VALE Vale SA

S11D – Truckless System Vale’s production and salesin3Q18

www.vale.com vale.ri@vale.com Tel.: (55 21) 3485-3900 App Vale Investors & Media iOS: https://itunes.apple.com/us/app/vale-investor-media-english/id1087126847?mt=8 Android: https://play.google.com/store/apps/details?id=com.theirapp.valeeg Investor Relations André Figueiredo André Werner Carla Albano Miller Fernando Mascarenhas Samir Bassil Bruno Siqueira Clarissa Couri Renata Capanema Department This press release may include statements that present Vale’s expectations about future events or results. All statements, wh en based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operat e, 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 V ale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM), and the French Autorité des Marchés Financiers (AMF), and in particular the factors discussed under “Forward -Looking Statements” and “Risk Factors” in Va le’s annual report on Form 20-F. B3: VALE3 NYSE: VALE EURONEXT PARIS: VALE3 LATIBEX: XVALO

Production and sales highlights Rio de Janeiro, October 15th, 2018 – Vale S.A (Vale) broke the emblematic production barrier of 100 Mt of iron ore fines in a quarter, reaching a production record of 104.9 Mt in 3Q18 vs 96.8 Mt in 2Q18 and achieving a production rate of 400 Mtpy. This reflected in a new sales record for iron ore and pellets of 98.2 Mt in 3Q18, 4.7 Mt higher than the previous record in 4Q17. Premium products1 made up 79% of total sales in 3Q18 (vs. 77% in 2Q18) and together with the consolidation of the differentiation strategy of Vale`s product portfolio resulted in contributions of quality and average premium to a realized price of iron ore fines of US$ 8.6/t in 3Q18 vs US$ 7.1/t in 2Q18 and US$ 5.6/t in 3Q17. Vale’s superior product portfolio with high Fe content and low contaminants continues to improve. On average, Fe content reached 64.0% in 3Q18 vs 63.8% in 2Q18, alumina 1.2% in 3Q18 vs 1.3% in 2Q18 and silica 3.9% in 3Q18 vs 4.2% in 2Q18. S11D had an important role in improving the share of premium products on sales to 79% in 3Q18 from 77% in 2Q18, reaching another quarterly production record of 16.1 Mt in 3Q18 vs 14.3 Mt in 2Q18, and achieving a production rate of approximately 70% of its nominal capacity in 3Q18. The breakthrough technology of the truckless system is proving effective and adherent to physical planning. Annual production in 2018 will be towards the upper limit of the 50-55 Mt guidance. Vale reaffirms its iron ore production guidance of about 390 Mt and about 400 Mt for 2018 and 2019 onwards, respectively, as previously announced on Vale Day. Vale achieved a quarterly pellet production record of 13.9 Mt, 1.1 Mt higher than in 2Q18 mainly due to the successful ramp-up of the Tubarão I and II pellet plants.The year to date performance together with the restart of the São Luis pellet plant in 3Q18 will lead Vale to achieve its production guidance of 55 Mt in 2018 and 60 Mt in 2019. As previously announced, nickel operations in 3Q18 reflected planned one-off effects derived from Sudbury’s scheduled maintenance shutdown. It was Sudbury’s first annual maintenance since the shift to a single furnace and it occurred concomitantly with Thompson’s transition to a mine-mill operation. Given that Thompson’s feed is now sent for smelting at Sudbury, 1 Pellets, Carajás, BRBF (Brazilian Blend Fines), pellet feed and sinter feed low alumina 3

