#1Governance Webinar: AGM 2021 March 26, 2021 Z#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 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) 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 - The SEC 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, including 'measured resources,' 'indicated resources,' 'inferred resources,' 'geologic resources', which would 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. 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#31. Our purpose, culture and strategy 2. Corporate governance 3. Nomination Committee 4. Management Compensation 5. Final remarks gend#41 Our purpose, culture and strategy#5We are taking important steps towards building a better Vale ¹Vale Management Model Our Purpose We exist to improve life and transform the future. Together. Our Ambitions Our Levers Our Culture Key Behaviors Values 888 Gratar We believe that mining is essential for the development of the world and that we only serve society by generating prosperity for all and taking care of the planet. Therefore, we exist to improve life and transform the future. Together. Benchmark in safety Safety Obsession with Safety and Risk Management Life matters most Best-in-class reliable operator VPS¹ Open and Transparent Dialogue Act with integrity Talent-driven organization People Empowerment Accountability with Leader in low- carbon mining Value the people who build our company Innovation Full Ownership Learning together Make it happen Reference in creating and sharing value ESG Active Listening and Engagement with Society Respect our planet and communities#6Brumadinho identified a need for a robust Cultural Transformation 2019 Brumadinho JAN MAR APR New CEO Aspiration To be admired and desired by society as a great company by being: Turnaround A north was set for the company Safer and reliable People driven, talent factory Culture of excellence Leading the transition through innovation towards low-carbon economy, environmental respect Social progress Wealth generation, financial returns Business imperatives New Executive Board Vale's One-Pager Strategy Fix the dams Repair (rebirth Brumadinho and solve Mariana of) JUL Be a safer, predictable and reliable operator Create a real talent pipeline Engage and listen to all stakeholders Safety and risk awareness Cultural Attributes Openess and simplicity High performance with innovation People-driven organization DEC JAN Leaders' Forum: Culture makes difference Be obsessed with safety and risk management 2020 Take ownership for the whole sense of urgency and challenge the status quo Key behaviors Covid-19 pandemic MAR Open and transparent dialogue, inside and outside (Empathy, Humility, Respect, Exposing problems) Develop people through empowerment with accountability and performance management JUN Leaders' Forum: Diagnosis disclosure Learning together VPS Culture Diagnosis DEC 2021 Leaders' Forum: Culture narrative Purpose JAN Board approval (Cultural Narrative and Purpose + Employees engagement#7We continue to act on a clear and actionable plan... i Independent Cultural Diagnosis Creating Leadership Awareness 2019 ● Diversity and Inclusion Agenda Leadership Development as a role model Purpose definition 2020 0 Follow-up on Results Cultural Experience 2021 000 Adjust strategy Follow-up on application of new Cultural Diagnosis 2022 Our ambition ☆ --- 2025+ to deliver on our ambition to become a better Vale. 7#8Our strategy to build the Vale of the future Coll · ● ● ● ● 1. De-risking Repair Brumadinho and Mariana (Renova Foundation) Fixing the dams Turn the page on Safety Resume production capacity Stabilize our business Discipline in capital allocation ● • ● ● ● 2. Building a better Vale Prevent rather than react Link Safety and Sustainability to our reputation Increase productivity and solve business problems by fostering innovation Develop a diverse and inclusive talent pipeline Enable cultural transformation ● ● ● ● 3. The future Vale A large company, recognized by society for being... A reference in Safety Predictable and reliable, with discipline and operational excellence Generating value for shareholders and social development Leader in the transition to a low carbon economy and preferred neighbor People-focused and talent-oriented Innovative in everything we do 8#9Our strategy to create and deliver results 26 Iron ore Be a leader in iron ore with a production of 400 Mt Fe Provide iron-ore solutions to the low-carbon industry Increase dry processing and reduce reliance on dams ● ¹Vale Management System ● Sound cash flow generation Discipline in capital allocation Ni 28 Nickel Be part of the Top 3 with +200 kt Lead the nickel supply for energy transition Inscrease production in North Atlantic and advance with investment opportunities in Indonesia ● 29 Copper Build solid platform for growth Deliver 500 kt in 5 years through a pipeline of organic projects Cu Be a Top 5-6 within 10 years ● ● ● ● 2 ESG Integral reparation for Brumadinho and Mariana Benchmark in safety VPS¹ implementation Dam safety Dialogue and engagement with communities Reference in creating and sharing value#102 Corporate Governance#11Solid track record and commitment to governance and transparency... 