VALE Vale SA

Breast Cancer Aw areness Month – Pink October in Itabira, MG VALE’S PERFORMANCE IN 3Q19

www.vale.com vale.ri@vale.com Tel.: (55 21) 3485-3900 Investor Relations André Figueiredo André Werner Mariana Rocha Samir Bassil Department Ex cept 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 about Vale's current expectations about future events or results (forward-looking statements). Many of those forward-looking statements can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" “ will” and"potential," among others. All forward-lookingstatements involve various risks and uncertainties. Vale cannot guarantee that these statements will prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, 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. Vale cautions you that actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports that 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, in particular, the factors discussed under “Forward-Looking Statements” and “Risk Factors” in Vale’s annual report on Form 20-F. Cautionary Note to U.S. Investors - The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We present certain information in this presentation, including ‘measured resources,’ ‘indicated resources,’ ‘inferred resources,’ ‘geologic resources’, which would not be permitted in an SEC filing. Thesematerials are not proven or probable reserves, as defined by the SEC, and we cannot assure you that these materials will be converted into proven or probable reserves, as defined by the SEC. U.S. Investors should consider closely the disclosure in our Annual Report on Form 20-K, which may be obtained from us, from our website or at http:/ ht p://us.sec.gov/edgar.shtml. The information contained in this press release includes financial measures that are not prepared in accordance with IFRS. These non-IFRS measures difer from the most directly comparable measures determined under IFRS, but we have not presented a reconciliation to the most directly comparableIFRSmeasures, because the non-IFRS measures are forward-looking and a reconciliation cannot be prepared without unreasonable effort. Conference call and webcast on Friday, 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: (1 412) 717-9627 or toll free (1 844) 204-8942 U.K.: (44 20) 3795-9972 Access code: VALE English, at 12:00 p.m. Rio de Janeiro time (11:00 a.m. New York time, 4:00 p.m. London time). Brazil: (55 11) 3193-1001 or (55 11) 2820-4001 USA: (1 412) 717-9627 or toll free (1 844) 204-8942 U.K.: (44 20) 3795-9972 Access code: VALE

Vale’s performance in 3Q19 Rio de Janeiro, October 24th, 2019 – “In the third quarter of 2019, we made progress towards stabilizing our business and advanced with our objective of full reparation of Brumadinho. The de-characterization of 9 upstream dams is ongoing, with the completion of the first dam expected by the first quarter of 2020. We have fulfilled our commitment of reducing the C1 cost and stoppage expenses compared to the previous quarter. We are evolving with a premium product portfolio tailored to mark et demands. Together with our commitment to safety and disciplined capital allocation, our actions reduce uncertainties and lead us to sustainable results”, commented Eduardo Bartolomeo, Chief Executive Officer. I. Reparation • The main framework agreements for civil and labour indemnifications were established and approximately R$ 2.25 billion1 have already been paid in compensations for material and moral damages, individually and collectively. These agreements include: (i) emergency compensation to approximately 108,000 people on a monthly basis up to January 2020; (ii) 700 signed indemnity agreements, encompassing more than 1,400 beneficiaries, with the support of the Public Defender’s Office to expedite indemnity procedures; and (iii) labour indemnifications related to 232 victims, through 500 signed agreements, benefiting over 1,400 people. • We have signed another 22 agreements to cover specific fronts, as follows: (i) 4 agreements to support municipalities in providing public services and infrastructure, as well as through donations, among others; (ii) 5 agreements on environmental recovery, with initiatives for fauna and flora protection and restoration in the region; (iii) 4 agreements on water supply, including new water withdrawal and treatment systems with COPASA; (iv) 2 agreements for emergency payments to families relocated in Barão de Cocais and for the Pataxós indigenous community; and (v) 7 agreements regarding external audits and asset integrity, providing technical support for the authorities, measures to review and reinforce structures and halting of operations. • We have defined a tailings treatment and environmental recovery plan, with 23 planned integrated structures, including two water treatment plants already in operation. The plan ensures the water supply to the Belo Horizonte region, restoring the catchment system in the Paraopeba river basin and preventing carriage of tailings to the Rio das Velhas basin. As per plan, the dredging of the Paraopeba river has already begun. • We know there is still a lot to be done, and we are committed to doing it. In the following webpage, we present the updated balance of the actions we have taken so far – vale.com/repairoverview. 1 By September 30th, 2019, approximately, R$ 2.0 billion were paid, and additional R$ 250 million were paid until October 18th, 2019. 3

II. Safety • We are making progress with the de-characterization of 9 upstream dams. Two of them, Fernandinho and 8B, will be completely de-characterized in 2020, and the Group dam will be completed in 2022. • Another four dams, Forquilha I, II and III and Vargem Grande, will be strengthened by downstream embankments prior to the final de-characterization as downstream dams. The remaining two dams, B3/B4 and Sul Superior, will go through structural strengthening work and, consequently, will have their safety indexes increased before de-characterization. • We are also building containment structures to increase safet y levels in the Self-Saving Zones2 of Forquilha I, II and III, B3/B4 and Sul Superior dams, with completion expected by early 2020. • The new Safety and Operational Excellence Office has outlined a work plan with actions planned for the next two years. The implementation of the Vale Production System (VPS) is expanding, with over 40,000 employees recently trained. 2 Self-Sav ing Zone, equiv alent to the region up to 10km or 30 minutes from the potential dam breach point. 4

III. Reducing uncertainties • We resumed iron ore production at the Brucutu mine and part of the dry processing operations at the Vargem Grande Complex, as announced in June and July, respectively. We expect to resume the remaining halted production of around 50 Mt through 2020 and 2021, as detailed in the 3Q19 Production Report . IV. Sustainable results • Vale’s proforma EBITDA (excluding the expenses from the Brumadinho dam rupture) totaled US$ 4.8 billion in 3Q19, US$ 198 million higher than 2Q19, a record EBITDA for a third quarter since 2013. • Ferrous and Base Metals segments had solid performance in 3Q19, with EBITDA of US$ 4.6 billion and US$ 555 million respectively, together coming in at US$ 501 million higher than in 2Q19. The Coal segment had negative EBITDA of US$ 172 million, US$ 66 mill ion lower than in 2Q19, mainly due to lower prices, while EBITDA from the Others segment was negative US$ 189 million, US$ 237 million lower than in 2Q19, mainly due to the reversal of contingencies and dividends received that positively impacted 2Q19. • Our cash generation was US$ 3.0 billion in 3Q19, allowing us to continue reducing our indebtedness, with net debt reaching US$ 5.3 billion in 3Q19. Our gross debt totaled US$ 14.8 billion as of September 30th, 2019, decreasing by US$ 1.0 billion from June 30th, 2019, mainly as a result of the bond repurchases made during the quarter. • • In the first three quarters of 2019, Vale had a loss of US$ 121 million mainly as a result of provisions and incurred expenses related to the Brumadinho dam rupture (US$ 6.3 billion). 5

Ferrous Minerals • Iron ore and pellet sales volume reached 85.1 million tons3 in 3Q19, 20.2% higher than in 2Q19, mainly due to the resumption of halted production and operational improvements in the Northern System and Ponta da Madeira port operations, which were impactedby unusual weather conditions in 2Q19. • Ferrous Minerals EBITDA totaled US$ 4.6 billion, US$ 411 million higher than 2Q19, mainly due to the higher sales volumes mentioned earlier and lower C1 cash costs and stoppage expenses, which were partially offset by higher freight costs and lower quality premiums. • Iron ore fines C1 cash cost reached US$ 15.3/t in 3Q19, US$ 2.3/t lower than in 2Q19 and in line with the reduction mentioned in 2Q19, mainly due to the dilution effect on hi gher volumes and the decrease in demurrage costs after the normalization of the Ponta da Madeira port operations. • Stoppage expenses related to the Brumadinho dam rupture in 3Q19 were US$ 2.8/t, US$ 2.9/t lower than in 2Q19, exceeding the expectation of US$ 1.5/t reduction, as indicated in 2Q19, mainly as a result of the resumption of Brucutu and Vargem Grande operations and lower provisions for extraordinary logistics expenses. • Vale's freight cost per ton was US$ 19.1/t, US$ 2.6/t higher than in 2Q19, mainly due to the combined effect of higher spot market prices and higher spot volumes as a result of the return of operations and the usual seasonality. Freight cost should slightly reduce in 4Q19, mainly due to the higher availability of long-term contracts and the incorporation of new vessels to the long-term chartered fleet, lowering Vale’s exposure to the spot market. Iron ore fines and pellets quality premium reached US$ 5.9/t4 in 3Q19, US$ 5.5/t lower than in 2Q19, mainly due to (i) the compression of high-quality iron ore and pellet premiums, the result of an imbalance in market supply and lower margins in the steel industry and (ii) non-receipt of dividends from leased pellet plants in this quarter as defined in the shareholders' agreement5. In September, Vale revised its 2019 pellets production guidance to 43 Mt from 45 Mt to adapt to the above-mentioned market conditions. • Base Metals • Nickel operations EBITDA totaled US$ 319 million in 3Q19, US$ 71 million higher than in 2Q19, mainly due to higher nickel prices and lower costs, partially offset by lower sales volumes. • Copper operations EBITDA totaled US$ 236 million, US$ 19 million higher than in 2Q19, despite the LME copper price decrease, mainly due to the strong performance of Salobo, whose cash cost, after by-product credits, reached US$ 298/t. 3 Including ROM. 4 Iron ore premium of US$ 4.0/t and w eighted av erage contribution of pellets of US$ 1.9/t. 5 It establishes div idend payment in the second and fourth quarters. 6

Se le cted financial indicators Net operati ng revenues 10,217 9,186 9,543 Expenses rel ated to Brumadinho 225 1,532 - Adj usted EBIT margin (%) 36% 23% 36% Adj usted EBITDA margin (%) 45% 34% 45% Net i ncome (l oss) 1,654 (133) 1,408 Capi tal expenditures 891 730 692 ¹ Does not include leases (IFRS 16). Net operati ng revenues 27,606 26,762 3.2 Expenses rel ated to Brumadinho 6,261 - - Adj usted EBIT margin (%) 16% 36% 20 p.p. Adj usted EBITDA margin (%) 26% 45% 20 p.p. Capi tal expenditures 2,232 2,287 (2.4) 7 Net i ncome (l oss)(121)3,074(103.9) Adj usted EBITDA7,04912,126(41.9) Adj usted EBIT4,3559,543(54.4) T otal costs and other expenses17,26817,487(1.3) US$ mi l l i on9M199M18% Net debt ¹5,3219,72610,704 Iron ore - 62% Fe reference pri ce102.0100.166.7 Adj usted EBITDA4,6033,0984,325 Adj usted EBIT3,6762,1323,476 T otal costs and other expenses6,3455,7436,100 US$ mi l l i on3Q192Q193Q18