temporary effects on both operations led to overall nickel production of 55,700 t in 3Q18. These two one-offs affected only 3Q18 and now, with an enhanced flowsheet between Thompson and Sudbury, production is expected to go back to previous guidance levels from 4Q18 onwards. Sequential improvements are also expected in 2019 as the nickel business is under restructuring, with the new management team aiming to adjust mine plans, optimize nickel’s cost structure and achieve higher efficiency. Copper production reached 94,500 t in 3Q18, 3,400 t lower that in 2Q18, reflecting the annual scheduled maintenance shutdown in Sudbury and the strategic decision to decrease mine production at Voisey’s Bay to extend the mine lifespan to match the Voisey´s Bay Mine Extension - VBME underground development schedule. As previously reported, the Coal business is reviewing mine plans and operations to ensure a sustainable ramp-up from 2019 onwards. The structural changes started to bear fruit in 3Q18, with production totaling 3.2 Mt, 11.3% higher than 2Q18. Production summary Pellets 13,878 12,838 12,766 39,497 37,404 8.1% 8.7% 5.6% Coal 3,194 2,871 3,213 8,497 8,684 11.3% -0.6% -2.2% Copper2 94.5 97.9 116.9 285.7 325.1 -3.5% -19.2% -12.1% Gold (000' oz troy) 117 114 131 344 346 2.6% -10.7% -0.6% ¹ Including third party purchases, run-of-mine and feed for pelletizing plants. ² Excluding Lubambe’s attributable production. Sales summary Pellets 14,250 13,231 13,135 40,606 38,196 7.7% 8.5% 6.3% Coal 3,195 2,509 3,148 8,200 8,837 27.3% 1.5% -7.2% Copper 92.4 94.6 110.2 274.8 313.3 -2.3% -16.2% -12.3% ¹ Including third party purchases and run-of-mine. 4 Nickel57.361.671.3176.8214.8-7.0%-19.6%-17.7% Manganese Ore5532394981,1301,086131.4%11.0%4.1% % change 000’ metric tons3Q182Q183Q179M189M173Q18/2Q18 3Q18/3Q179M18/9M17 Iron ore183,97673,29076,794228,486 211,37014.6%9.4%8.1% Cobalt1,0281,3021,4893,6574,160-21.0%-31.0%-12.1% Nickel55.766.272.7180.6210.1-15.9%-23.4%-14.0% Manganese Ore4824215691,3361,62014.5%-15.3%-17.5% % change 000’ metric tons3Q182Q183Q179M189M17 3Q18/2Q183Q18/3Q179M18/9M17 Iron ore1104,945 96,75595,102283,652275,1508.5%10.3%3.1%

Iron ore Northern and Eastern 37,784 31,888 38,776 98,592 108,013 18.5% -2.6% -8.7% ranges Southeastern System 28,016 27,630 26,898 77,858 82,514 1.4% 4.2% -5.6% Minas Centrais 9,705 9,373 9,197 26,832 29,176 3.5% 5.5% -8.0% Southern System 22,378 22,244 22,571 63,152 66,394 0.6% -0.9% -4.9% Vargem Grande 5,775 5,795 5,447 16,254 18,238 -0.3% 6.0% -10.9% Midwestern System 632 670 632 1,911 1,774 -5.7% 0.0% 7.7% 104,945 96,755 95,102 283,652 273,150 8.5% 10.3% 3.8% PRODUCTION1 83,976 73,290 76,794 228,486 211,370 14.6% 9.4% 8.1% SALES2 PELLETS SALES ¹ Including third party purcha ses, run -of-m ine and feed fo r pelletizing p lants. ² Including third party purcha ses and run -of-mine. Production and sales overview The iron ore production record of 104.9 Mt in 3Q18 was 10.3% higher than in 3Q17, as a result of the S11D ramp-up, and 8.5% higher than in 2Q18 mainly due the usual weather-related seasonality and the performance of S11D. The sales mix has been consistently improving mainly as a result of S11D and Tubarão I and II pellet plants ramp-ups. The share of premium products (pellets, Carajás, BRBF, pellet feed and sinter feed low alumina) increased to 79% in 3Q18, contributing to the US$ 1.5/t increase of Vale’s average premium to the realized iron ore fines CFR/FOB wmt price in 3Q18 vs. 2Q182. Vale continued the build-up of offshore inventories to increase the flexibility of the supply chain and product portfolio. Nevertheless, Vale achieved record sales for a quarter of 98.2 Mt, 8.7 Mt 2 US$ 8.6/t in 3Q18 vs US$ 7.1/t in 2Q18 5 Corumbá6326706321,9111,774-5.7%0.0%7.7% IRON ORE IRON ORE IRON ORE AND98,22686,52189,929269,092249,56613.5%9.2%7.8% Minas Itabirito9,3339,2439,87726,29128,2301.0%-5.5%-6.9% Paraopeba7,2707,2067,24720,60819,9250.9%0.3%3.4% Mariana7,3827,7618,09420,56125,834-4.9%-8.8%-20.4% Itabira10,92910,4979,60730,46527,5054.1%13.8%10.8% S11D16,13514,3226,22642,13814,45512.7%159.2%191.5% 000’ metric tons3Q182Q183Q179M189M17 % change 3Q18/2Q18 3Q18/3Q17 9M18/9M17 Northern System53,91946,21045,001140,730122,46816.7%19.8%14.9%