2017 ESG NDR¹ (2) ESG Webinars (2) Board Assessment Launch 2030 targets (Dec/18) 2018 Oct/17 Election of independent members Dec/17 Migration to Novo Mercado B3² ▪ Board engagement with investors ▪ Individual Board assessment ▪ ESG Gaps Action Plan ■ ESG Portal (Dec/19) ▪ 2030 targets reviewed Diversity target (female) Compensation linked to ESG targets 2019 AGM 2019 ■ Greater disclosure on compensation ▪ +1 independent member elected (3 in total) ESG Webinar (3) ESG NDR¹ (2) ■ ■ ■ ■ ■ 2020 New pact with society (carbon agenda, COVID-19, territorial development) Chief Compliance Officer Audit Committee Nomination Committee Nomination Policy 1 Non-deal roadshows. 2 A listing segment of BM&F Bovespa, Sao Paulo Stock Exchange, for issuers committed to adopt corporate governance practices in addition to those required by law. ▪ Amended Bylaws I ▪ At least 7 independent members Chairman elected by shareholders ▪ Lead Independent Director role Directors elected individually 2021 11#12... evolving in our engagement program with investors and society Risk Structure We heard that we should reinforce our risk structure We responded by establishing the Audit Committee in March 2020, composed of specialists and appointing a Compliance Officer Gender Balance We heard that we should increase the % of women in the workforce We responded by setting a goal of doubling the female presence from 13% to 26% by 2030 and we have already reached 16.3% in 2020 Board Nomination We heard that the Nomination Committee must nominate members to the board We responded by establishing a Nomination Committee and Nomination Policy Individually Election We heard that the Board of Directors should be elected member by member and not on a slate We responded by amending the Bylaws to provide for individually election Compensation We heard that adoption of the malus clause should occur in conjunction with the clawback policy We responded by adopting the clawback policy from 2021, in addition to the malus clause Board Independence We heard that our Board should be composed of an independent majority We responded by adopting that at least 7, of up to 13 members, will be independent Transparency We heard that our ESG disclosure could Improve We responded by launching the ESG Portal, disseminating the Proxy Statement, issuing a Tax Transparency Report and preparing the first Integrated Report Climate Change We heard that we must dare in our climate change goals We responded by setting goals for scope 1, 2 and 3, in line with the Paris Agreement and putting forth our best efforts to stay below 2°C, for carbon neutrality by 2050 (scope 1 and 2) 12#13Our governance model clearly defines the principles and roles, allowing transparency and stability... Advisory Committees • Audit • Operational Excellence and Risks • Finance People, Compensation and Governance • Sustainability . Nomination . Innovation Statutory Officers Alexandre D'Ambrósio Legal and Tax Alexandre Pereira Business Support Carlos Medeiros Safety and Operational Excellence Luciano Siani Pires Finance and Investor Relations Luiz Eduardo Osório Institutional Relations and Communication Maria Luiza Paiva Sustainability Marcelo Spinelli Ferrous Marina Quental People Vacant Strategy and Transformation m General Meeting Board of Directors Eduardo Bartolomeo Chief Executive Officer • Chief Compliance Officer -Whistleblower Channel - Internal Audit - Corporate Integrity • Corporate Governance Secretariat Non-Statutory Officers Marcelo Klein Special Officer for Reparation and Development Mark Travers Base Metals Paulo Couto Coal Evolution from previous year. | Fiscal Council 13#14... translated into a strong commitment and oversight by the Board, its Committees and the Fiscal Council Governance bodies Board of Directors Audit Finance Personnel, Remuneration and Governance Sustainability Operational excelence and Risk Fiscal Council 10 13 16 Number of meetings and attendance rate in 2020 (%) 21 100% 22 96% 28 32 100% 96% 98% 99% 98% VALE 14#15Effective participation in key deliveries by the company... Dedication to the construction of Vale's purpose, with intense engagement and protagonism Meetings to discuss the Company's multi-annual strategic planning Monitoring the company's innovation strategy, to promote sustainability and adapt to climate change Follow-up on the relationship and social dialogue with communities (Brumadinho, Mariana and region) Follow-up and support for the Global Settlement for Brumadinho Monitoring developments of the Covid-19 pandemic and safety measures adopted by Vale Engagement with Indigenous Peoples and Neighboring Communities in Brazil Approval of corporate transactions seeking to simplify Vale's operational flows (Simões Filho, VNC, Coal Mozambique, Biopalma) VALE#16... while integrating into Vale's Risk Management Governance Executive Risk Committees for: Geotechnical Risks Operational Risks Strategic, Financial and Cyber-security Risks Compliance Risks Sustainability and Reputation Risks People Office ¹ Independent Tailings Review Board. Advisory Committees Independent Extraordinary Advisory Committee for Dam Safety Operational Excellence and Risk Finance Audit Sustainability People, Compensation and Governance The ITRB¹, an independent body of industry-leading tailings dam practitioners, will report twice a year on Vale's dam management to the Board of Dierctors The second line of defense was reinforced through the Safety and Operational Excellence Officer and the third line, reinforced with the creation of the Compliance Officer VALE 16#173 Nomination Committee#18The Nomination Committee worked with depth and amplitude Nomination Policy I Minimum requirements ■ Guidelines for continuous improvement Q ■ I ■ ■ Skills Matrix Considering Vale's present and future strategy, performance and challenges Consistency with Vale's 12 main corporate risks Benchmarking Performed with large Brazilian companies and international peers Skills diversity Governance practices Supported by the Boston Consulting Group |||||| ■ Stakeholders active listening Interviews with: Main international and Brazilian Shareholders Proxy Advisors Directors and Officers Board assessment Performed by Korn Ferry I Governance enhancements H Search process 70 potential candidates mapped Recruitment work with Spencer Stuart and Russell Reynolds Changes to Vale's By-Laws: +50% independent Directors More stringent independence criteria ■ Individual election Chairman and Vice- chairman election H ■ I Proposed nominees for 2021-23 ■ ■ ■ ■ 5 new names (~40% renewal) Independent Chairman 4 non-Brazilians 3 female Final report Publicly disclosed Transparency to the full work plan Detailed recommendations and respective grounds for them MIMI VALE#19Improvements incorporated into our bylaws... Nomination Committee becomes permanent Greater independence of the Board of Directors Chairman and Vice- Chairman elected by the Meeting Flexibility for the size of the Board of Directors More rigor in the independence criteria Directors individually elected b Exclusion of alternate members 2 Adoption of a Lead Independent Director (LID) List of nominees released in advance ...to ensure an adequate and orderly transition into a full corporation 19#20Our skill matrix was enhanced to reflect required qualifications and experience... Administrative Skills Relevant executive experience as CEO Previous successful experience as CEO of large organizations for a relevant period of time. Extensive knowledge of the current business environment in Asia Relevant experience and knowledge of current business environment in Asia, preferably in Vale's area of operation and preferably based in China. Extensive knowledge of institutional relations, government and regulatory Relevant experience and knowledge in working with Government and Regulators. Knowledge about Vale, current and historical context Relevant experience and knowledge about Vale's history, current context, and challenges. Functional Skills Risk & Safety Management in industries with risk profile compatible with Vale's Relevant experience and knowledge in risk and safety management in organizations with risk profile compatible with Vale's. Operations Management focused on the adoption of global best practices Relevant experience and knowledge in operational excellence, preferably in capital-intensive industries. Talent & Cultural Transformation Relevant experience and knowledge related to cultural transformation in large organizations, with experience in talent management, including compensation, and in alignment of interest between the management and company' stakeholders. Business Innovation Relevant experience and knowledge in innovation areas at Vale's businesses, across Vale's value chain and adjacent areas. Sustainability & ESG Relevant experience and knowledge in the socio- environmental and governance areas, including Compliance, preferably in the natural resources industry. Experience in Community relations required. Finance & Portfolio with value orientation and accountability for performance Relevant experience and knowledge in the areas of corporate finance and asset portfolio in large companies. Digital Transformation in B2B/Transformation industry Relevant experience and knowledge in major Digital Transformation projects in large companies. Commercial and Trading Understanding of the competitive environment, the company's current and developing businesses, and industry trends. Sectorial Skills Mining Relevant experience and knowledge of the mining industry, with preference for the iron ore business. Steel Industry Relevant experience and knowledge of the steel and metals industry and its value creation drivers. Global Supply Chain Logistics Relevant experience and knowledge in the management and optimization of logistics chains preferably long- distance. 