#1FT Commodities Mining Summit 2021 VALE Eduardo Bartolomeo October 7th, 2021 Public content Vale Zoo and Botanical Park Parauapebas, PA Brazil December 2020#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 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#3Our strategic pillars remain solid... Safety and operational excellence New pact with society Maximize flight to quality in Iron Ore Base Metals transformation Discipline in capital allocation Defined in 2019 November 2020 Gelado Project Employee Maria Aparecida Martins VALE#4as well as our commitments People Safety Reparation FINA November 2020 VALE Serra Norte Employee Beatriz Dias stories 11711 4#5We are walking the talk De-risking ■ ■ ■ ■ Brumadinho Dam safety Robust ESG Practices Production resumption Reshaping Focus on core business ■ Control of cash drains ▪ Growth opportunities ■ Sound cash flow generation Discipline in capital allocation Re-rating ■ ■ ■ ■ میرا Benchmark in safety Best-in-class reliable operator Talent-driven organization. Leader in low-carbon mining Reference in creating and sharing value VALE 5#6De-risking We have made progress in repairing Brumadinho Integral Reparation Settlement Agreement + R$ 37.7 billion in total economic value R$ 9 billion¹ directly to the affected people + Clear governance, legal certainty and known impact }| Individuals with indemnification agreements² Number of individuals, cumulative view 6,000 2019 8,900 2020 11,200 YTD 1 Approximate figure, including amounts already disbursed. 2 Related to agreements entered into as of September 2021, approximate figures. R$ 2.7 billion in individual indemnifications² July 2021 New water pipeline system Paraopeba River, MG, Brazil 3333 Attent#7De-risking We are improving our dam safety Upstream¹ Dam² Decharacterization Program 6 upstream dams eliminated since 2019 24 upstream dams to eliminate Back-up dams for all level-3 dams No dam at emergency level 3 by 2025 Program's completion by 2029 ■ ■ ■ }| I ■ 1 Same raising method deployed at B1 dam, collapsed in Brumadinho. 2 Includes dams, dikes and waste piles. May 2021 Forquilhas back-up dam Ouro Preto, MG, Brazil#8De-risking We are leveling up our ESG practices ESG gaps¹ by estimated conclusion date 37 Gaps closed by dec/2020 8 Gaps closed in 1H21 Rating upgrades ▪ Fitch (investment grade) ▪ Moody's }| 11 Gaps to be Gaps with closed in 2H21 ongoing works (investment grade) I Sustainalytics ESG (from 54.5 to 38.7²) ▪ ISS ESG (from C to C+) 63 Total gaps 1 Vale has analyzed and studied the methodology behind our leading ESG information providers. A gap analysis identified gaps concerning best practices, and we have mapped an action plan to close these gaps. 2 In Sustainalytics ESG rating, the lower, the better. 3 In September 2021 compared to December 2019. December 2020 35% increase³ in Vale's female workforce Employee Lorena Faria LOWA FARIA VALE VALE 8#9De-risking We are progressing on our resumption plan Iron ore capacity (Mtpy) 318 Sep/20 335 343 }| Today End of 2021 370 End of 2022 400 Medium term Production guidance 2021 315-335 Mt 400-450 Long term April 2021 Filtering plant Vargem Grande Complex#10Reshaping We are moving towards a leaner portfolio 2015 Coal assets in Australia CSA Fertilizer assets in Peru 2018 Fertilizer assets in Brazil Potash projects in Canada Zhuhai YPM Henan Longyu Energy Resources 2020 Biopalma Potássio Rio Colorado Note: in 2020, Vale closed its Manganese alloys operations in Simões Filho-BA and no longer has any alloy production operations. 2021 VNC Manganese ferro-alloy in Minas Gerais, Brazil Moatize MRN CSI CSP VALE 10#11Re-rating A leader in low-carbon mining Target to reduce 33% of scope 1 and 2 absolute emissions by 2030 Mt CO₂ eq. 2 14.1 2017 18.4 -33% 2030 Pelletizing Mining, Scope 2 (BaU¹) railway metallurgy & others & Energy efficiency and renewables Bioenergy Main technological routes to drive decarbonization BaU stands for business as usual. Scenario based on production of -400Mtpy iron ore. Electrification 9.5 2030 Goal New processes -100% 2050 Goal October 2020 100% electric locomotive Vitória, ES, Brazil 1000/ elétrica VALE 11#12■ We are relying on robust tools to align our capital allocation ■ ■ Re-rating ■ }| Increase in low carbon CAPEX: US$ 4-6 billion investment by 2030 for GHG reduction US$ 50/tCO2e shadow price for all capital allocation decisions Portfolio of GHG reduction opportunities: marginal abatement cost curve updated on an annual basis, in order to prioritize most cost-efficient projects to pilot and scale up ~80% of initiatives mapped are NPV positive¹ at the considered shadow price, with increased technological maturity due to piloting