higher than in 3Q17, due to the solid production performance in 3Q18. In the coming quarters, the offshore inventories will increase in a lower rate than seen in previous quarters. Northern System The Northern System, which comprises Carajás and S11D, achieved a quarterly record of 53.9 Mt in 3Q18, 7.7 Mt and 8.9 Mt higher than in 2Q18 and 3Q17, respectively, mainly due to the successful S11D ramp-up and the usual weather-related seasonality when compared to the 2Q18. Southeastern System The Southeastern System, which encompasses the Itabira, Minas Centrais and Mariana mining hubs, produced 28.0 Mt in 3Q18, 1.1 Mt and 0.4 Mt higher than in 2Q18 and 3Q17, respectively, due to the restart of the Timbopeba plant and the better operational performance of the Itabira complex and the Brucutu plant. Southern System The Southern System, which encompasses the Paraopeba, Vargem Grande and Minas Itabirito mining hubs, produced 22.4 Mt in 3Q18, in line with 2Q18 and 3Q17. Midwestern System The Midwestern System produced 0.6 Mt in 3Q18, in line with 2Q18 and 3Q17. 6

Pellets Southeastern System 8,701 7,913 7,678 24,485 22,940 10.0% 13.3% 6.7% Itabrasco (Tubarão 3) 1,093 1,006 1,095 3,201 3,395 8.6% -0.2% -5.7% Nibrasco (Tubarão 5 and 6) 2,264 2,305 2,464 6,865 7,244 -1.8% -8.1% -5.2% Tubarão 8 1,878 1,836 1,793 5,462 5,349 2.3% 4.7% 2.1% Fábrica 1,057 1,034 998 3,071 2,837 2.2% 5.9% 8.2% Oman 2,603 2,120 2,488 6,927 6,800 22.8% 4.6% 1.9% Production and sales overview Vale’s pellet production achieved quarterly record of 13.9 Mt, 8.1% and 8.7% higher than in 2Q18 and 3Q17, respectively, mainly due to the resumption of the Tubarão I and II pellet plants and the effects of the maintenance stoppage in 2Q18 at the Tubarão IV plant. The São Luis pellet plant restarted in September supporting Vale’s production guidance of 55 Mt in 2018. Southeastern system Production at the Tubarão pellet plants – Tubarão 1, 2, 3, 4, 5, 6, 7 and 8 – achieved a quarterly record of 8.7 Mt in 3Q18, 0.8 Mt and 1.0 Mt higher than in 2Q18 and 3Q17, respectively, mainly due to the restart of the Tubarão I and II pellet plants and the effects of the maintenance stoppage in 2Q18. Southern system The Fábrica pellet plant achieved a production level of 1.1 Mt in 3Q18, in line with 2Q18 and 0.6 Mt higher than in 3Q17 due to the higher productivity of the plant. 7 PELLETS PRODUCTION13,878 12,838 12,766 39,49737,4048.1% 8.7% 5.6% PELLETS SALES14,250 13,231 13,135 40,60638,1967.7% 8.5% 6.3% Vargem Grande1,485 1,771 1,602 4,9814,827-16.1% -7.3% 3.2% Southern System2,543 2,805 2,600 8,0527,664-9.3% -2.2% 5.1% Kobrasco (Tubarão 7)1,232 1,148 1,134 3,4623,5067.3% 8.6% -1.3% Hispanobras (Tubarão 4)1,122728 1,192 2,9593,44654.1% -5.9% -14.1% Tubarão 1 and 21,112889 - 2,537-25.1% n.m. n.m. % change 000’ metric tons3Q18 2Q18 3Q17 9M189M17 3Q18/2Q18 3Q18/3Q17 9M18/9M17

