Iron Ore Southeastern System 27,785 27,240 26,616 102,735 113,036 2.0% 4.4% -9.1% Minas Centrais 10,516 10,431 11,197 40,941 41,338 0.8% -6.1% -1.0% Southern System 23,430 25,648 24,404 95,686 98,776 -8.6% -4.0% -3.1% Vargem Grande 6,716 7,750 8,487 29,151 29,259 -13.3% -20.9% -0.4% Midwestern System 577 554 857 2,303 4,514 4.2% -32.7% -49.0% Urucum n.m. n.m. -78.3% 0 0 449 367 1,695 Production summary Vales iron ore production reached 348.8 Mt in 2016, representing a new annual record, 3.0 Mt higher than in 2015 mainly due to better operational performance at the mines and plants of the Northern System, which more than offset the decrease in production in the other systems. The annual production of 348.8 Mt was within the original production guidance range of 340-350 Mt and came closer to the upper end of the range, mainly due to the outstanding operational performance of the Northern System in 4Q16, the one-off sale of compact ROM for construction purposes and the start-up of S11D. The production guidance for 2017 remains within the 360-380 Mt range as previously announced and from the end of 2018 onwards Vale will most likely achieve the long-term base case target of 400 Mt, as per Vale´s presentation at the December 2016 Vale Day. Carajás achieved a record production of 148.1 Mt in 2016, an 18.6 Mt increase (14.3%) vs. 2015, mainly due to the abovementioned operational performance and to the successful start-up of the S11D mine and plant in 4Q16. Production at lower margin operations (the Gongo Soco mine in the Southeastern system, the Urucum and Corumbá mines in the Midwestern system, and the Jangada and Feijão processing 6 IRON ORE92,38692,09388,412348,847 345,8800.3%4.5%0.9% Corumbá5775544081,9372,8194.2%41.4%-31.3% Minas Itabirito9,92510,9199,61640,13141,399-9.1%3.2%-3.1% Paraopeba6,7896,9786,30126,40428,118-2.7%7.7%-6.1% Mariana8,6968,0286,37828,43736,0968.3%36.3%-21.2% Itabira8,5738,7819,04133,35735,601-2.4%-5.2%-6.3% % change 000 metric tons4Q163Q164Q15201620154Q16/3Q164Q16/4Q152016/2015 Northern System40,59438,65136,534148,123 129,5545.0%11.1%14.3%