About Vale

Vale announced on Thursday, October 24th, its financial result for the third quarter of 2019. The company remains committed to increase the safety of people and to repair the damage caused by the breach of Brumadinho dam.

In the third quarter of 2019, we made progress towards stabilizing our business and advanced with our objective of full reparation of Brumadinho. The decharacterization 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 market demands. Together with our commitment to safety and disciplined capital allocation, our actions reduce uncertainties and lead us to sustainable results

Eduardo Bartolomeo, Chief Executive Officer

Repair

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. We have signed another 22 agreements to cover specific fronts. We have defined a tailings treatment and environmental recovery plan, with 23 plannedintegrated structures, including two water treatment plants already in operation.

We know there is still a lot to be done, and we are committed to doing it. On our website, we report the actions taken so far: www.vale.com/repairoverview

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.

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.