Q12 3Q12 4Q12
-1
Vale realized price¹
2Q12 3Q12 4Q12
IODEX FOB netback Brazil²
tb k B il²
¹ Vale realized prices adjusted for the average moisture content: 2Q12=7.8%, 3Q12=7.5%, 4Q12=7.6%.
8 ² Platts @ 62% Fe IODEX minus the average quarterly Baltic Capesize Index (BCI) Tubarão-China.

9. The ramp up of projects - Moatize I, Oman I & II and
Bayóvar - allowed for the achievement of all-time high
output figures in 2012
Mt
2011 2012 ∆%
Coal 3.7 7.1 + 91.0
Pellets1 53.8 55.1 + 2.3
Phosphate rock 7.4 8.0 + 8.5
1 Including Samarco's attributable production.
9

10. New platforms of value creation are beginning
to
t ramp up as planned
l d
Salobo: copper & gold.
Lubambe: copper.
VNC: nickel & cobalt.
10

11. Salobo - a world-class asset in the first quartile
of the industry cost curve - i delivering copper
f th i d t t is d li i
and gold
Salobo I, the first plant, throughput
of 12Mtpa¹, is operating.
12Mtpa ,
Ongoing construction of Salobo II
12 Mt ¹ - 68% physical progress -
Mtpa¹ h i l
start-up 1H14.
Total capacity - Salobo I&II -
200,000 t of copper in concentrates
plus about 320,000 ozpy of gold by-
product.
11
¹ Run-of-mine (ROM).

12. VNC is proving to be technically feasible
Dec 2012 - 812 t of Ni in NiO.
Jan 2013 - 1,380 t of Ni in NiO (87%) and NHC (13%) and
100 t of cobalt (IPCM).
(IPCM)
Feb 2013 - second production line starting to operate.
Product quality has been very good and meets
design expectations
Ni = nickel
NiO = nickel oxide
NHC = nickel hydroxide cake
12
IPCM = intermediate product of cobalt methodology

13. Existing base metals operations - nickel & copper - are
showing a good performance. The successful ramp-up of
performance ramp up
projects – Salobo, Lubambe and VNC - is a major source
of upside to current performance
Adjusted EBITDA¹ Adjusted EBITDA margin¹
US$ million
613
33.9
33 9
446
25.3
3Q12 4Q12 3Q12 4Q12
13
¹ Excluding pre-operating, idling expenses and R&D.

14. SG&A spending is being reigned in
SG&A¹
US$ million
1,994
1,914 727
-5%
1,500 -31%
1,287
904
501
2008 2009 2010 2011 2012 4Q11 4Q12
14 1 Excludes depreciation and nickel, copper and iron ore adjustment for provisional prices.

15. Expenses with materials and outsourced
services, responsible for almost 40% of COGS
i ibl f l t f COGS,
are starting to be curbed
Materials Outsourced services
US$ million US$ million
1,163 1,285
1,236 -6.7%
-14.4%
1,091
1 091
1,153
1,096
1,014
1 014
995
1Q12 2Q12 3Q12 4Q12 1Q12 2Q12 3Q12 4Q12
15

16. R&D is being focused on fewer projects with
higher l
hi h value creation potential: 12% less than
ti t ti l l th
2011 and 36% less than budgeted for 2012
R&D
US$ million
1,742 -12.0%
12 0%
1,533
1,136
1,063
1,010
2008 2009 2010 2011 2012
16

17. Walking the talk: improving working capital
management despite the impact of higher iron
ore prices in 4Q12
Working capital Days receivables outstanding
US$ billi
billion
62.3
8.545
7.825 56.2
53.2
52.7
7.312
7.213
1Q12 2Q12 3Q12 4Q12 1Q12 2Q12 3Q12 4Q12
17

18. The divestment program is creating value: improves
capital allocation, generates cash and simplifies the
allocation
portfolio, focusing on what is really important
April 2012: Kaolin - US$ 30 million.
May 2012: Thermal coal in Colombia - US$ 407 million.
July 2012: Manganese ferroalloys in Europe - US$ 160 million.
y g y p $
August 2012: 10 large ore carriers - US$ 600 million.
December 2012:
– Araucaria nitrogen - US$ 234 million.
g
– Oil & gas exploration assets - US$ 40 million.
Total di
T t l divestiture: US$ 1.471 billion
tit 1 471 billi
18

19. The sale of part of the payable gold by-product stream
of Salobo and Sudbury adds US$ 1 9 billion to our cash
1.9
flow in the very short term and unlocks substantial value
25% of the Salobo stream for mine life and 70% of Sudbury for
20 years
years.
US$ 1.9 billion upfront payment plus SLW warrants valued at
US$ 100 million plus US$ 400 per oz upon gold delivery.
Unlocks substantial value still hidden in our base metals
operations.
p
– Salobo payable gold by-product valued at US$ 5.32 billion plus
NPV of US$ 400 payment flows for each oz of g
p y gold delivered.
– Estimated capex of Salobo I&II of US$ 4.2 billion with nominal
capacity of 200,000 metric tons of copper and the gold by-
product.
19

20. 2012 adjusted EBITDA was the third highest in
our history, notwithstanding the large negative
history
contribution of falling prices¹
Adjusted EBITDA¹
US$ million 33,759
26,116
19,018 19,135
15,774
,
9,150 9,165
6,540
6 540
3,722
2,130
2003 2004 2005 2006 2007 2008 2009 2010 2011 2012
20 ¹ Prices changes contributed to reduce 2012 adjusted EBITDA by US$ 13.8 billion.