Market overview IRON ORE Iron ore 62% Fe reference price averaged US$ 102/dmt in 3Q19, 2% higher than 2Q19 and 53% higher than 3Q18 as steel production in China kept its momentum hovering around 1 billion tons, outpacing the increase in the iron ore seaborne supply in 3Q19, estimated at being 3% higher compared to the same quarter in the previous year, suggesting the iron ore market remains tight. In China, crude steel production continued strong driven by the real estate sector demand and a soft improvement in investment in infrastructure, which were partially offset by weaker industrial production and lower automobile sales. Ex-China, steel production has slowed responding to lack of investments, lower industrial activity and weaker customer confidence. In Europe, steel mills have adopted lower production levels in line with the current market scenario and having to incur higher CO2 tax costs combined with strong steel imports. Steel production in the US has been positive despite the economy’s mixed signs from the Fed. Steel margins worldwidedecreasedin 3Q19 impacted by lower steel prices as demandcontinued to soften, as markets suffered the impacts of ongoing trade discussions between the US and China. MB65% index averaged US$ 109.8/dmt in 3Q19, 4% lower than 2Q19, but still 16% higher than 3Q18. The weaker performance in higher grade ores reflects lower steel margins, lower coking coal price and the partial recovery of high cost high-grade supply of fines and pellet feed from Canada and Brazil and domestic concentrate from China. Looking forward, we remain positive on the long-term demand for higher grade ore from newer and bigger blast furnaces not only in China, but also being developed in other emerging economies suchas India and South East Asia. The World Steel Association expects steel demand in China to increase 7.8% in 2019 and 1% in 2020. More conservatively, other emerging economies are expected to increase 0.4% in 2019, however, in 2020 growth is expected to rebound to 4.1% mainly due to infrast ructure investment picks-up, mainly in Asia. The World Steel Association expects steel demand in developed economies to decrease 0.1% in 2019 and increase 0.6% in 2020. COAL Seaborne coking coal prices started dropping from $190/t in early July and reached $137/t by the end of September, the lowest level in three years. In 3Q19, prices averaged US$ 161.5/t, 20% lower than in 2Q19 and 13% lower than in 3Q18, mainly due to: (i) industrial and real estate slow down, because of heavy monsoons and weak auto industry activity, coupled with credit issues in India; (ii) weak auto industry on trade concerns, coupled with high raw material and CO2 tax costs, 8

bringing down steel margins in Europe; and (iii) weak demand for seaborne coal in China due to narrow steel margins, port restrictions and currency depreciation. In the thermal coal market, Richards Bay FOB price averaged US$ 61.5/t, 7% lower than in 2Q19 and 61% lower than in 3Q18, mainly due to: (i) cheaper gas prices due to oversupply; (ii) higher CO2 tax costs in Europe, which makes power generation from coal expensive; (iii) rising alternative power generation, such as wind in Europe, hydro in China and nuclear in Japan/Korea; (iv) high inventory levels and steady supply from Russia, Indonesia, Australia and China; and (v) weaker seasonal demand in India due to the monsoon season. NICKEL Average LME nickel prices showed significant strength in 3Q19, averaging US$ 15,540/t, compared to US$ 12,258/t, in 2Q19. Total exchange inventories (LME and SHFE) continued to decline, closing at 174.6 kt by the end of 3Q19, down 3.4 kt since 2Q19. LME inventories at the end of the 3Q19 stood at 152.1 kt, a decline of 9.5 kt since the end of 2Q19. SHFE inventories increased 6.2 kt to 22.5 kt by the end of 3Q19. Global stainless-steel production increased 4.7% in 3Q19 relative to 3Q18 with strong growth led by Indonesia, India and China, while yearly consumption growth is estimated at 2 -3%. This mismatch of stainless production and stainless consumption is resulting in surplus and is evidenced by the record high reported stainless inventories, particularly in China. Sales of electric vehicles worldwide grew 40% in 7M19 relative to 7M18 amid a continued decline in overall automotive sales. Demand for nickel in other applications is mixed, with aerospace supporting increased growth in super alloy applications and the poor results for the automotive market negatively impacting plating applications. Nickel supply increased approximately 13% in 3Q19 relative to 3Q18, with Class II production growing 17% whereas Class I production increased 8% during this period. The Indonesia export ore ban, which was fast tracked and will now take effect at the beginning of 2020, two years earlier than previously indicated, contributed significantly t o recent price gains. Chinese NPI (nickel pig iron) production, which relies heavily on Indonesian ore imports, will be negatively impacted in the long-term. However, in the near-term, alternative sources of ore could soften the impact, such as, current Chinese ore stockpiles (visible and invisible), the additional Indonesia quotas for the current year (which are permitted for export) and the potential export increases from the Philippines, New Caledonia and Guatemala. Further to the supply developments, an important consideration for all commodities is the impact of the overarching macroeconomic factors such as the ongoing trade dispute between the US and China and a slowing global economy, which influences sentiment, demand and, therefore, prices. The physical market reflects a slowing growth environment. Due to these factors, our near-term view on nickel is subdued. 9

Our long-term outlook for nickel is positive. Nickel in electric vehicle batteries will become an increasingly important source of demand growth particularly as battery chemistry favors higher nickel content due to lower cost and higher energy density against the backdrop of robust demand growth in other nickel applications. Additionally, we see price support from recent announcements of increasing HPAL costs in Indonesia. HPAL projects are more complex than originally envisioned and this has the potential to increase the financial burden on nickel producers to meet the growing battery demand. While the Indonesian export ore ban will limit Chinese NPI in the longer term, the ban has incentivized domestic nickel RKEF and HPAL developments within the country. As a result, several projects and expansions have been announced, and in some cases, construction at current developments is ahead of schedule. COPPER LME copper price averaged US$ 5,802/t in 3Q19, a decrease of 5% from 2Q19 (US$ 6,113/t). Copper inventories on the LME increased by 23 kt 3Q19 vs. 2Q19. In 3Q19, COMEX increased by 6 kt, while SHFE declined by 28 kt in comparison with 2Q19. Overall, copper exchange inventory stayed flat. Global demand increased slightly, rising 0.6% 3Q19 vs. 3Q18. However, compared to the previous quarter, 2Q19, demand declined nearly 3%. Global refined copper production increased 0.5% in 3Q19 vs. 3Q18 while the recent China scrap ban supports primary use. Our near-term outlook for copper is relatively positive. We expect the market to remain essentially balanced with some upside risk for deficits in 2019, with macroeconomic factors, such as the trade dispute between China and the US, continuing to influenceprice and subdue refined copper demand as it has over this past quarter. Our long-term outlook for copper is positive. Copper demand is expected to grow, partially driven by electric vehicles and renewable energy as well as infrastructure investments, while future supply growth is challenged given declining ore grades and the need for greenfield investment, creating a positive market outlook. COBALT The LME cobalt price remained essentially flat for 3Q19, averaging US$ 32,133/t. Our near-term expectations for cobalt are for a market in continued surplus given growth of output in the Democratic Republic of the Congo (DRC), moderated by artisanal output. Cobalt is one of the key metals used, besides nickel, to produce some of the highest energy density lithium-ion intercalation 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 10

a by-product of nickel and copper mining. This means that it does not have the flexibility to respond to demand pressures as readily as other commodities. Moreover, much of the cobalt comes from and is found in the DRC which introduces ethical sourcing issues as well as reliance on operations in an unpredictable jurisdiction. Over the long term, although we see demand well supported by the battery market, chemistry developments are shifting to nickel rich materials that offer lower cost and higher density. As a result of demand growth, the market will need to see significant growth of supply. Given the need to grow in nickel to support the electric vehicle market, we see the nickel industry increasing its contribution of cobalt units in the future. 11

Adjusted EBITDA Adjusted EBITDA was US$ 4.603 billion in 3Q19, US$ 1.505 billion higher than in 2Q19 mainly due to a lower impact related to the Brumadinho event (2Q19 recognized US$ 1.374of provisions and US$ 158 million of incurred expenses vs. 3Q19, which recorded only incurred expenses of US$ 225 million). On a proforma basis, EBITDA (excludingthe expenses from the Brumadinho dam rupture) totaled US$ 4.828 billion in 3Q19, US$ 198 million higher than in 2Q19. The increase was mainly a result of higher sales volumes on revenues and costs (US$ 852 million) and lower stoppage and extraordinary logistics expenses related to Brumadinho (US$ 130 million), which were partially offset by the decrease in prices (US$389 million), higher freight costs (US$ 177 million) and lower received dividends (US$ 192 million). 6 Current prov isions were also reduced due to BRL depreciation against USD and others (US$ 275 million). 12 Impact of provisions and reparation expenses related to the Brumadinho dam rupture In 3Q19, Vale incurred expenses, which do not qualify as provision, in the amount of US$ 225 million. These expenses include communication services, accommodation and humanitarian assistance, equipment, legal services, water, food aid, taxes, among others. In this quarter, Vale did not recognize additional provisions. In 1H19, Vale reported provisions of US$ 5.652 billion, to meet its assumed obligations, including indemnification and do nations, remediation of the affected areas and compensation to society. Vale has advanced with framework agreements and donations as well as environmental initiatives and the de - characterization of the upstream dams. As a result of these developments, Vale disbursed US$ 386 million in 3Q19 (US$ 608 million in 9M19) and the current provisions totaled US$ 4.769 billion6, as of September 30th, 2019.