20#21... which are strongly presented by the nominees 12 members 8 Independent members Non-Independent 4 members 90 39 40 Brazilians Age 17% <50 51-60 61-70 8% 58% Average: 63 years 17% Term 5 5 year Average: 1,5 years 1 1 1-2 3-5 years years years Main qualifications and experiences, as assessed by the Nomination Committee Administrative skills Experience as ceo Knowledge on business in asia Institutional relations Knowledge on Vale Functional skills Safety and risk management Operations management Talents & cultural transformation Business innovation Sustainability & ESG José Luciano Penido Fernando Buso Finance Digital transformation Commercial and trading Sectoral skills Mining Steel Industry Global supply chain logistics ✰Solid knowledge/expertise Renowed knowledge/expertise Clinton Dines Eduardo Rodrigues Elaine Dorward-King José Maurício Coelho Ken Yasuhara ★ Maria Fernanda Teixeira Murilo Passos Ollie Oliveira Roger Downey ✰✰ ★ ★ Sandra Guerra 21#224 Management Compensation#23Executive Board adjusted for greater accountability, alignment with its strategy and evolution of its Governance... Appointed after Brumadinho Statutory positions established in 2021 Named Executive Officers Eduardo Bartolomeo Chief Executive Officer Carlos Medeiros Executive Officer Safety and Operational Excellence Marcelo Spinelli Executive Officer Ferrous Minerals To be defined Executive Officer Strategy and Transformation Non-named Executive Officers Marcelo Klein Special Director for Repair and Development Alexandre D'Ambrosio Executive Officer Legal Luciano Siani Pires Executive Officer Finance and Investor Relations Maria Luiza Paiva Executive Officer Sustainability Mark Travers Officer, Base Metals (Executive Officer at Vale Canada, but not a statutory Executive Officer in Brazil, as he does not reside in this country) Alexandre Pereira Executive Officer Business Support Luiz Eduardo Osorio Executive Officer Institutional Relations and Communication Marina Quental Executive Officer People Paulo Couto Director of Coal VALE 23#24... as reflected by the greater proportion of variable long-term compensation and non-financial metrics CEO Evolution Mix Total Compensation 43% 32% 25% 2018 40% 33% 27% 2019 Long-term Incentives (LTI) Annual bonus Fixed 57% 24% 19% 2020 68% 20% 12% 2021 Evolution of non financial metrics (collective goals) 20% 10% 10% 2018 Health & Safety Sustainability Risk Management 20% 10% 10% 2019 30% 10% 10% 10% 2020 People & Cultural Transformation Vale Management System (VPS) 55% 15% 10% 10% 10% 10% 2021 VALE 24#25Vale improved its executive compensation policy... Short-term Compensation Long-Term Incentive Compensation Mix 1 Total Shareholder Return. Malus Clawback Policy in 2018 Collective goals with a greater focus on financial results Only one performance indicator (TSR¹) Mix of compensation with equal percentages between fixed installment, short-term and long-term Not applicable Not applicable Policy in 2021 Greater relevance to collective goals related to critical objectives for Vale Inclusion of indicator (ESG-20%), in addition to the previous one (TSR¹-80%) Increase of long-term component for greater alignment with international market practices and shareholder interest Implemented in 2019, when the Board deliberates on reducing or eliminating variable compensation payable, under certain conditions Implementation of the Clawback clause, allowing the Board to deliberate on the return of variable compensation amounts already paid, under certain conditions VALE 25#26... and included collective indicators for Cultural Transformation, Productivity and VPS in its 2021 Goals Panel 2021 Bonus Panel Global - Sustaining Investments (adjusted) Sustainability Indicators Health Safety Operational Risk Productivity People and cultural transformation Compliance with Vale Management Model (VPS) Individual contribution Chief Executive Officer 25% 10% 5% 10% 10% 10% 10% 20% Total non-financial indicators 55% Finance and Investor Relations Officer 20% 10% 5% 10% 10% 5% 10% 10% 20% 55% Business Directors (Ferrous, Base Metals, Coal) 20% 10% 5% 10% 10% 5% 10% 10% 20% 55% Safety and Operational Excellence Officer 10% 10% 15% 20% 10% 15% 20% 80% Others 20% 10% 5% 10% 10% 10% 10% 20% 55%#275 Final remarks#28We are supporting the evolution of Vale's governance towards excellence Thorough process to define nominees proposed to the Board of Directors Targeted skills needed by Vale to perform better and face current and future challenges Balanced level of renewal to the Board of Directors, considering retention of knowledge on Vale and the challenges ahead Proposed independent chairman, valuing a long professional history, extensive knowledge of Vale and notable experience in risk management, sustainability and institutional relations Alignment with best international governance practices, with individual elections and independence level Engagement with our largest shareholders and other relevant stakeholders Compensation practices aligned with market practices and shareholder's interest Cultural transformation is progressing with a clear and actionable plan 28#29VALE