The Vargem Grande pellet plant reached 1.5 Mt of production in 3Q18, 0.3 Mt and 0.1 Mt lower than in 2Q18 and 3Q17, respectively, due to a scheduled maintenance stoppage in July. Oman operations The Oman pellet plant achieved a quarterly record of 2.6 Mt in 3Q18, 0.5 Mt and 0.1 Mt higher than in 2Q18 and 3Q17, respectively, due to the higher productivity of the plant and higher availability of feed, and because of the maintenance stoppage in April and May, which impacted negatively the production in 2Q18. 8

Manganese ore and ferroalloys Azul 272 234 382 739 1,067 16.2% -28.8% -30.7% Morro da Mina 34 30 27 93 58 13.3% 25.9% 60.3% Production and sales overview Manganese ore production totaled 482,000 t in 3Q18, 14.5% higher than in 2Q18 and 15.3% lower than in 3Q17. Manganese ore sales volumes reached 553,000 t in 3Q18, 131.4% and 11.0% higher than in 2Q18 and in 3Q17, respectively, due to the consumption of inventory built up in 2Q18. Ferroalloy production in 3Q18 totaled 43,000 t, 13.2% and 19.4% higher than in 2Q18 and 3Q17, respectively, due to better operational performance. Ferroalloys sales volumes totaled 37,000 t in 3Q18, 8.8% higher than in 2Q18 as a result of higher production volumes. Manganese ore Production at the Azul manganese mine totaled 272,000 t in 3Q18, 16.2% higher than in 2Q18 due to the usual weather-related seasonality, and 28.8% lower than in 3Q17 due to lower grades in the run-of-mine, resulting in lower product recovery. Production at the Urucum mine totaled 175,000 t in 3Q18, 11.5% and 9.4% higher than in 2Q18 and in 3Q17, respectively, positively reflecting the preventive maintenance stoppages of prior periods. Production at the Morro da Mina mine totaled 34,000 t in 3Q18, 13.3% and 25.9% higher than in 2Q18 and 3Q17, respectively, mainly due to the two-shift operation as of April 2018. 9 MANGANESE ORE SALES553 239 4981,130 1,086131.4% 11.0% 4.1% FERROALLOYS PRODUCTION43 38 3612611113.2% 19.4% 13.5% FERROALLOYS SALES37 34 32105998.8% 15.6% 6.1% Urucum175 157 16050449511.5% 9.4% 1.8% % change 000’ metric tons3Q18 2Q18 3Q179M18 9M17 3Q18/2Q18 3Q18/3Q17 9M18/9M17 MANGANESE ORE PRODUCTION 482 421 5691,336 1,62014.5% -15.3% -17.5%

Ferroalloy production Production in 3Q18 was composed of 21,000 t of ferrosilicon manganese alloys (FeSiMn), 15,000 t of high-carbon manganese manganese alloys (FeMnMC). alloys (FeMnHC) and 7,000 t of medium-carbon 10