Adjuste d EBITDA Net operati ng revenues 10,217 9,186 9,543 SG&A (128) (110) (136) Pre-operating and stoppage expenses (290) (335) (60) Other operational expenses (122) (35) (61) Depreci ation, amortization & depletion 927 966 849 Adjuste d EBITDA by business area Ferrous Mi nerals 4,634 4,223 3,960 Base Metal s 555 465 528 Brumadinho impact (225) (1,532) - Ne t operating revenue by business area Ferrous Minerals 8,327 81.5 7,315 79.6 7,439 78.0 ROM 14 0.1 6 0.1 8 0.1 Manganese ore 18 0.2 27 0.3 61 0.6 Others 103 1.0 91 1.0 106 1.1 Metal lurgical coal 178 1.7 194 2.1 284 3.0 Base Metals 1,529 15.0 1,538 16.7 1,586 16.6 Copper 447 4.4 495 5.4 452 4.7 Gol d as by-product 179 1.8 152 1.7 150 1.6 Cobal t 27 0.3 26 0.3 65 0.7 Others 120 1.2 77 0.8 93 1.0 Total 10,217 100.0 9,186 100.0 9,543 100.0 13 Others70.150.140.0 Si l ver as by-product70.150.150.1 PGMs1051.01151.31031.1 Ni ckel7577.47408.18078.5 T hermal coal630.6620.71411.5 Coal2412.42562.84254.5 Ferroal l oys300.3420.5430.5 Pel l ets1,59615.61,30014.21,62717.0 Iron ore fi nes6,56664.35,84963.75,59458.6 US$ mi l l i on3Q19%2Q19%3Q18% Total4,6033,0984,325 Others(189)48(179) Coal(172)(106)16 US$ mi l l i on3Q192Q193Q18 Adj usted EBITDA4,6033,0984,325 Di vi dends and interests on associ ates and JVs2922133 Adj usted EBIT3,6762,1323,476 Expenses rel ated to Brumadinho(225)(1,532)-Research and development(124)(90)(87) COGS(5,681)(5,173)(5,756) US$ mi l l i on3Q192Q193Q18

COGS by business segment 68 3,264 63 3,808 66 Ferrous Mi nerals 3,855 Base M etal s 1,204 21 1,378 27 1,383 24 9 445 9 498 9 Coal 504 Other products 118 2 86 2 67 1 837 871 814 Depreci ation ¹ COGS currency exposure in 3Q19 was as fol l ows: 50% USD, 43% BRL, 6% CAD and 1% EUR. Expe nses 105 85 118 Administrativ e Personnel 45 41 61 25 13 21 Servi ces Depreci ation 12 16 18 23 15 18 Others Selling 23 25 18 179 238 - Brumadinho - stoppage expenses Stobi e & Birchtree - - 3 Onça Puma 16 4 - S11D - - 17 17 14 23 Others 78 79 17 Depreci ation - 1,374 - Provi si ons Incurred expenses 225 158 - Depreci ation 90 95 35 14 Expenses ex-depreciation7992,007309 Other operating expenses67(91)61 Total expenses8892,102344 Expenses related to Brumadinho2251,532-R&D1249087 Brumadinho - extraordinary logistics expenses55126-Pre-operating and stoppage expenses29033560 US$ mi l l i on3Q192Q193Q18 SG&A ex-depreciation11694118 SG&A128110136 COGS ¹, ex-depreciation4,844 4,302 4,942 Total COGS5,6811005,1731005,756100 US$ mi l l i on3Q19%2Q19%3Q18%

Net income (loss) Net income was US$ 1.6 billion in 3Q19, an improvement of US$ 1. 8 billion in comparison to 2Q19. The increase was mainly due to provisions of US$ 1.9 billion related to the Brumadinho dam rupture, to the decommissioning of the Germano dam and to the Renova Foundation, all recognized in 2Q19. Financial results Net financial results accounted for a loss of US$ 1.139 billion, US$ 411 million higher than 2Q19, mainly due to higher mark-to-market adjustments in theshareholder debentures (US$ 235 million) and the one-off effect of premiums related to the cash tender offer for Vale’s bonds (US$ 246 million). Financial results Financial expenses (1,084) (751) (367) Capi talization of i nterest 34 40 50 Others (333) (223) (94) Financial income 132 122 111 Currency and i nterest rate swaps (115) 25 (80) Foreign Exchange 25 21 (685) ¹ The cash effect of the deriv ativ es was a loss of US$ 88 million in 3Q19. 15 Monetary v ariation(138)(186)(217) Financial result, net(1,139)(728)(1,263) Others (bunker oi l , commodities, etc)4141(25) Deriv atives¹(74)66(105) Fi nancial expenses (REFIS)(41)(43)(48) Shareholder debentures(486)(251)(3) Gross i nterest(258)(274)(272) US$ mi l l i on3Q192Q193Q18

CAPEX Investments totaled US$ 891 million in 3Q19, consisting of US$ 135 million in project execution and US$ 756 million in maintenance of operations, of which US$ 77 million are related to replacement projects. Proje ct Execution and Sustaining by business area Ferrous Mi nerals 491 55.1 399 54.7 437 63.2 Base Metal s 314 35.2 301 41.2 223 32.2 Project execution Investment in project execution totaled US$ 135 million in 3Q19, with the Northern System 240 Mtpy and Salobo III as the main projects under development. The Northern System 240 Mtpy project had some secondary crushers replaced at local plants and continued to receive mobile equipment. The project construction of supers tructure and earthwork also started for the rail yard and loop line. The Salobo III project received the first loads related to the long-distance conveyor belt at the site, while base plates of gearless drives arrived at the Vila do Conde port. Concrete foundations for mills and primary crusher bases were completed. Capital projects progress indicator 7 Proj ect (Mtpy) start-up a N e t a d d i t i o n a l ca p a ci t y. 7 Pre-operating ex penses w ere not included in the estimated capex for the y ear, although included in the total estimated capex column, in line w ith Vale’s Board of Directors approv als. Estimated capex for the y ear is only rev iew ed once a y ear. 16 CapacityEstimated Executed capexEstimated capex (US$ mi l l ion)(US$ mi l l ion) Physical progress 2019Total2019 Total Fe rrous M ine rals project Northern Systema 240 Mt240 (10)2H22181850 77011% Bas e M e tals proje ct Sal obo III(30-40) kt1H228285193 1,12827% Power generati on70.830.420.3 Total891100.0730100.0692100.0 Coal798.9273.7304.3 US$ mi l l i on3Q19%2Q19%3Q18%

Proje ct execution by business area Ferrous Mi nerals 90 66.7 87 66.9 122 99.2 Base Metal s 43 31.9 42 32.3 - - Sustaining CAPEX Investments in the maintenance of operations totaled US$ 756 million in 3Q19, composed mainly of US$ 453 million in enhancement of operations, US$ 77 million in replacement projects, US$ 72 million in investments in dams and waste dumps and US$ 64 million related to health and safety. Re placement projects progress indicator8 (Ktpy) Mi ne Extensi on Gel ado 9,700 2H21 33 38 87 428 32% Inv e stments in dams and waste dumps – 3Q19 New conventi onal dams 14 Dam rai si ngs 14 Others 2 8 Pre-operating ex penses w ere not included in the estimated capex for the y ear, although included in the total estimated capex column, in line w ith Vale’s Board of Directors approv als. Estimated capex for the y ear is only rev iew ed once a y ear. 17 Total72 Waste dumps6 Dry stacki ng19 US$ mi l l i on3Q19 Dam management17 Proj ectCapacity EstimatedExecuted capexEstimated capex start-up (US$ mi l l ion)(US$ mi l l ion) Physical progress 2019Total2019 Total Voi sey’s Bay 401H21119341311 1,69436% Power generati on21.510.810.8 Total135100.0130100.0123100.0 Coal------US$ mi l l i on3Q19%2Q19%3Q18%

Sustaining capex by type - 3Q19 Minerals Repl acement projects 14 - 63 77 Other i nvestments i n dams and waste dumps 29 1 25 55 Soci al i nvestments and envi ronmental protection 22 5 11 38 Sustaining capex by business area Ferrous Mi nerals 401 53.0 312 52.0 315 55.4 Base Metal s 271 35.8 259 43.2 223 39.2 Copper 46 6.1 31 5.2 29 5.1 Dam safe ty Vale continues to implement several measures to increase its safety standards in dam management. In 3Q19, Vale advanced with the de-characterization9 projects for 9 upstream dams: • Grupo, Fernandinho and 8B dams will be completely de-characterized, that is, tailings will be fully removed. The de-characterization of 8B dam is expected by early 2020, while the Fernandinho and Grupo dams will be completely de-characterized by late 2020 and 2022, respectively; • Forquilhas I, II and III and Vargem Grande dams will be de-characterized as downstream dams after being strengthened with downstream embankments; • B3/B4 and Sul Superior dams will have their safety index levels improved with structural works prior to the de-characterization. The above-mentioned de-characterization works are expected to require investments of US$ 25 million in 2019, out of which US$ 5 million will be destined to the first dam to be completely de-characterized, 8B, with physical progress of 74.7% in September 2019. 9 As per the Brazilian National Mining Agency ’s Norm 13, the de-characterization means a certain dam w ill not receiv e the disposal of tailings and/or sediments from operations permanently ; therefore, such dam w ill no longer function as a containment structure. 18 Power generati on50.720.310.2 Total756100.0600100.0569100.0 Ni ckel22529.7 228 38.019434.1 Coal7910.5274.5305.3 US$ mi l l i on3Q19%2Q19%3Q18% Admi nistrative & Others3931052 Total40679271756 Heal th and Safety532964 Dam management12-5 17 US$ mi l l i onFerrousCoalBase MetalsTOTAL Enhancement of operations23768148453

Containment structures are under construction to increase safety in the Self-Saving Zones10 of Forquilhas I, II and III, B3/B4 and Sul Superior dams. The completion of the work is expected by early 2020. The new Safety and Operational Excellence Office has outlined a work plan with actions for the next two years. Supporting that plan, the implementation of the Vale Production System (VPS) has been expanded, with over 40,000 employees recently trained. Vale’s risk governance has been strengthened with initiatives to improve the flow of risk -related information. The Board of Directors and the Executive Directors are currently supported by four executive committees in charge of specialized risk management (Operational, Geotechnical, Financial and Cybernetic, and Compliance Risks). Since the Brumadinho dam rupture, the Board of Directors has also been supported by three extraordinary independent consulting committees for Dam Safety, Investigation and Support and Recovery. Vale has also reinforced its 2nd Line of Defense with additional technical, technological and management standards for core assets and to support the use of risk and asset management models. 10 Also know n as the Self-Rescue Zone, equiv alent to the region up to 10km or 30 minutes from the potential dam breach point. 19

Free cash flow Vale had a strong Free Cash Flow from Operations of US$ 2.950 billion in 3Q19 mainly due to (i) a record EBITDA for a third quarter since 2013 and (ii) the positive effect of working capital in the quarter (US$ 939 million) mostly impacted by suppliers’ accounts and clients’ receipts. Compared to the previous quarter, the use of operating cash increased mainly due to (i) the one-off effect of premiums (US$ 246 million) related to the cash tender offer for Vale’s bonds and (ii) higher expenses (US$ 231 million) related to Brumadinho. The solid operational cash flow generation (US$ 2.950 billion) together with the release of frozen funds (US$ 1.773 billion) enabled Vale to achieve net debt repayments of US$ 694 million and increase cash position by US$ 3.412 billion, including financial investments in Brazilian Treasury bonds11 of US$ 901 million. Free Cash Flow 3Q19 11 Floating rate Brazilian Treasury bonds linked to interbank interest rate (CDI). These securities market value is not subject to interest rate risk and can be promptly sold as they have amply liquid secondary market. 20

