#1Vale ESG Webinar Risk Management Eduardo Bartolomeo CEO Carlos Medeiros Executive Vice President of Safety and Operational Excellence September 23, 2021#2"This presentation may include statements that present Vale's expectations about future events or results. All statements, when 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 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; (e) global competition in the markets in which Vale operates; and (f) the estimation of mineral resources and reserves, the exploration of mineral reserves and resources and the development of mining facilities, our ability to obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves and resources. 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 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 - Vale currently complies with SEC Industry Guide 7 in its reporting of mineral reserves in SEC filings. SEC Industry Guide 7 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 that are not be permitted in an SEC filing. These materials 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. Starting in its next annual report on Form 20-F, Vale will comply with Subpart 1300 of Regulation S-K, which will replace SEC Industry Guide 7. Subpart 1300 of Regulation S-K permits mining companies, in their filings with the SEC, to disclose “mineral reserves", "mineral resources" and "exploration targets" that are based upon and accurately reflects information and supporting documentation of a qualified person. We present certain information in this presentation that are not based upon information or documentation of a qualified person, and that will not be permitted in an SEC filing under Subpart 1300 of Regulation S-K. These materials are not mineral reserves, mineral resources or exploration targets, as defined by the SEC, and we cannot assure you that these materials will be converted into mineral reserves, mineral resources or exploration targets, as defined by the EC. 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://http://us.sec.gov/edgar.shtml." Disclaimer#3De-risking Vale through Safety and Operational Excellence De-risking Brumadinho ▪ Dam safety ■ Robust ESG practices Production resumption Reshaping ■ ■ ■ Focus on core business Control of cash drains Growth opportunities Solid cash flow generation Discipline in capital allocation Re-rating ■ ■ ■ Benchmark in Safety Best-in-class reliable operator Talent-oriented organization Leader in low carbon mining Reference in value creation and sharing VALE#4The cultural transformation is keeping pace... ● ● ● e e ● 2019 Cultural Diagnosis Defined aspiration Leadership Awareness Review of key standards Exec Co. development to model the change D&I¹ Statement ● ● ● 2020 Purpose defined by leaders Culture & VPS² integrated Senior Leadership activation Influencers network activation People Management Tools & Targets D&I take-off The Pulse: 17,000 employees assessing key behaviors across Vale ¹ D&I stands for Diversity & Inclusion. 2 VPS stands for Vale Production System, Vale's management model. ● ● ● ● e ● 2021 Purpose activation Culture & VPS: single goal Reinforced communication Tailored transformation at VP areas Learning together Measuring organizational and individual impact D&I scaling up ● ● ● 2022 Purpose fully reflected in the strategy Frontline Leaders - Cultural Transformation's protagonists Site-centric approach - tailored Measurement evolution Digital Inclusion VALE#5... supported by a strong governance for safety and risk management Structures created after Dam I collapse Audit Committee Compliance Office ▪ Whistleblower Channel ■ Internal Audit ■ Corporate Integrity Board of Directors CEO Safety and Operational Excellence Executive Office H W Finance People, Compensation and Governance ■ Innovation Nomination ■ ■ ■ I Advisory Committees I Operational Excellence & Risks Sustainability Executive Risk Committees Geotechnical Risks Operational Risks Strategic, Financial and Cyber Risks Compliance Sustainability and Reputation Risks Executive compensation 35-60% of short-term variable compensation tied to Health & Safety, Operational Risk and VPS targets The Safety and Operational Excellence Office has NO TARGET tied to production or financial metrics VALE#61 Risk management model Carlos Medeiros, Executive Vice President of Safety and Operational Excellence#7An integrated risk map supports the decision-making process Risk categories Strategic ▪ Demand and competition Budget and Planning Intellectual property Sales/Commercial ■ Projects and investments ▪ Associated companies Merges, acquisitions and divestments Innovation and new technologies ■ Operational ■ ■ ■ ■ ■ ■ Occupational Safety Occupational Health & Hygiene ■ Compliance with H&S Norms ▪ Process Safety ■ Production disruption / material losses People Outsourcing and partnership Relationship with Unions Organizational structure and culture Abusive and discriminatory practices Training, recruitment and retention ▪ Staff dependency / successions ▪ Adherence to Labor Law Geotechnical Tailings dams ■ ■ Pile ■ Embankments, cuts and slopes