Lucas Pupo / Agência Vale Nickel Finished production by source Canada 19.5 28.7 35.6 77.0 98.8 -32.1% -45.2% -22.1% Thompson 1.9 5.8 6.7 12.9 16.0 -67.2% -71.6% -19.4% Indonesia 20.6 17.8 18.2 52.2 54.1 15.7% 13.2% -3.5% Brazil 6.1 5.6 7.1 17.4 18.7 8.9% -14.1% -7.0% 1 Production at VNC reached 6,900 t in 3Q18, while production of finished nickel from VNC totaled 7,500 t in 3Q18; the differences are due to the required time for processing into finished nickel. 2 External feed purchased from third parties and processed into finished nickel in the Canadian and Asian operations. Production and sales overview As anticipated in the last production and sales report, Sudbury conducted its annual scheduled maintenance shutdown and Thompson transitioned to a mine-mill operation, with its concentrate being sent to the Sudbury smelter for further processing. As a consequence, production of finished nickel reached 55,700 t in 3Q18, 15.9% lower than in 2Q18. In 4Q18, nickel production is expected to reach close to 60,000 t as Sudbury returned from its annual scheduled maintenance shutdown in mid-September. Sales volumes of nickel were 57,300 t in 3Q18, a decrease compared to 2Q18. Sales volumes did not decrease to the same extent as the production in 3Q18 mainly due to a drawdown of finished inventory in the quarter versus a buildup in 2Q18. Canadian operations Production from the Sudbury mines reached 9,200 t in 3Q18, 4,100 t lower than in 2Q18. The decrease compared to 2Q18 was mainly due to the 3Q18 scheduled maintenance shutdown 11 Feed from third parties²2.14.81.79.98.9-56.3%23.5%11.2% NICKEL PRODUCTION55.766.272.7180.6210.1-15.9%-23.4%-14.0% NICKEL SALES57.361.671.3176.8214.8-7.0%-19.6%-17.7% New Caledonia¹7.59.410.124.229.3-20.2%-25.7%-17.4% Voisey's Bay8.49.510.427.538.6-11.6%-19.2%-28.8% Sudbury9.213.318.536.544.2-30.8%-50.3%-17.4% % change 000’ metric tons3Q182Q183Q179M189M17 3Q18/2Q183Q18/3Q17 9M18/9M17

that impacted mines and surface plants. The scheduled shutdown included the completion of the Atmospheric Emission Reduction (AER) project. Production from the Thompson mines reached 1,900 t in 3Q18, 3,900 t lower than in 2Q18. In 3Q18, Thompson transitioned fully to a mine and mill operation and its concentrate will be processed in Sudbury for the foreseeable future. In 3Q18 Thompson’s finished nickel production was impacted as Thompson’s feed was not processed during Sudbury’s scheduled maintenance. Production from the Voisey’s Bay mine reached 8,400 t in 3Q18, 1,100 t lower than in 2Q18. The decrease was mainly due to the strategic decision to decrease production output to extend the mine’s lifespan to match the Voysey’s Bay Mine Extension - VBME underground development schedule. Production at the Long Harbour processing plant reached 8,300 t in 3Q18, 600 t lower than in 2Q18 as a result of the scheduled maintenance shutdown in August 2018. Indonesian operation (PTVI) PTVI nickel in matte production reached 18,800 t in 3Q18, in line with 2Q18. Production of finished nickel from PTVI reached 20,600 t in 3Q18, 15.7% higher than in 2Q18. The increase was mainly due to having established healthy feed stock inventory levels in previous periods, therefore Clydach consumed PTVI source material at high rates without compromising future production. PTVI source feed represents a primary source of feed at Class I Clydach rather than at our Class II Utility Nickel refineries. This represents a longer route to market but aims to maximize production of higher value carbonyl Class I products, in line with Vale’s margin optimization strategy for the nickel business. New Caledonia operation (VNC) All the viable options for a stable and profitable operation that may lead to a sustainable business in the long haul are being assessed. Vale is supportive of its New Caledonian business and is currently studying options that, among other alternatives, include a revamped mining plan to enhance value generation from the asset and explore its cobalt potential in support of the EV batteries market. Vale is aiming to reach a decision on which alternative will be followed, possibly until the end of this year. Production of NiO and NHC (nickel oxide and nickel hydroxide cake) at the VNC site (prior to shipping to Dalian in China for refining) was 6,900 t in 3Q18, 8% lower than in 2Q18. The decrease was mainly related to lower ore deliveries from the mine and refinery limitations. Additional trucks were added to the mining fleet in September to increase mine production in 4Q18. NiO accounted for 86% and NHC for 14% of VNC’s 3Q18 site production. 12