Debt indicators Gross debt totaled US$ 14.786 billion as of September 30th, 2019, decreasing by US$ 1.004 billion vs. June 30th, 2019, mainly as a result of net debt repayments of US$ 0.7 billion mostly related to the repurchase of bonds in the third quarter. Net debt totaled US$ 5.321 billion as of September 30th, 2019, decreasing by US$ 4.405 billion vs. US$ 9.726 billion as of June 30th, 2019, reaching the lowest level since 4Q08. The decline in net debt is mainly due to the release of frozen funds in the amount of US$ 1.8 billion and strong cash generation during the quarter. Average debt maturity decreased to 8.04 years on September 30th, 2019 when compared to 8.37 years on June 30th, 2019. Likewise, average cost of debt, after currency and interest rate swaps, decreased to 4.71% per annum on September 30th, 2019 when compared to 4.96% per annum on June 30th, 2019, mainly due to the repurchase of higher yield and longer-term bonds in the quarter. Leverage measured by net debt to LTM12 adjusted EBITDA decreased to 0.5x, and interest coverage, measured by the ratio of the LTM adjusted EBITDA to LTM gross interest, increased slightly to 10.8x on September 30th, 2019 against 10.4x on June 30th, 2019. In addition, pursuant to IFRS 16, leasing liabilities totaled US$ 1.811 billion as of September 30th, 2019. De bt indicators Net debt ¹ 5,321 9,726 10,704 T otal debt / adjusted LTM EBITDA (x) 1.3 1.4 1.0 Adj usted LTM EBITDA / LT M gross i nterest (x) 10.8 10.4 12.8 ¹ Does not include leases (IFRS 16). 12 Last tw elv e months. 21 Net debt / adj usted LTM EBITDA (x)0.50.90.7 Leases (IFRS 16)1,8111,840-US$ mi l l i on3Q192Q193Q18 Gross debt ¹14,78615,79016,810

VALE Gross debt US$ million Net debt US$ million [:::: Leases 0 casn pos11Jon oo September 30"',2019. lndu<les snort term mvestments 3018 2019 3019 3018 2019 3019 Debt position breakdown by currency (before hedge) Debt positi on breakdown by currency (after hedge) % % •USD •BRL •EUR •Others •USD •Hedge to USD •BRL •Others Debt amortization schedule' US$ billion Debt breakdown by instrument % •Development Agencies •Capital Markets •Bank Loans 0.1 2019 2020 2021 2022 2023Gross onwards debt 'As of September 30111, 2019.Does not include accrued charges. 70% of debt maturity after 2023

Performance of the business segments Se gment information — 3Q19, as per footnote of financial statements Rev enues others¹ & stoppage¹ associates EBITDA Iron ore fi nes 6,566 (2,527) (80) (28) (166) - 3,765 Pel l ets 1,596 (723) (8) (5) (27) - 833 Mn & Al l oys 48 (38) (2) - - - 8 Copper³ 495 (244) (2) (13) - - 236 i mpact ¹ Excluding depreciation and amortization ² Including copper and by -products from our nickel operations ³ Including by-products from our copper operations 23 Others120(112)(139)(55)(3)-(189) Brumadinho--(225)---(225) T otal10,217(4,844)(463)(124)(212)294,603 Coal241(437)5(10)-29(172) Base Metal s1,529(920)(14)(24)(16)-555 Ni ckel ²1,034(676)(12)(11)(16)-319 Others ferrous103(87)-(2)--14 ROM14-----14 Expenses Div idends and US$ mi l l i onNetCost¹SG&A andR&D¹Pre-operatinginterests onAdj usted and JVs Ferrous Mi nerals8,327(3,375)(90)(35)(193)-4,634

Ferrous Minerals ADJUSTED EBITDA Ferrous Minerals business segment achieved significant operational performance improvements in 3Q19 due to the resumption of Brucutu operations and the partial return of dry processing at the Vargem Grande complex, as well as strong operational performance in the Northern System in the quarter, with the normalization of the queue of vessels in Ponta da Madeira port that impacted 2Q19, and record production in S11D. Adjusted EBITDA of the Ferrous Minerals business segment was US$ 4.634 billion in 3Q19, US$ 411 million higher than in 2Q19, mainly due to higher sales volumes (US$ 929 million), lower C1 cash cost (US$ 157 million) and lower Brumadinho stoppage expenses (US$ 130 million), which were partially offset by lower sales prices, as a result of the negative effect of pricing mechanisms and lower iron ore and pellets premiums (US$ 478 million) due to temporary unfavorable premium market conditions, mainly as a consequence of high quality iron ore supply imbalance, the high 62% benchmark price and reduced steel margins, and higher freight costs (US$ 177 million). The share of premium products13 in total sales was 86% in 3Q19, in line with 2Q19. Iron ore fines and pellets quality premiums reached US$ 5.9/t14 in 3Q19 vs. US$ 11.4/t in 2Q19, mainly due to lower iron ore fines premiums, seasonal absence of dividends15 from the pellet business and lower premiums from pellets sales due to temporary market conditions. 13 Pellets, Carajás, BRBF (Brazilian Blend Fines), pellet feed and Sinter Feed Low Alumina (SFLA). 14 Iron ore premium of US$ 4.0/t and w eighted av erage contribution of pellets of US$ 1.9/t. 15 As per shareholder agreement div idends is due in 2Q and 4Q. 24

Average pellets realized premium was US$ 45/t16 in 3Q19 and as previously announced, Vale revised its 2019 pellets production guidance to 43 Mt from 45 Mt to adapt to the above-mentioned market conditions. Contractual pellets premiums will be negotiated quarterly starting as of 4Q19 to better capture the market dynamics and customers’ needs. Previously contractual pellets premiums were negotiated on a yearly basis. Iron ore fines and pellets quality premium Iron ore fi nes quality premium 4.0 5.7 8.6 Iron ore fines and pellets total quality premium 5.9 11.4 11.0 Sale s composition - % FERROUS M INERALS ADJUSTED EBITDA M ARGIN17 Adjusted EBITDA per ton for Ferrous Minerals, excluding Manganese and Ferroalloys, was US$ 54.3/t in 3Q19, a decrease of US$ 5.2/t when compared to the US$ 59.5/t recorded in 2Q19, mainly as a result of lower iron ore premiums, lower pellets contribution and higher freight costs, which were partially offset by lower C1 cash cost and lower production stoppage expenses related to the Brumadinho dam rupture. 16 On top of Iron ore - Metal Bulletin 65% index 17 Ex cluding Manganese and Ferroalloy s. 25 Pel l ets wei ghted average contribution1.95.72.4 US$/t3Q192Q193Q18

Iron ore fines (excluding Pellets and ROM) ADJUSTED EBITDA Adjusted EBITDA of iron ore fines was US$ 3.765 billion in 3Q19, 12% higher than in 2Q19, mainly due to higher sales volumes (US$ 715 million), lower expenses (US$ 130 million) and lower costs (US$ 114 million), which were partially offset by lower sales prices impacted by lower iron ore premiums and the effect of pricingmechanisms (US$ 409 million) and higher freight costs (US$ 145 million). SALES REVENUES AND VOLUM E Net sales revenues of iron ore fines, excluding pellets and run of mine (ROM), increased to US$ 6.566 billion in 3Q19 vs. US$ 5.849 billion in 2Q19, as a result of higher sales volumes (US$ 1.126 billion), which were partially offset by lower sales prices (US$ 409 million) as a result of the impact of pricing mechanisms and lower iron ore premiums. Sales volumes of iron ore fines totaled 73.6 Mt in 3Q19, 11.7 Mt higher than in 2Q19, mainly due to continuous progress in the resumption of operations in the Southern and Southeastern Systems and due to the strong operational performance and shipments normalization in the Northern System. CFR sales of iron ore fines totaled 57.1 Mt in 3Q19, representing 78% of all iron ore fines sales volumes, slightly higher than in 2Q19. Ne t operating revenue by product Iron ore fi nes 6,566 5,849 5,594 Pel l ets 1,596 1,300 1,627 Others 103 91 106 Volume sold Iron ore fi nes 73,614 61,873 83,500 Pel l ets 11,077 8,842 14,250 M anganese ore 150 92 554 Ferroal l oys 29 39 37 26 ROM42572476 ‘000 metri c tons3Q192Q193Q18 Total8,3277,3157,439 Manganese & Ferroalloys4869104 ROM1468 US$ mi l l i on3Q192Q193Q18

REALIZED PRICES Pricing syste m breakdown - % Price realization – iron ore fines In 3Q19, Vale’s realized price CFR/FOB decreased US$ 5.4/t, totaling US$ 89.2/t , mainly due to the negative effect of the pricing system mechanisms impacted by the strong price volatility within the quarter together with a lower forward curve (US$ 6.9/t) and lower quality and premiums/discounts (US$ 1.7/t), which were partially offset by higher 62% Fe reference price (US$ 1.9/t). 27

Av e rage prices Iron ore - Metal Bul letin 65% index 109.8 114.4 94.2 Iron ore - 62% Fe reference pri ce 102.0 100.1 66.7 Iron ore fi nes CFR reference (dmt) 100.2 106.8 76.6 Pel l ets CFR/FOB (wmt) 144.1 147.1 114.2 Ferroal l oys 1,051.3 1,073.8 1,168.6 COSTS Costs for iron ore fines amounted to US$ 2.527 billion (or US$ 2.865 billion with depreciation charges) in 3Q19. Costs were in line with 2Q19 after adjusting for the impact of higher sales volumes (US$ 411 million). IRON ORE COGS - 2Q19 x 3Q19 v ariation C1 cash costs 1,086 205 (8) (157) 40 1,126 Others 226 43 - 43 86 312 Depreci ation 319 54 (34) (1) 19 338 Unit maritime freight cost per iron ore metric ton increased US$ 2.6/t, totaling US$ 19.1/t in 3Q19, mainly due to higher participation of spot freight contracts as a result of the usual higher volumes seasonality in the second half and the resumption of operations (US$ 0.5/t), and higher spot freight price (US$ 1.8/t). The spot price was impacted by Vale’s return to the Capesize spot market as it had been virtually absent since the Brumadinho accident and exacerbated by the preparations for IMO2020, as a significant portion of the Capesize fleet headed to shipyards to install scrubbers, which usually takes between 30 to 45 days. For 2020, Vale expects to offset the impact of the IMO regulation with scrubber installation completed in 74% of long-term contracts and reaching 95% in 2022. 28 Total2,412465(42)304532,865 Total costs before depreciation and2,093411(8)314342,527 amortization Frei ght781163-1453081,089 Variance drivers US$ mi l l i on2Q19VolumeExchange rateOthersTotal3Q19 Manganese ore118.7294.6109.1 Iron ore fi nes CFR/FOB realized price89.294.667.0 Provi si onal price at the end of the quarter88.7108.468.0 Iron ore - Metal Bul letin 62% low alumina index101.8103.672.6 US$/ metri c ton3Q192Q193Q18