Underground mines Sustainability and Reputation Reparation Climate Change Waste, effluents and emissions ■ ■ ■ I I I ■ I I Socio-Environmental obligations Human Rights Relationship with communities Institutional relationship Disruptions, vandalism and terrorism Image and reputation Communication and disclosure Business Continuity ■ Shortage of critical raw materials ▪ Water and energy availability ■ Licenses, concessions and mining rights Mine, rail, road and port structure ■ Shipping and inland waterway ▪ Waste and tailings disposal ■ Availability and quality of mineral reserves ■ ■ ■ ■ ■ Freight ▪ Investor Relations ▪ Cash flow ■ Capital availability ▪ Insurance coverage Finance Exchange and interest rates Commodities M Credit granting and defaults ▪ Financial and accounting reports Compliance, fraud Compliance Anti-corruption ■ Tax and Fiscal ■ Sanctions Antitrust ▪ Data Protection Litigation Regulatory changes M Cybernetic Information theft or leakage Unavailability of technology assets ■ Loss of data integrity ■ VALE#8The Safety and Operational Excellence Executive Office was created in 2019... Safety and Operational Excellence Executive Office 450 professionals Health and Safety and Operational Risks Operational Excellence Asset Management Geotechnical Structures The risk management model based on 3 lines of defense supports the office's independence 1st Line of Defense Operations and Business. 2nd Line of Defense Specialist 1st Layer 2nd Layer "Asset Owner" Operation & Maintenance Business Unit Monitoring & Inspection Maintenance Engineering Capital Projects Capital Projects (Implementation) (Development) Long-term Mine Planning Governance Standards definition Compliance check 3rd Line of Defense Internal Audit Compliance with the Company's Policies and standards VALE#9... to ensure an effective risk management Office's reporting routine Half-year reports to the Board of Directors Half-year reports to the Fiscal Council Monthly reports¹ to the Operational Excellence and Risk Committee, which reports monthly to the Board of Directors Weekly reports to the Executive Board Ad-hoc reports whenever a risk out of the tolerable limit is identified ¹Considers 26 thematic reports in 9 months within a year. ²In 2020, temporary or definitive shutdown. Operations shutdown² as a result of more stringent Health & Safety protocols ■ ■ ■ ▪ VNC Refinery ▪ Simões Filho Plant ▪ Mina Azul Operations at Sossego Operations at Onça Puma Operations at Voisey's Bay ■ Project Salobo III Project VBME ▪ Port Colborne Refinery ■ Non-exhaustive list VALE#102 Occupational Health & Safety#11We are building a sustainable performance in Health & Safety ... TRIFR¹ 2.25 2018 1.98 3.48 Vale 2019 -7% TRIFR-2020 comparison in mining Peer compared to Vale +62% 1.84 Peer 1 -39% ¹ Total Recordable Injury Frequency Rate. 1.98 2020 +8% 2.14 1.38 2021 Peer 2 +34% 2.65 Peer 3 3.21 Peer 4 Innovation to reduce risk exposure ■ Digital workforce: Eliminating at-site risks by accelerating remote working ■ Automation: - Brucutu mine's entire fleet is autonomous Remotely controlled equipment for decharacterization of critical dams Unmanned train operation at Timbopeba site VALE#12... as we are making progress with our commitments I Zero high-potential recordable injuries (N2)¹ Reduce by 50% employee exposure to key health risks² Eliminate very high-risk scenarios³ Reduction of high-potential recordable injuries (N2 - absolute values4) I 66 57 44 0 2018 2019 2020 2021 2022 2023 2024 2025 Target N2 N2 (Jan-Sep 2021) 25 23 15 10 5 Reduction of exposures above the Occupational Exposure Limit (OEL) 21.0 17.0 15.0 17.9 17.9 13.0 12.0 11.5 21.0 23.0 TI 2018 2019 2020 2021 2022 2023 2024 2025 Target Exposures Exposures (Jan-Sep 2021) Note: Commitments by 2025. ¹ Injuries which are considered a precursor to fatal accidents. 2 Physical, chemical or biological risks. 3 According to Vale's risk matrix, based on 2019. 4 Includes own employees and third parties. VALE#133 HIRA implementation#14All sites are already covered by HIRA¹ first cycle... Risk Identification Assessment Treatment Control & Monitoring 79 sites² assessed since 2019 824 material unwanted events mapped 2,039 immediate actions implemented 7,250 critical controls identified Reassessments every 3 years (critical sites) or 5 years (non-critical sites) Canada 14 sites Brazil 53 sites Paraguay 1 site UK 1 site Oman 2 sites Mozambique 4 sites ¹Hazard Identification and Risk Assessment. ²Includes New Caledonia, as the assessment was performed before Vale's exit from the business. Japan Malaysia 1 site 1 site Indonesia 1 site New Caledonia 1 site VALE#15... with rollout to our dam portfolio HIRA for Dams and Tailings Storage Facilities Number of dams 5 2020 24 9M21 10 4Q21 Implemented Under implementation 21 2022 60 Total ■ ■ Focus on key tailings dams¹ operated by Vale Assess Material Unwanted Events ▪ Identify, design and implement Critical Controls Prioritize and implement Immediate Actions for risk reduction Supported by external expert companies ■ 1 Includes facilities within Vale operations and excludes Non-operated Joint Ventures (JVs). Key tailings storage facilities based on the definition agreed by the International Council on Mining and Metals Tailings Advisory Group in response to the Church of England information request, which may differ from Brazilian National Mining Agency definition. VALE#164 Operational Excellence#17The VPS¹ is the vehicle of our cultural transformation... Technical Method A VPS Leadership 3 dimensions, 17 elements with the minimum compliance requirements Structuring ✓ Simplification of the management model ✓ Publication of the VPS Manual and Rulers ✓ Structuring performance cycles ✓ Training of employees in VPS 2019-2020 Back to basics 5S, routine management Technical capacitation ▪ Maintenance strategy Structuring maintenance plans and control · Basic guidelines (maintenance, operation, geotechnical) ▪ VPS Assessment 2021-2022 Continuous improvement and operational stability ▪ Standardization of priority tasks ▪ MICT² technical training ▪ Waste reduction and increased productivity ▪ Problem exposure culture and continuous improvement Consolidation of maintenance and operation processes 2023-2025 ■ 'Vale's integrated management system. The acronym stands for "Vale Production System". "Vale's integrated MICT stands for Integrated Model of Technical Training. VALE#18... and drives Vale to become the best-in-class reliable operator Total recordable injury frequency rate - TRIFR Adherence to maintenance plan (%) Itabira Complex 1.67 2019 54.6 2019 -5% 1.80 2020 +28% 64.9 2020 1.58 2021 69.9 2021 EFVM railway 2.43 2019 67.7 2019 -82% 1.52 2020 +41% 93.5 2020 0.43 2021 95.2 2021 Tubarão Port 4.23 2019 49.0 2019 -63% 3.21 2020 +67% 73.6 2020 1.56 2021 81.8 2021 VALE#195 Asset Integrity#20We promote the Safety and Integrity of our assets throughout their life cycle Decommissioning Maintenance 1 Normative standards. Engineering Asset life cycle Operation Construction Commissioning Preventive control Causes A P C D Check Process Hazard Material unwanted events PNRs¹ Barriers Technical Method VPS Leadership POX Technical support to areas for implementation Mitigate control Consequences Training / Qualification VALE#21Our Asset Integrity technical standards are global for critical assets ~50% of standards defined by the end of 2021 ■ Risk assessment ■ ■ ■ ■ ■ Benchmarks International standards Best engineering practices Accident history Engineering companies +17,000 employees trained in Asset Integrity standards Systems, layout and structures Fire Protection & Fighting Equipment Electrical, Automation, Instrumentation Rail Ports and bridges Pumping systems Hazardous material handling Explosives Combustible dusts and solids Plant layout, escape route Protection and firefighting systems Detection and alarm systems Material handling systems Structural integrity Furnaces, reactors, off-gas systems Instrumentation and control Incident energy Power station protection systems VALE#226 Dam management#23Progress with TDMS and the Decharacterization Program Tailings & Dams Management System Routine ■ ■ ■ New dam management policy Responsibility assignment matrix revised ■ 25 requirements and guidelines Periodic assessment by the assurance team Performance 100% of dams¹ with Engineer of Record Continuous monitoring and inspections Periodic and immediate reports to upper management Risk assessment 100% tailings dam portfolio covered by risk assessment (HIRA) by the end of 2022 Rigorous enforcement of updated emergency level requirements ¹In Brazil. ²Same raising method deployed at B1 dam, collapsed in Brumadinho. ³Includes dams, dikes and waste piles. Upstream² Dam³ Decharacterization Program ■ ■ ■ ■ 6 upstream dam eliminated since 2019 24 upstream dam to eliminate: Emergency # of level dams 3 3 2 4 1 4 Back-up dams for all level-3 dams No dam at emergency level 3 by 2025 Program's completion by 2029 VALE#24Commitment to comply with the GISTM Tailings storage facilities (TSF) operated by Vale will be in conformance with the GISTM: Those with "Extreme" or "Very high" potential consequences, by August 5th, 2023 All other, not in a state of safe closure, by August 5th, 2025 ■ 1st step - Self-Assessment By the 1st Line of Defense Completion by October 2021 A form-based tool for the assessment of each TSF (with supporting evidence). Cover all 77 auditable requirements. 2nd step - Gap Assessment By 2nd Line + external consulting Completion by February 2022 Re-assessment of select TSFs for full compliance Key findings in December 2021 3rd step- External Audit By independent, external party Deadline for completion to be defined Depending on further guidance by the ICMM VALE#252019 Decharacterization of 8B dam Nova Lima (MG)#26PAYAMAN S06: AC With awes Decharacterization of Dique Rio do Peixe Itabira(MG)#27Decharacterization of Fernadinho dam Vargem Grande Complex (MG)#28Sul Superior back-up dam Barão de Cocais, MG, Brazil#29Forquilhas and Grupo back-up dam Ouro Preto and Itabirito (MG)#30B3/B4 back-up dam Nova Lima (MG)#317 Closing remarks#32We are building a safer and more reliable Vale 000 H Controle de Stenes O 19 Geotechnical Monitoring Center Parauapebas (PA)#33VALE