Production of finished products from VNC source material reached 7,500 t in 3Q18, 20.2% lower than in 2Q18. Production was lower as higher levels of NiO were sent to Dalian to be refined into Utility Nickel during 3Q18, whereas in 2Q18 part of NiO was sold directly to the market in response to product demand, including in the EV battery supply chain. The difference in the time required to have nickel oxide sold immediately to the market as a saleable product and the lead time required to transport and refine it into Utility Nickel at the Dalian refinery were factors that reduced VNC source production in 3Q18. Brazilian operation (Onça Puma) Production from the Onça Puma operation reached 6,100 t in 3Q18, 8.9% higher than 2Q18. Production was higher than in 2Q18 due to greater furnace availability. 13

Marcelo Coelho / Agência Vale Copper Finished production by source 22.8 21.9 25.6 67.2 76.7 4.1% -10.9% -12.4% Sossego Salobo 50.0 46.7 51.8 140.4 140.4 7.1% -3.5% 0.0% 17.1 18.4 30.1 50.673.6 -7.1% -43.2% -31.3% Sudbury -63.8% -62.1% -27.0% 2.5 6.9 6.6 17.824.4 Voisey's Bay Production and sales overview Copper production reached 94,500 t in 3Q18, 3.5% lower than in 2Q18, reflecting the annual scheduled maintenance shutdown in Sudbury and the strategic decision to decrease mine production at Voisey’s Bay to extend the mine’s lifespan matching the investment schedule. Sales volumes of copper reached 92,400 t in 3Q18, in line with the lower copper production in 3Q183. Brazilian operations Production of copper in concentrate at Sossego totaled 22,800 t in 3Q18, 4.1% higher than in 2Q18 due to strong plant performance. 3 Vale mainly sells copper concentrates with sales volumes approximately 3.5% lower compared to production volumes due to losses in the smelting process. 14 Feed from third parties1.73.52.58.79.1-51.4%-32.0%-4.4% COPPER PRODUCTION94.597.9116.9285.7 325.1-3.5%-19.2%-12.1% COPPER SALES92.494.6110.2274.8 313.3-2.3%-16.2%-12.3% Thompson0.40.40.31.01.00.0%33.3%0.0% CANADA21.729.239.578.1 108.0-25.7%-45.1%-27.7% % change 000’ metric tons3Q182Q183Q17 9M18 9M173Q18/2Q183Q18/3Q179M18/9M17 BRAZIL72.868.777.4207.6 217.16.0%-5.9%-4.4%

Production of copper in concentrate at Salobo reached 50,000 t in 3Q18, 7.1% higher than in 2Q18 due to higher ore grades, higher mill throughput and increased copper recovery. Canadian operations Production of copper from the Sudbury mines reached 17,100 t in 3Q18, 7.1% lower than in 2Q18 reflecting Sudbury’s scheduled maintenance shutdown which included mines and surface plants. Production of copper from Voisey’s Bay source reached 2,500 t in 3Q18, mainly due to the strategic decision to optimize margins through the extension of mine life to Voisey´s Bay Mine Extension – VBME underground development schedule. to match the 15