C1 CASH COST C1 cash cost FOB port per metric ton for iron ore fines ex -royalties decreased to US$ 15.3/t in 3Q19 from US$ 17.6/t in 2Q19, mainly due to higher dilution of fixed costs as a consequence of higher volumes and lower demurrage costs after the shipments normalization in the Northern System. Vale expects C1 cash cost will reduce between US$1.0-1.5/t in 4Q19 as a result of higher dilution of fixed costs and the S11D ramp-up contributing to a lower C1 cash cost. The impact of the stoppages following the Brumadinho dam rupture (US$ 2.8/t) were registered as expenses (see “EXPENSES” below). Iron ore fines costs and expenses in BRL C1 cash costs¹ 60.9 68.9 49.1 Other expenses¹ 3.6 3.6 2.5 ¹ Net of depreciation Iron ore fines cash cost and freight Costs (US$ million) (-) Di stri buti on costs 80 63 69 (-) Royal ti es 232 163 175 Sales v olumes (Mt) (-) T otal ROM volume sol d 0.4 0.0 0.4 (B/C) Freight % of CFR sal es (D) 78% 76% 73% Val e's i ron ore unit freight cost (US$/t) (A/E) 19.1 16.5 19.4 EXPENSES Iron ore fines expenses, net of depreciation, amounted to US$ 274 million in 3Q19, decreasing US$ 134 million vs. 2Q19, mainly as a result of the resumption of Brucutu and Vargem Grande dry processing operations and lower provisions for extraordinary logistics expenses . 29 Vol ume CFR (Mt) (E = C x D)57.147.361.0 Mari ti me freight costs (A)1,0897811,182 Vol ume sol d (ex-ROM) (C)73.661.983.5 Vale's iron ore cash cost (ex -ROM, ex-royalties), FOB (US$ /t)15.317.612.4 T otal iron ore volume sol d74.061.983.9 FOB at port costs (ex-ROM and ex-royalties) (B)1,1261,0861,033 (-) Mari ti me freight costs (A)1,0897811,182 FOB at port costs (ex-ROM)1,3581,2491,208 COGS, l ess depreci ation and amortization2,5272,0932,459 3Q192Q193Q18 Total75.794.551.6 Stoppage expenses rel ated to Brumadinho¹11.222.1-R$/t3Q192Q193Q18

Sales and other expenses totaled US$ 80 million in 3Q19, decreasing US$ 68 million vs. 2Q19, mainly due to a decrease in extraordinary logistics expenses. R&D amounted to US$ 28 million, in line with 2Q19. Pre-operating and stoppage expenses excluding the stoppage expenses related to Brumadinho, net of depreciation, amounted to US$ 14 million in 3Q19, in line with in 2Q19. Looking forward, unitary stoppage expenses related to Brumadinho may range between US$ 2.5/t-3.5/t in 4Q19. Expe nses - iron ore fines Brumadinho stoppage expenses 152 225 0 Iron ore pellets Adjusted EBITDA for pellets was US$ 833 million in 3Q19, in line with 2Q19, mainly as a result of higher sales volumes (US$ 205 million), which were offset by seasonal absence of dividends received18 (US$ 144 million) and lower sales prices (US$ 79 million). Sales totaled 11.1 Mt in 3Q19, 26% higher than in 2Q19 mainly due to better operational performance in Southeastern and Northern Systems. Vale revised its pellets production guidance to 43 Mt from 45 Mt in 2019, as previously announced. CFR pellets sales of 5.9 Mt in 3Q19 represented 53% of total pellets sales. FOB pellets sales amounted to 5.2 Mt in 3Q19. Realized prices in 3Q19 were an average CFR/FOB of US$ 144.1/t, decreasing US$ 3.0/t vs. 2Q19, mainly due to lower premiums received. Costs tot aled US$ 723 million (or US$ 838 million with depreciation charges) in 3Q19, excluding the impact of higher sales volumes (US$ 170 million), costs decreased US$ 19 million when compared with 2Q19. Expenses and pre-operational & stoppage expenses totaled US$ 40 million in 3Q19, increasing US$ 19 million when compared with 2Q19, mainly due to lagged expenses from the Vargem Grande and Fábrica stoppages. 18 Div idends from leased pelletizing plants, w hich are usually paid ev ery 6 months (in 2Q and 4Q). 30 Others141124 Extraordinary logistics expenses551260 Other expenses127(5) Total expenses27440852 US$ mi l l i ons3Q192Q193Q18 Selling13156 R&D282427 Pre-operating and stoppage expenses16623624

Pe llets - EBITDA million million Di vi dends received (Leased pelletizing plants) - - 144 16.3 Pre-operational & stoppage expenses (27) (2.4) (13) (1.5) EBIT DA 833 75.2 847 95.8 Iron ore fines and pellets cash breakeven19 In 3Q19, Vale’s iron ore fines and pellets EBITDA breakeven increased US$ 3.3/t, totaling US$ 40.1/t, mainly as a result of lower pellets contribution (US$ 3.8/t), higher freight costs (US$ 2.6/t) and lower premiums for iron ore (US$ 1.7/t), which were partially offset by lower stoppage expenses related to Brumadinho (US$ 2.9/t) and lower C1 cash cost (US$ 2.3/t). Iron ore and pellets cash breakeven landed in China¹ Val e's i ron ore cash cost (ex-ROM, ex-royalties), FOB (US$ /t) 15.3 17.6 12.4 Iron ore fi nes di stri bution cost 1.1 1.0 0.8 Iron ore fi nes expenses² & royal ties 4.0 3.5 2.7 Iron ore fi nes quality adjustment (4.0) (5.7) (8.6) Iron ore fi nes pellet adjustment (1.9) (5.7) (2.4) Iron ore fi nes sustai ning i nvestments 4.7 4.5 3.0 ¹ Measured by unit cost + expenses + sustaining investment adjusted for quality ² Net of depreciation and includes dividends received Manganese and ferroalloys Adjusted EBITDA of manganese ore and ferroalloys was US$ 8 million in 3Q19, 27% lower than in 2Q19, mainly due to lower ferroalloys sales volumes. Manganese ore sales volumes reached 150,000 t in 3Q19, 63.0% higher than in 2Q19, with the normalization of shipments following the unusual weather-related conditions faced last quarter at the Ponta da Madeira port. Ferroalloys sales volumes totaled 29,000 t in 3Q19, 25.6% lower than in 2Q19 mainly due to a temporary decrease in domestic client demand following a prolonged shutdown and maintenance period. 19 Does not include the impact from the iron ore fines and pellets pricing sy stem mechanism . 31 Iron ore fines and pellets cash breakeven landed in China (US$/dmt)44.841.330.4 Iron ore fines and pellets EBITDA breakeven (US$/dmt)40.136.827.4 Iron ore fines EBITDA breakeven (US$/dmt)42.042.629.8 Iron ore fi nes moisture adjustment3.64.03.1 Iron ore fi nes stoppage expenses² rel ated to Brumadinho2.85.7-Iron ore fi nes frei ght cost (ex-bunker oi l hedge)19.116.519.4 US$/t3Q192Q193Q18 Expenses (Sel l ing, R&D and other)(13)(1.2)(8)(0.9) Cash costs (Iron ore, l easi ng, freight, overhead, energy and other)(723)(65.3)(576)(65.1) 3Q192Q19 US$ US$/w mtUS$ US$/w mt Net revenues / Real ized price1,596144.11,300147.1

Volume sold by destination – Iron ore and pellets Americas 7,644 9,013 10,608 Others 1,639 2,293 3,148 Chi na 56,906 38,984 56,754 Others 5,262 5,728 6,954 Germany 3,215 3,272 4,147 Others 2,602 3,617 5,396 Rest of the World 872 1,517 1,599 Se le cted financial indicators - Ferrous minerals Net Revenues 8,327 7,315 7,439 Expenses¹ (90) (150) (6) R&D expenses (35) (30) (34) Adj usted EBITDA 4,634 4,223 3,960 Adj usted EBIT 4,086 3,691 3,552 ¹ Net of depreciation and amortization Se le cted financial indicators - Iron ore fines Adj usted EBITDA (US$ million) 3,765 3,348 3,083 Adj usted EBITDA (US$/t) 51 54 37 Se le cted financial indicators - Pellets Adj usted EBITDA (US$ million) 833 847 800 Adj usted EBITDA (US$/t) 75 96 56 Se le cted financial indicators - Ferrous ex-Manganese and Ferroalloys Adj usted EBITDA (US$ million) 4,626 4,212 3,928 Vol um e Sold (M t)¹ 85.1 70.8 98.2 Adj usted EBITDA (US$/t) 54 60 40 ¹ Volume including iron ore fines, pellets and ROM. 32 US$ mi l l i on3Q192Q193Q18 Vol ume Sold (Mt)11.18.814.3 US$ mi l l i on3Q192Q193Q18 Vol ume Sold (Mt)73.661.983.5 US$ mi l l i on3Q192Q193Q18 Adj usted EBIT margin (%)49.150.547.7 Depreci ation and amortization(548)(532)(408) Di vi dends and interests on associ ates and JVs-1447 Pre-operating and stoppage expenses¹ (193)(249)(30) Costs¹(3,375)(2,807)(3,416) US$ mi l l i on3Q192Q193Q18 Total85,11670,78798,226 Middle East2,4351,4853,573 France8331,3531,875 Europe6,6508,24211,418 Japan5,3475,8187,320 Asia67,51550,53071,028 Brazi l6,0056,7207,460 ‘000 metri c tons3Q192Q193Q18

Base Metals Base Metals operations in the North Atlantic achieved solid performance in 3Q19 after the scheduled and unscheduled maintenance at its refineries during the previous quarter which were completed throughout 3Q19. Likewise, following the conclusion of scheduled maintenance activities at both the Matsusaka and Clydach refineries, PTVI had a significant boost in nickel volumes in 3Q19, one of the main factors for its q-o-q increase in EBITDA. In Brazil, the judicial authorization to resume both mining and processing operations at Onça Puma was granted in September and was another milestone achieved towards production stability. Copper operations were positively impacted by higher sales volumes in Salobo, which had strong plant performance in the quarter, with an all-time monthly production record in July , the first monthly negative unit costs after by-products in August, and sub-US$ 300/t unit cash costs in the quarter. Base Metals adjusted EBITDA was US$ 555 million in 3Q19 vs. US$ 465 million in 2Q19, mainly due to higher realized prices (US$ 119 million) and lower costs (US$ 60 million) partially offset by lower volumes (US$ 77 million) and higher expenses (US$ 9 million) mainly as a result of stoppage expenses related to Onça Puma prior to the resumption of its activities in September. Av e rage prices Ni ckel - LME 15,540 12,258 13,266 Ni ckel 14,859 12,877 14,092 Gol d (US$/oz) 1,485 1,341 1,198 Cobal t (US$/t) 24,901 24,222 57,706 ¹Considers Salobo and Sossego operations. Base Metals EBITDA overview – 3Q19 North Onça Others US$ mi l l i on PTVI Site VNC Site Sossego Salobo Base Costs (435) (139) (126) (25) (84) (160) 49 (920) Pre-operating and stoppage expenses - - - (16) - - - (16) 33 R&D(6)(2)(1)(2)(1)(2)(10)(24) EBITDA29466(22)(8)19227(21)555 Sel l ing and other expenses(9)(7)(1)(1)(1)(1)6(14) Total AtlanticPumaNi & CuMetals Net Rev enues74421410636105390(66)1,529 Si l ver (US$/oz)15.1513.0913.63 Copper¹4,9185,1994,988 Copper - LME5,8026,1136,105 US$/ metri c ton3Q192Q193Q18