21. The recovery of iron ore prices and volumes
expansion were the main determinants of the
adjusted EBITDA rise in 4Q12
Adjusted EBITDA¹
US$ million
205 49 (555)
238
719 Δ FX 4,394
Sales
Dividends² volumes Costs &
3,738
3 738 expenses
Price
changes
3Q12 4Q12
¹ After excluding non-cash non recurring items
non cash non-recurring items.
² Dividends received from affiliated non-consolidated companies.
21

22. Iron ore prices accounted for 96% of the price
contribution to 4Q12 adjusted EBITDA
Prices
US$ million
38 10 10 (11) (62)
54 (144)
131 Copper Gold Fertilizers
Other Met
Nickel coal
693 719
Pellets
Logistics
& energy
Iron ore Total
22

23. Pre-operating, idling and start-up expenses and
maritime freight costs contributed with 83% of
the increase in cost and expenses in 4Q12
Cost & expenses¹
US$ million
(18) 79
(28) (25)
(100) Other (555)
SG&A operational
Prov. Other
expenses
(221) pricing COGS
adjustment
R&D
(242)
Pre-operating,
idling and
start-up
Freight² Cost &
expenses
¹ Excludes the effects of volume and FX changes and depreciation.
23
² US$ 90 million refers to previous quarters.

24. We used part of our cash holdings to close the gap
between uses and sources of funds The cash flow
funds.
performance tends to improve in the very short-term and
the balance sheet remains strong
Capital allocation 4Q12
US$ billion
0.7 8.9 5.0 8.9
1.3
Divestitures
2.6
26
Gross
debt
4.3
43
3.0
Use of
cash Projects and
holdings sustaining
capex
0.6
Dividend
0.3
p y
payment Tax
Operational
O i l Sources agreements¹
Other
Oth Uses
U
cash flow
24 ¹ Tax payments related to agreements: CFEM (US$ 150 million), TFRM (US$ 289 million) and ICMS (US$ 130 million).

25. Cash position tends to be strengthened over the
next few months
US$ 1.9 billion upfront payment of the gold by-product
streaming transaction.
Adjustments for provisional pricing of iron ore shipments in
2012 will add more than US$ 700 million to our cash flow.
Iron ore prices (Platts @ 62% Fe) averaged US$ 152.74 ytd
against US$ 122 30 in 4Q12 (+24 9%)
122.30 (+24.9%).
US$ 6.1 billion of cash at year end plus US$ 3.0 billion of
revolving credit lines.
25

26. Capital structure and a low-risk debt portfolio consistent
with our high credit ratings: (a) low leverage for the stage
of the cycle (b) low cost of debt (c) long average maturity
Debt cost and maturity Total debt
Years % 2.5 Total debt/LTM EBITDA (x)
(x)¹
2.4
10.1 6
1.8
10 9.1 1.6
1.3 1.3
1.0 0.9
5.5
55 0.8 0 7
0.7 0 6 0 7 0.8
8 5.5
55 0.6 0.7
30.5
29.1
25.5
6
25.3
25.3
24.9
24.5
24.0
23.7
23.6
23.1
5
23.0
22.9
4 4.6
13.2
11.8
11.1
11.0
4.5
9.7
9.4
8.6
2
7.6
6.2
6.1
4.9
4.1
3.5
5
4
0 4
1Q09
2Q09
3Q09
4Q09
1Q10
2Q10
3Q10
4Q10
1Q11
2Q11
3Q11
4Q11
1Q12
2Q12
3Q12
4Q12
4Q09 2Q10 4Q10 2Q11 4Q11 2Q12 4Q12
Total debt - US$ billion¹ Liquid assets - US$ billion ¹ ²
Average debt maturity Average cost of debt
¹ at end of quarter.
26
² cash and cash equivalent.

27. Four major projects - involving total capital
expenditures of US$ 13 0 billion¹ - are starting up
13.0
in 2013 to boost value over the next few years
Iron ore & logistics
Carajás Additional 40 Mtpy.
CLN 150 Mtpy.
py
Conceição Itabiritos.
Nickel & copper & cobalt
Long Harbour.
27 ¹ Total capex estimated for the four projects to be concluded this year.

28. Carajás Additional 40 Mtpy: expanding capacity
with hi h quality and low costs
ith high lit dl t
Finalizing plant assembly.
85% of physical progress for mine
and plant.
Total capex: US$ 3.475 billion.
Operation license expected for
2H13.
28

29. CLN 150 Mtpy: the efficient logistics support to
Additional 40 Mt
Additi l Mtpy
PDM maritime terminal
First ship berthed at Pier IV South
berth. Car dumpers, reclaimers and
stacker tested.
Rail access to car dumpers
concluded.
Operation licenses for port facilities
expected for 1H13.
Carajás railway
Double tracking of 125 km underway.
Total
T t l capex: US$ 4.114 billion.
4 114 billi
29

30. Conceição Itabiritos: counteracting the effects
of resources ageing with technology
f i ith t h l
Construction of new plant
p
allowing for mine life extension.
Adds 12 Mtpy of capacity
@67.7% Fe content.
95% of physical progress, final
phase of electromechanical
assembly.
bl
Total capex: US$1.174 billion.
p $
30

31. Long Harbour: using new technology to
increase efficiency and to reduce costs in base
i ffi i dt d t i b
metals
Fully integrated hydrometallurgical
flowsheet.
flowsheet
50,000 tpy of finished nickel, 4,500 tpy of
copper cathodes and 2,500 tpy of cobalt.
Lowers costs, increases metal recovery
and eliminates SO2 and particular
emission.
Infrastructure and civil works
substantially complete.
b t ti ll l t
Moving towards commissioning, 84% of
physical progress
progress.
Total capex: US$4.250 billion.
31