Cobalt Finished production by source Sudbury 83 156 279 362 618 -46.8% -70.3% -41.4% Voisey’s Bay 371 479 382 1,345 1,030 -22.5% -2.9% 30.6% Others 77 118 12 234 95 -34.7% 541.7% 146.3% Production overview Cobalt production totaled 1,028 t in 3Q18, 21.0% lower than in 2Q18, mainly due to decreased production from Sudbury and Voisey’s Bay. Cobalt production from Sudbury was 83 t in 3Q18, 46.8% lower than in 2Q18. The decrease from previous periods reflected the 3Q18 scheduled maintenance shutdown in Sudbury. Production from Thompson source was 37 t in 3Q18, 33.9% lower than in 2Q18, reflecting Thompson’s transition to a mine-mill complex in 3Q18 and the scheduled maintenance in Sudbury. Production from Voisey’s Bay was 371 t in 3Q18, 22.5% lower than in 2Q18. Production was adversely impacted in 3Q18 due to scheduled maintenance at Long Harbour and the consumption of all Voisey’s Bay product at Sudbury. Cobalt from Voisey’s Bay source is produced solely as cobalt rounds at the Long Harbour refinery. Production from VNC reached 460 t in 3Q18, 6.9% lower than in 2Q18. Production in 3Q18 was adversely impacted by lower mine deliveries and lower cobalt grades in the VNC feed. In order to optimize cobalt value and in light of current market conditions – especially related to EVs – VNC’s mining plan is being reviewed. Production from other sources was 77 t in 3Q18, 34.7% lower than in 2Q18. Other source production varies according to the cobalt content of external feeds that are consumed in the 16 VNC4604947101,5432,064-6.9%-35.2%-25.2% Thompson3756106174355-33.9%-65.1%-51.0% % change 3Q182Q183Q179M189M17 3Q18/2Q183Q18/3Q17 9M18/9M17 COBALT (metric tons) 1,0281,3021,4893,6574,160-21.0%-31.0%-12.1%

processes and it also includes PTVI source material being processed through the Port Colborne cobalt refinery after part of the feed is sent to the Clydach nickel refinery for processing. 17

Olli Geibel / AFP / Agência Vale Nickel and copper by-products Finished production by source PALLADIUM (000’ oz troy) 50 53 57 176183 -5.7% -12.3% -3.8% Platinum and palladium Platinum production in 3Q18 was 40,000 oz and palladium production was 50,000 oz in 3Q18, 25.0% higher and 5.7% lower than in 2Q18, respectively. Gold as a by-product of nickel and copper concentrates The contained volume of gold as a by-product in the nickel and copper concentrates reached 117,000 oz in 3Q18, 2.6% higher than in 2Q18. 18 GOLD BY-PRODUCT (000’ oz troy) 1171141313443462.6%-10.7%-0.6% % change 3Q182Q18 3Q17 9M18 9M17 3Q18/2Q183Q18/3Q17 9M18/9M17 PLATINUM (000' oz troy)40323610310725.0%11.1%-3.7%

Coal Metallurgical coal 1,560 1,559 1,8534,519 5,534 0.1% -15.8% -18.3% Metallurgical coal 1,611 1,408 1,8694,450 5,463 14.4% -13.8% -18.5% Production and sales overview As previously stated in the last quarterly conference call, Coal division is reviewing its processes and mine plans to make 2018 the stabilization year of Moatize. Knowledge and operating standards from the iron ore business are being implemented and actions are ongoing to ensure a sustainable ramp-up from 2019 onwards, such as the increase in removal of overburden, opening of new mine sections, preparation of selected mining pits for future tailings disposals – initiatives that bring short term impact at 2018 production levels and product splits. As a result of the ongoing implementation of these structural changes, coal production guidance was reviewed to approximately 12 Mt in 2018. In 3Q18, coal production totaled 3.2 Mt, 11.3% higher than 2Q18 and in line with 3Q17. The higher production vs. 2Q18 was mainly due to the improvement of the main operational indicators. Production of metallurgical coal was 1.6 Mt, in line with 2Q18 and 15.8% lower than 3Q17 and thermal coal production was 1.6 Mt, 24.4% higher than 2Q18 and 20.1% higher than 3Q17. Sales totaled 3.2 Mt, 27.3% higher than 2Q18 and in line with 3Q17, aligned with production. The higher sales volume vs. 2Q18 was mainly due to the drawdown of the inventory formed in 2Q18, as previously announced. 19 Thermal coal1,584 1,101 1,2793,750 3,37443.9% 23.8% 11.1% Thermal Coal1,634 1,313 1,3603,978 3,15024.4% 20.1% 26.3% COAL SALES3,195 2,509 3,1488,200 8,83727.3% 1.5% -7.2% % change 000’ metric tons3Q18 2Q18 3Q179M18 9M173Q18/2Q18 3Q18/3Q17 9M18/9M17 COAL PRODUCTION3,194 2,871 3,2138,497 8,68411.3% -0.6% -2.2%