Nickel operations Nicke l operations – EBITDA by ope ration North Atl antic operation¹ 294 262 148 VNC (22) (87) (42) Others Ni ckel ² (11) 37 55 ¹ Includes the operations in Canada and in the United Kingdom. ² Includes the PTVI and VNC off-takes, intercompany sales eliminations and purchase of finished nickel. Nicke l operations – unit cash cost of sales, net of by-product credits PT VI 6,947 7,774 7,084 Onça Puma 10,368 9,991 7,938 ¹ North Atlantic figures include Clydach refining costs. Details of nickel operations’ adjusted EBITDA by operation are as follows: • The North Atlantic operations’ EBITDA was US$ 294 million, increasing US$ 32 million vs. 2Q19 mainly due to higher nickel (US$ 80 million) and by -products (US$ 33 million) realized prices as well as lower costs (US$ 13 million), which were partially offset by lower sales volumes (US$ 91 million) due to the drawdown of saleable product inventories in 2Q19. Unit cash costs after by -products increased toUS$ 5,607/t. The after by-products increase reflects lower associated copper content to be used as a by-product credit in 3Q19 as, in the previous quarter, the mine-mill-smeltingactivities were operating well and their associated copper was sold to the market in that period. • PTVI’s EBITDA was US$ 66 million, increasing by US$ 33 million compared to 2Q19, mainly due to higher nickel realized prices (US$ 19 million), lower costs (US$ 16 million) and higher sales volumes (US$ 7 million), which were partially offset by higher expenses (US$ 8 million). Unit cas h costs decreased to US$ 6,947/t in 3Q19 as a result of productivity and the effect of higher volumes in the dilution of fixed cost s. • VNC's EBITDA was negative US$ 22 million, increasing by US$ 65 million when compared to 2Q19, mainly as a result of higher nickel and cobalt sales revenues (US$ 52 million) due to increased sales prices and volumes. Unit cash costs decreased to US$ 20,331/t in 3Q19 mainly as a result of higher volumes at the site. 34 VNC20,33127,31615,100 US$/t3Q192Q193Q18 North Atl antic operations¹5,6075,1599,234 Total319248260 Onça Puma(8)329 PT VI663370 US$ mi l l i on3Q192Q193Q18

• Onça Puma’s EBITDA was negative US$ 8 million, decreasing by US$ 11 million compared to 2Q19, mainly as a result of the stoppage of all nickel processing activities at the site following a judicial order in June 2019. In September, Vale received a favorable decision by the courts, with the support of reports from appointed experts, and both mining and processing activities have been allowed to be resumed. Unit cash costs were US$ 10,368/t and reflect solely the remaining ferronickel inventories that were sold at the beginning of the quarter. EBITDA bre akeven – nickel operations20 SALES REVENUES AND VOLUM ES In order to reduce exposure to volatility in nickel prices and support positive cash flow in the Nickel business in the following years of heavier investments in Voisey’s Bay Underground Mine and Copper Cliff Mine, as of August 2019, Vale decided to implement a hedge accounting program and executed a hedge operation for a share of its forecast sales until 2020. The hedge program is based on a zero-cost collar strategy whereby Vale purchases put options simultaneously to the sale of call positions on the nickel price. Effectively, the long-put position establishes a floor pricing that provides stability of cash generation during a period of significant investments in the North Atlantic operations whereas the short call position enables the company to pursue the strategy with close to zero costs. As of September 30th, 2019, the average strike price for the put positions is US$ 15,667/t and the average strike price of the call options is US$ 18,681/t and the hedged volume is equivalent to approximately 30% of the forecasted nickel production in the period. The effect of the derivatives settled in the quarter in 20 Considering only the cash effect of US$ 400/oz that Wheaton Precious Metals pay s for 70% of Sudbury ’s gold by -product, nickel operations EBITDA breakev en w ould increase to US$ 9,428/t. 35

Vale’s nickel realized price was negative US$ 33/t, reflecting the higher LME prices vis a vis the cap price of the collar structure. Nickel sales revenues were US$ 757 million in 3Q19, increasing US$ 17 million vs. 2Q19 as a result of higher price realization (US$ 101 million) offset by lower sales volumes (US$ 84 million). Sales volumes of nickel were 50.9 kt in 3Q19, 6.6 kt lower than in 2Q19, reflecting Vale’s decision to optimize supply chain opportunities and drawdown saleable product inventories in 2Q19. Copper by-product from nickel operations generated sales revenues of US$ 113 million in 3Q19, decreasing US$ 57 million vs. 2Q19 as a result of lower sales volumes (US$ 43 million) and lower copper price realization (US$ 13 million). Sales volumes of copper by -product totaled 24.1 kt in 3Q19, 8.4 kt lower than in 2Q19 as, in the previous quarter, the mine-mill-smelting activities were operating well, and their associated copper was sold to the market in that period. Cobalt by-product sales revenues totaled US$ 27 million in 3Q19, in line with 2Q19. Sales volumes of cobalt by-product amounted to 1,086 t in 3Q19, also in line with 2Q19. Ne t operating revenue by product - Nickel operations Ni ckel 757 740 807 Gol d as by-product 22 18 10 PGMs 105 115 103 Others Ni ckel 7 5 3 Total 1,034 1,076 1,086 Volume sold - Nickel operations Cl ass I ni ckel 31 38 32 Cl ass II ni ckel 2 4 6 Copper 24 32 21 Si l ver as by-product ('000 oz) 224 204 185 PGM s ('000 oz) 61 92 90 Cobal t (metri c ton) 1,086 1,072 1,120 36 Gol d as by-product ('000 oz)151411 Intermedi ates544 Cl ass II Battery-sui table ni ckel131215 ‘000 metri c tons3Q192Q193Q18 Ni ckel515757 Cobal t272665 Si l ver as by-product322 Copper11317096 US$ mi l l i on3Q192Q193Q18

REALIZED NICKEL PRICES Vale’s nickel products are classified as Class I, Class II Battery-suitable, Class Intermediates. In 3Q19, 60% of our sales were high-quality Class I nickel products. II and Class I products, 30.5 kt, 60% of nickel sales in 3Q19 Class I products were sourced from 100% of North Atlantic operations and 29% of operations in 3Q19. PTVI Part of the Class I nickel products is sold at higher 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 EV batteries 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 in the product mix. 37

Class II Battery-suitable, Class II and Intermediates, 20.4 kt, 40% of nickel sales in 3Q19 Class II Battery-suitable products offer varied levels of 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 low-cost solutions to be upgraded and used in that market. The different products included in this category offer different levels of potential and readiness for utilization in EVs. The Class II Battery-suitable products were sourced from 100% of VNC operations and 49% of PTVI operations in 3Q19. It is economically challenging to use Class II products such as ferro-nickel in electric vehicle battery applications, mainly due to impurities as well as operational and capital costs associated with the conversion process. Vale’s Class II products were sourced from 100% of Onça Puma operations in 3Q19. Intermediate products were sourced from 22% of PTVI production in 3Q19. 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. Pre miums / discount by nickel product Cl ass II Battery-sui table ni ckel (390) (200) (90) Intermedi ates (3,190) (2,550) (2,860) 38 Cl ass II ni ckel(100)(70)260 US$/t3Q192Q193Q18 Cl ass I ni ckel1,3101,0901,320

The average nickel realized price was US$ 14,859/t, US$ 681/t lower than the average LME nickel price of US$ 15,540/t in 3Q19. The aggregate impact of the above-mentioned premiums and discounts (considering their respective volumes in the sales mix) was: • Premium for Class I nickel products for 60% of sales, with aggregate impact of US$ 786/t; • Discount for Class II Battery -suitable nickel products for 26% of sales, with aggregate impact of -US$ 101/t; • Discount for Class II nickel products for 5% of sales, with aggregate impact of -US$ 5/t; • Discount for Intermediates for 9% of sales, with aggregate impact of -US$ 287/t; and, • Other timing and pricing adjustments with an aggregateimpact of -US$ 1,073/t. The main drivers for this negative adjustment in 3Q19 are (i) the Quotational Period carryover effects (based on the effect of volume distribution of sales in the last three months, as well as the differences between the LME price at the moment of sale and the LME average price in the context of substantial increase in the benchmark throughout the quarter), with an impact of approximately -US$ 740/t; (ii) fixed price sales, with impact of approximately -US$ 300/t; and, (iii) the above-mentioned effect of the collar hedging on Vale’s nickel price realization, with an impact of -US$ 33/t in the quarter. Nicke l premium/discount by product and average aggregate premiums 39

Nicke l COGS - 2Q19 x 3Q19 rate Ni ckel operations 794 (70) 5 (53) (118) 676 EXPENSES Selling expenses and other expenses totaled US$ 12 million in 3Q19, including other expenses for mines under care and maintenance in North Atlantic (US$ 6 million) and payroll provisions (US$ 6 million). Pre-operating and stoppage expenses were US$ 16 million in 3Q19 due to stoppage expenses at Onça Puma. R&D expenses were US$ 11 million in 3Q19, higher than the US$ 8 million recorded in 2Q19. These expenses encompass R&D initiatives for further operational improvements, with the main expenses associated with North Atlantic, PTVI, Onça Puma and VNC, corresponding to US$ 6 million, US$ 2 million, US$ 2 million and US$ 1 million, respectively, in the quarter. Se le cted financial indicators - Nickel operations Net Revenues 1,034 1,076 1,086 Expenses¹ (12) (22) (3) R&D expenses (11) (8) (11) Adj usted EBITDA 319 248 260 Adj usted EBIT 72 (62) (56) ¹ Net of depreciation and amortization Copper operations – Salobo and Sossego Copper – EBITDA by ope ration US$ mi l l i on 3Q19 2Q19 3Q18 Sal obo 227 187 216 Sossego 19 34 52 Others Copper¹ (10) (4) - ¹ Incl udes research expenses rel ated to the Hu’u project. 40 Total236217268 Adj usted EBIT margin (%)7.0%(5.8)%(5.2)% Depreci ation and amortization(247)(310)(316) Di vi dends and interests on associ ates and JVs---Pre-operating and stoppage expenses¹(16)(4)(8) Costs¹(676)(794)(804) US$ mi l l i on3Q192Q193Q18 Depreci ation303(32)3(39)(68)235 Total1,097(102)8(92)(186)911 Variance drivers US$ mi l l i on2Q19VolumeExchangeOthersTotal v ariation3Q19

