Vale S.A. — Capital/Financing Update 2015

May 19, 2015

VALE

Press Release

Vale and CMES Sign Cooperation Agreement on VLOCs

Rio de Janeiro, May 19th, 2015 – Vale S. A. (Vale) and China Merchants Energy Shipping Co., Ltd. (CMES), a subsidiary of China Merchants Group, signed an expanded framework agreement for strategic cooperation on seaborne cargo transportation and integrated logistics on a long-term basis. The first framework agreement was previously signed with China Merchants Group on September 26, 2014.

According to the expanded agreement, Vale will sell four existing Very Large Ore Carriers (VLOCs) to CMES.

The detailed terms and contract conditions are still under discussion and the deal with CMES is expected to be concluded in the coming months.

For further information, please contact: +55-21-3814-4540 Rogerio Nogueira: rogerio.nogueira@vale.com Andre Figueiredo: andre.figueiredo@vale.com Carla Albano Miller: carla.albano@vale.com Fernando Mascarenhas: fernando.mascarenhas@vale.com Andrea Gutman: andrea.gutman@vale.com Bruno Siqueira: bruno.siqueira@vale.com Claudia Rodrigues: claudia.rodrigues@vale.com Marcio Loures Penna: marcio.penna@vale.com Mariano Szachtman: mariano.szachtman@vale.com

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