and studies 1 As of June 2021. Values include assumptions for low maturity technologies, carrying uncertainties. Marginal Abatement Cost - USD/tCO₂e MAC curve highlights - 2021 update 50 USD/t CO2e 1 Maturity level 31% 9Mt COze 22% 2 37% 10% 3 Commercial Industrial tests Pilot / prototyping Proof of concept Basic research 4 5 6 7 GHG emission reduction in 2030 (MtCO₂e) 8 9 2030 Goal ▪ Increased number of emission reduction initiatives from 30+ in 2020 to 40+ in 2021 ▪ Increased maturity of projects through pilots ▪ ~50% of commercial entering FEL stage 12#13Re-rating Pioneer scope 3 target Absolute scope 3 net emissions Mt CO₂ eq. 586 2018 Partnership and engagement (75-85% of the challenge) Leveraging steel industry. decarbonization initiatives -15% 2035 (BaU¹) Supporting a reduction in shipping emissions ² 641 }| 496 2035 (target) Vale's own initiatives (15-25% of the challenge) Improving our high-quality portfolio Developing new technologies and asset light solutions Robust and credible carbon offsets Note: Vale is also committed to revising its scope 3 target in 2025 and every 5 years, in order to reevaluate technological developments and global climate policy advancements. 1 BaU stands for business as usual. Scenario based on production of ~400Mtpy iron ore. Reduction target based on Science Based Target Setting tool for Scope 3, including offsets. 2 Target to reduce intensity in 40% by 2030 and 50% absolute emissions vs. emissions in 2008 (reference year). 1 July 2021 World's first ore carrier equipped with rotor sails Vitória, ES, Brazil SEA ZHOUSHAN T 5 TA#14Re-rating }| Iron Ore Briquette to boost steel decarbonization In-house, exclusive technology Decades of experience with agglomerates Technology patented' in 47 countries Less CO2 emissions Blast furnaces: reduction of over 10% in BF-BOF route² Direct reduction furnaces: 80% less vs. pelletizing process³ 3 plants under construction A US$ 185-million investment in Brazil, ~7 M tpy capacity 5 other plants under analysis, up to 50 Mtpy capacity 1 Patented or in submission process. Considering substitution of sintering. ³ Considering scope 1 and 2. Briquetting process also has 99% less SOx, 75% less NOx and 20% less particulates emissions than pelletizing process. September 2021 Iron ore briquettes#15Protecting and recovering forests in Brazil 1,000,000 ha protected forests by 2019 80% in the Amazon +500,000 ha 11% additional area for recovery and protection by 2030 complete by Sep 2021 We recognize that nature-based solutions can play a role in carbon removal and offsets We are prioritizing projects with MMM positive socioeconomic impacts, engaging with local communities Aerial view of Tapirapé- Aquiri National Forest Marabá, Pará, (PA), Brazil#16Re-rating Our discipline in capital allocation continues Shareholder remuneration Reparation ■ Brumadinho ■ Renova Integral Reparation Settlement Agreement: US$ 4.021 billion provision¹ Renova Foundation: US$ 2.491 billion provision¹ ✓ Individual indemnifications, emergency aid and other reparation payments: US$ 470 million ¹ }| De-risking ▪ Safety & Operational Excellence Production resumption W ▪ ESG ▪ Other obligations Provision of US$ 2.155 billion for upstream dam de characterization ¹ 1 US$ 4-6 billion - investment to reduce GHG by 2030² Dividends 1H21 US$ 6.1 billion Dividends 2H21 US$ 7.6 billion Share Buyback Program US$ 4.8 billion³ disbursed until Sep/21 Growth opportunities Growth projects Other growth options H ✓ ✓ Low-CAPEX growth options Salobo IV +30 ktpy Onça Puma 2nd furnace 1 Balance of provisions as of June 30, 2021, exchange and present value adjustment. 2 Initiatives to reduce scopes 1 and 2 emissions. 3 Calculated using the exchange rate (PTAX sell) on the buyback date. VALE 16#17We are delivering to close the gap In 2020, we said we would... ¹ By 2030. Set a scope 3 net emissions target reduction (15% by 2035) Run the first Board Election with a Nomination Committee Launch the Integrated Report Double % of our female workforce by 2030 Recover and protect +500,000 ha of forests by 2030 In 2021, we... Reached a R$ 37.7-billion settlement agreement for the Reparation of Brumadinho Announced US$ 4-6 billion investments for scope 1 & 2¹ Launched innovative iron ore products to reduce scope 3 Reached 35%-increase of female workforce Linked 55-80% of executive short-term compensation to ESG factors Our next steps are... میرا Deliver 120,000 ha of our forest protection goal by late 2021 Publish our TCFD Report in the next few weeks Decharacterize 1 more upstream structure by the end of 2021 (6 out of 30 already complete) Be fully compliant with the GISTM Close ESG gaps : 17#18VALE 18