Copper operations – unit cash cost of sales, net of by-product credits Sal obo 298 816 351 Details of copper operations adjusted EBITDA by operation are as follows: • Salobo’s EBITDA was US$ 227 million, increasing by US$ 40 million vs. 2Q19, mainly due to higher sales volumes (US$ 25 million) and lower costs (US$ 15 million). Unit cash costs decreased to US$ 298/t due to higher by-product credits, higher grades and strong plant performance. In July, Salobo achieved all-time monthly production records for copper and gold, and, in August, the operation achieved unit cash cost of -US$ 48/t. • Sossego’s EBITDA was US$ 19 million, decreasing by US$ 15 million vs. 2Q19, mainly as a result of higher costs (US$ 9 million) and lower volumes (US$ 6 million). Unit cash costs increased to US$ 3,830/t due to lower volumes as well as an maintenance stoppage at the processing plant. unscheduled EBITDA bre akeven – copper operations21 The realized price to be used against the EBITDA breakeven should be the copper realized price before discounts (US$ 5,556/t), given that TC/RCs, penalties and other discounts are already part of the EBITDA breakeven build-up. 21 Considering only the cash effect of US$ 400/oz that Wheaton Precious Metals pay s for 75% of Salobo’s gold by -product, copper operations EBITDA breakev en w ould increase to US$ 3,076/t. 41 Sossego3,8303,2932,822 US$/t3Q192Q193Q18

SALES REVENUES AND VOLUM ES Copper sales revenues were US$ 334 million in 3Q19, increasing by US$ 9 million vs. 2Q19 as a result of higher volumes (US$ 28 million) which was offset by lower price realization (US$ 19 million). Copper sales volumes were 67.9 kt in 3Q19, 5.4 kt higher than in 2Q19, in line with the increase in production volumes. By-product revenues were US$ 161 million in 3Q19, increasing by US$ 24 million vs. 2Q19 mainly as a result of higher price realization (US$ 15 million) and higher by -product volumes (US$ 9 million). Sales volumes of gold by-product were 105 koz in 3Q19, 6 koz higher than in 2Q19 and sales volumes of silver by-product were 219 koz in 3Q19, 55 koz higher than in 2Q19. Ne t operating revenue by product - Copper operations Copper 334 325 356 Si l ver as by-product 4 3 3 Volume sold - Copper operations Copper 68 63 71 Si l ver as by-product ('000 oz) 219 164 211 REALIZED COPPER PRICES The realized copper price for copper operations in 3Q19 was US$ 4,918/t, US$ 884/t lower than the average LME copper price of US$ 5,802/t in the quarter. 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 forward. The realized copper price differed from the average LME price in 3Q19 due to the following factors22: • Current period price adjustments: mark-to-market of invoices still open in the quarter based on the copper price forward curve at the end of the quarter (+US$ 9/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$ 255/t); and, • TC/RCs, penalties, premiums and discounts for intermediate products (-US$ 638/t). 22 On September 30th, 2019, Vale had prov isionally priced copper sales from Sossego and Salobo totaling 57,126 tons v alued at an LME forw ard price of US$ 5,719/t, subject to final pricing ov er the follow ing months . 42 Gol d as by-product ('000 oz)10599114 ‘000 metri c tons3Q192Q193Q18 Total495462500 Gol d as by-product157134140 US$ mi l l i on3Q192Q193Q18

Price realization – copper operations Copper COGS - 2Q19 x 3Q19 rate Copper operations 235 18 (2) (7) 9 244 EXPENSES Selling expenses and other expenses totaled US$ 2 million in 3Q19. Research and development expenses were US$ 13 million in 3Q19, with Hu’u-related expenditures amounting to US$ 10 million and Salobo and Sossego corresponding to US$ 3 million in the quarter. Se le cted financial indicators - Copper operations Net Revenues 495 462 500 Expenses¹ (2) (3) (2) R&D expenses (13) (7) (4) Adj usted EBITDA 236 217 268 Adj usted EBIT 187 171 229 Adj usted EBIT m argin (%) 37.8% 37.0% 45.8% ¹ Net of depreciation and amortization 43 Depreci ation and amortization(49)(46)(39) Di vi dends and interests on associ ates and JVs---Pre-operating and stoppage expenses¹---Costs¹(244)(235)(226) US$ mi l l i on3Q192Q193Q18 Depreci ation464(1)-349 Total28122(3)(7)12293 Variance drivers US$ mi l l i on2Q19VolumeExchangeOthersTotal v ariation3Q19

Coal ADJUSTED EBITDA Coal adjusted EBITDA was negative US$ 172 million in 3Q19, US$ 66 million lower than in 2Q19, mainly as a result of lower prices, higher logistics costs and higher maintenanceat the processing plants. As mentioned in the 3Q19 Production Report, Vale’s coal operations demanded the reassessment of the business strategy, with the implementation of a new mining plan and a maintenance program for plant recovery. The new mining plan was designed to better access the ore bodies and to improve the economic value of the asset. As a result, cost will decrease as the lower stripping ratio23 represents moving less overburden to gather the same amount of ore, which would allow cost savings. In addition, the maintenance program could bring some short-term pressures on volumes and consequently on unit costs, as major interventions in the process ing plants will take place in 1H20, with the aim of speeding up the business turnaround, reaching much higher production rates and achieving a sustainable ramp-up. Volume sold Metal lurgical coal 1,083 1,037 1,611 Revenues and price realization Revenues decreased by US$ 15 million to US$ 241 millionin 3Q19 from US$ 256 million in 2Q19, due to lower thermal and metallurgical coal prices (US$ 30 million), as market conditions deteriorated in 3Q19 as mentioned above in the market overview section. Ne t operating revenue by product Metal lurgical coal 178 194 284 Total 241 256 425 23 Stripping Ratio = Ov erburden / ROM 44 T hermal coal6362141 US$ mi l l i on3Q192Q193Q18 T hermal coal1,1721,0561,584 Total2,2552,0933,195 ‘000 metri c tons3Q192Q193Q18

Price realization – M etallurgical coal US$/t, 3Q19 Price realization – The rmal coal US$/t, 3Q19 45

Coal prices Metal lurgical coal i ndex price¹ 161.5 203.2 188.6 T hermal coal i ndex pri ce² 61.2 66.0 101.6 Vale’s average realized price 107.0 122.3 132.9 ¹ Reference price Premium Low Vol Hard Coking Coal FOB Australia. ² McCloskey FOB Richards Bay Costs and expenses Costs totaled US$ 437 million in 3Q19, US$ 51 million higher than in 2Q19, mainly due to higher logistics costs and higher maintenance at the processing plants. Pro-forma C1 cash cost totaled US$ 180.3/t in 3Q19, an increase of US$ 11.1/t in relat ion to 2Q19 mainly due to the impact of higher logistics unitary costs and maintenance costs. Pro-forma cash cost Nacal a non-operational tari ff ² ³ (B) 48.5 46.5 49.4 Cost at Nacal a Port (D = A+B+C) 193.2 182.6 133.2 Pro-forma C1 cash cost (F = D-E) 180.3 169.2 125.0 ¹ Includes the inferred NLC tariff components related to fixed 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$ 3.8/t in 3Q18 between pro-forma operational costs and Nacala non-operational tariff lines. Se le cted financial indicators - Coal Net Revenues 241 256 425 Expenses¹ 5 2 2 R&D expenses (10) (6) (4) Adj usted EBITDA (172) (106) 16 Adj usted EBIT (239) (166) (51) Adj usted EBIT m argin (%) (99.2) (64.8) (12.0) ¹ Net of depreciation and amortization 46 Depreci ation and amortization(67)(60)(67) Di vi dends and interests on associ ates and JVs292826 Pre-operating and stoppage expenses¹---Costs¹(437)(386)(433) US$ mi l l i on3Q192Q193Q18 NLC’s debt servi ce to Vale (E)12.913.48.1 Other costs (C)5.47.40.1 US$/ metri c ton3Q192Q193Q18 Pro-forma operational costs¹ (A)139.3128.783.7 Val e’s thermal coal realized price53.959.189.2 Val e’s metallurgical coal realized price164.5186.7175.9 US$/ metri c ton3Q192Q193Q18

ANNEXES SIMPLIFIED FINANCIAL Income Statement STATEMENTS Net operating rev enue 10,217 9,186 9,543 Gross margi n (%) 44.4 43.7 39.7 Research and evaluation expenses (124) (90) (87) Brumadinho event (225) (1,532) - Impai rment and disposal of non-current assets (30) (109) (172) Operating income 3,617 1,802 3,271 Fi nancial i ncome 132 122 111 Other fi nancial items, net (187) (99) (1,007) Current tax (858) (366) 77 Net i ncome (l oss) attri butable to noncontrolling i nterests (21) (9) (35) Earni ngs (l oss) per share (attri butable to the Company's stockhol ders - US$) 0.32 (0.03) 0.27 0.32 (0.03) 0.27 Company's stockhol ders - US$) Equity income (loss) by business segment Ferrous Mi nerals 90 360 71 79 110 344 Base Metal s - - - - 1 3 47 Others(65)(260)1618(80)(250) Total251009010032100 Coal--3313 US$ mi l l i on3Q19%2Q19%3Q18% Basi c and di luted earnings (l oss) per share (attri butabl e to the Net income (loss) attributable to Vale's stockholders1,654(133)1,408 Deferred tax(119)(107)(724) Net income (loss) from continuing operations1,633(142)1,373 Equi ty resul ts and other resul ts i n associ ates and j oint ventures132(743)12 Income (loss) before income taxes2,6103312,020 Fi nancial expenses(1,084)(751)(367) Other operational expenses, net(122)(35)(61) Pre-operating and operational stoppage(290)(335)(60) Sel l ing and administrative expenses(128)(110)(136) Cost of goods sol d and servi ces rendered(5,681)(5,173)(5,756) Gross profit4,5364,0133,787 US$ mi l l i on3Q192Q193Q18

Balance sheet Cash and cash equi val ents 8,559 6,048 6,100 securi ti es) Accounts recei vable 2,297 2,983 2,450 Inventories 4,629 4,724 4,056 Recoverable taxes 642 684 949 Judi ci al deposi ts 3,044 5,035 1,681 Prepai d income taxes 591 695 561 Deferred i ncome taxes 7,786 7,698 5,713 Suppl iers and contractors 4,251 3,907 4,038 Leases 236 239 - T axes payable 1,066 607 376 Provi si ons 1,019 942 1,173 Li abi lities rel ated to Brumadinho 2,085 2,320 - Others 1,110 1,178 619 Loans and borrowing 13,454 14,503 15,437 Other fi nancial liabil ities 3,571 3,215 2,818 Deferred i ncome taxes 1,758 1,469 1,711 Li abi lities rel ated to associ ates and j oint ventures 1,107 1,298 761 De-characterization of dams 1,387 1,630 - Others 1,217 1,270 2,054 Stockholders' equity 42,681 43,324 41,641 48 Total liabilities and stockholders' equity93,89695,73285,486 Total liabilities51,21552,40843,845 Deferred revenue - Gol d stream1,3861,4611,669 Li abi lities rel ated to Brumadinho8461,208-Provi si ons8,0438,1046,367 Settl ement program (REFIS)3,4413,8153,858 Leases1,5751,601-Non-current liabilities37,78539,57434,675 De-characterization of dams451388-Li abi lities rel ated to associ ates and j oint ventures450412292 Settl ement program (REFIS)414445414 Other fi nancial liabil ities1,0161,109885 Loans and borrowing1,3321,2871,373 Others405367271 Fixed assets60,17562,39458,369 Total assets93,89695,73285,486 Liabilities Current liabilities13,43012,8349,170 Recoverable taxes514511543 Other fi nancial assets2,8953,1183,217 Others482565518 Non-current assets15,23517,42411,986 Prepai d income taxes559508645 Other fi nancial assets412386407 Short term i nvestments (i ncluding Brazilian treasury906166 US$ mi l l i on9/30/20196/30/20199/30/2018 Assets Current assets18,48615,91415,131

Cash flow Cash flow s from operating activities: Adj usted for: Equi ty resul ts and other resul ts i n associ ates and j oint ventures (132) 743 (12) Fi nancial resul ts, net 1,139 728 1,263 Change in assets and liabilities Inventories (69) 229 (200) Provi si on - Payroll, related charges and other remunerati ons 187 166 200 De-characterization of dams (40) 83 - Net cash prov ided by operations 5,128 3,645 4,489 Deri vati ves recei ved (paid), net (88) (4) (22) Income taxes (i ncluding settl ement program) (493) (359) (324) Cash flow s from inv esting activities: Addi tions to i nvestments (74) (1) (569) Proceeds from di sposal of assets and i nvestments 20 11 116 Restri cted cash and j udicial deposi ts 1,773 124 - Net cash used in inv esting activities (518) (593) (701) Loans and financing: Payments of l oans and borrowi ngs from third -parties (1,694) (1,636) (1,169) Payments to stockholders: Di vi dends and interest on capital paid to noncontrolling i nterest (104) (14) (82) Net cash prov ided by (used in) financing activities (851) (1,353) (3,405) Cash and cash equi val ents i n the beginning of the period 6,048 5,008 6,369 Non-cash transactions: 49 Addi tions to property, plant and equipment - i nterest capitalization344050 Effect of exchange rate changes on cash and cash equivalents(200)31(59) Cash and cash equivalents, end of period8,5596,0486,100 Increase (decrease) i n cash and cash equivalents2,7111,009(210) Share buyback program--(489) Di vi dends and interest on capital paid to stockhol ders--(1,876) Payments of l easi ng(53)(3)-Loans and borrowings from third -parti es1,000300211 Cash flow s from financing activities: Other i nvestment activiti es, net(929)(190)(132) Di vi dends received from j oint ventures and associ ates-1937 Acqui si tion of subsi diary, net of cash(417)--Capi tal expenditures(891)(730)(123) Net cash prov ided by operating activities4,0802,9553,895 Remuneration paid to debentures-(90)-Interest on l oans and borrowings pai d(467)(237)(248) Other assets and l i abilities, net(113)(375)10 Li abi lities rel ated to Brumadinho(346)1,069-Suppl iers and contractors412434336 Accounts recei vable and advances from clients523(557)(149) Others-(281)-Impai rment and disposal of non -current assets30109172 Depreci ation, depleti on and amortization927966849 Income (l oss) before i ncome taxes from continuing operations2,6103312,020 US$ mi l l i on3Q192Q193Q18

REVENUES, VOLUMES SOLD, PRICES AND MARGINS Ne t operating revenue by destination North America 533 5.2 533 5.8 587 6.2 Canada 191 1.9 137 1.5 210 2.2 South America 990 9.7 1,086 11.8 937 9.8 Others 141 1.4 145 1.6 162 1.7 Chi na 5,473 53.6 4,200 45.7 4,266 44.7 South Korea 341 3.3 320 3.5 312 3.3 Europe 1,244 12.2 1,383 15.1 1,427 15.0 Ital y 80 0.8 152 1.7 110 1.2 Middle East 427 4.2 252 2.7 459 4.8 Volume sold - M inerals and metals Iron ore fi nes 73,614 61,873 83,500 Pel l ets 11,077 8,842 14,250 Ferroal l oys 29 39 37 Metal lurgical coal 1,083 1,037 1,611 Copper 92 95 92 Si l ver as by-product ('000 oz) 443 368 396 Cobal t (metri c ton) 1,086 1,072 1,120 Av e rage prices Iron ore fi nes CFR reference (dmt) 100.2 106.8 76.6 Pel l ets CFR/FOB (wmt) 144.1 147.1 114.2 Ferroal l oys 1,051.3 1,073.8 1,169.0 Metal lurgical coal 164.5 186.7 175.9 Ni ckel 14,859 12,877 14,092 Copper¹ 4,857 5,206 4,895 Gol d (US$/oz) 1,485 1,341 1,198 Si l ver (US$/oz) 15.15 13.09 13.60 Cobal t (US$/t) 24,901 24,222 57,706 ¹Considers Salobo, Sossego and North Atlantic operations. 50 T hermal coal53.959.189.2 Manganese ore118.7294.6109.1 Iron ore fi nes CFR/FOB realized price89.294.667.0 US$/ton3Q192Q193Q18 PGMs ('000 oz)619290 Gol d as by-product ('000 oz)120113125 Ni ckel515757 T hermal coal1,1721,0561,584 Manganese ore15092554 ROM42572476 ‘000 metri c tons3Q192Q193Q18 Rest of the World1681.62532.82242.3 Total10,217100.09,186100.09,543100.0 Others7857.77788.59499.9 Germany3793.74534.93683.9 Others4554.55706.26346.6 Japan5865.75896.46977.3 Asia6,85567.15,67961.85,90961.9 Brazi l8498.394110.27758.1 Mexi co300.3290.3250.3 USA3123.13674.03523.7 US$ mi l l i on3Q19%2Q19%3Q18%

Ope rating margin by segment (EBIT adjusted margin) Ferrous Mi nerals 49.1 50.5 47.7 Base Metal s 17.0 7.1 10.9 Total¹ 36.0 23.2 36.4 ¹ Ex cluding non -recurring effects RECONCILIATION (a) Adjusted EBIT OF IFRS AND “NON-GAAP” INFORMATION Net operati ng revenues 10,217 9,186 9,543 SG&A (128) (110) (136) Pre-operating and stoppage expenses (290) (335) (60) Other operational expenses (122) (35) (61) (b) Adjusted EBITDA EBIT DA defi nes profi t or l oss before interest, tax, depreciation and amortization. Vale uses the term adjusted EBITDA to refl ect exclusi on of i mpairment and disposal of non-current assets and the inclusi on of dividends received and interest from associ ates and j oint ventures. However, our adjusted EBITDA i s not the measure defined as EBIT DA under IFRS and may possi bl y not be comparable with i ndicators wi th the same name reported by other companies. Adjusted EBITDA shoul d not be consi dered as a substi tute for operational profit or as a better measure of liquidity than operational cash fl ow, whi ch are calcul ated in accordance with IFRS. Vale provides i ts adjusted EBITDA to give additional i nformation about i ts capacity to pay debt, carry out i nvestments and cover worki ng capital needs. T he fol lowing tables shows the reconci li ation between adjusted EBITDA and operational cash flow and adjusted EBITDA and net income , i n accordance wi th i ts statement of changes i n fi nancial posi tion: Re conciliation between adjusted EBITDA and operational cash flow Working capital: Inventori es (69) 229 (200) Provi si on - Payroll, related charges and other remunerati ons 187 166 200 De-characterization of upstream dams (40) 83 - Others (142) (877) (23) Cash prov ided from operations 5,128 3,645 4,489 Incom e taxes pai d - current (385) (251) (220) Income taxes pai d - settl ement program (108) (108) (104) Interest pai d for thi rd parties (467) (237) (248) Parti ci pative stockholders' debentures paid - (90) - Net cash prov ided by (used in) operating activities 4,080 2,955 3,895 51 Deri vati ves received (paid), net(88)(4)(22) Li abi lities rel ated to Brumadinho(346)1,069-Suppl iers and contractors412434336 Accounts recei vable and advances for cl i ents523(557)(149) US$ mi l l i on3Q192Q193Q18 Adj usted EBITDA4,6033,0984,325 Di vi dends and interests on associ ates and JVs2922133 Adj usted EBIT3,6762,1323,476 Expenses rel ated to Brumadinho(225)(1,532)-Research and development(124)(90)(87) COGS(5,681)(5,173)(5,756) US$ mi l l i on3Q192Q193Q18 Coal(99.2)(64.8)(12.0) %3Q192Q193Q18

Re conciliation between adjusted EBITDA and net income (loss) Depreci ation, depleti on and amortization (927) (966) (849) (29) (221) (33) ventures Impai rment and disposal of non -current assets (30) (109) (172) Fi nancial resul ts (1,139) (728) (1,263) Income taxes (977) (473) (647) Net i ncome (l oss) attri butable to noncontrolling i nterests (21) (9) (35) (c) Ne t debt T otal debt 14,786 15,790 16,810 Net debt 5,321 9,726 10,704 ¹ Incl uding financial i nvestments (d) Gross debt / LTM Adjusted EBITDA Gross debt / LT M Adjusted EBITDA (x) 1.3 1.4 1.0 (e ) LTM Adjusted EBITDA / LTM interest payme nts Adj usted LTM EBITDA / LT M gross i nterest (x) 10.8 10.4 12.8 LT M operational profit / LTM i nterest payments (x) 6.0 7.0 9.7 52 LT M adjusted EBITDA / LTM interest payments (x) 9.9 11.813.0 US$ mi l l i on3Q192Q193Q18 Gross debt / LT M operational cash flow (x)1.21.31.3 US$ mi l l i on3Q192Q193Q18 Cash and cash equi val ents¹9,4656,0646,106 US$ mi l l i on3Q192Q193Q18 Net income (loss) attributable to Vale's stockholders1,654(133)1,408 Net income (loss) from continuing operations1,633(142)1,373 Equi ty resul ts and other resul ts i n associ ates and j oint ventures132(743)12 Operating income3,6171,8023,271 Di vi dends received and i nterest from associ ates and j oint US$ mi l l i on3Q192Q193Q18 Adj usted EBITDA4,6033,0984,325