#1Falcion 1 04 AIR LINE - R400 The BMO 31st Global Metals & Mining Conference Eduardo Bartolomeo, CEO February 28th, 2022 VALE People Carrier Electric Vehicle at Vale's Sudbury Underground Operations#2Disclaimer "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 proven or probable reserves, as defined by SEC Industry Guide 7, and we cannot assure you that these materials will be converted into proven or probable reserves, as defined by SEC Industry Guide 7. 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."#3BMO 31st Global Metals & Mining Conference Building a better Vale De-risking ■ ■ ■ ■ Brumadinho Mariana Dam safety Production resumption Reshaping ■ Focus on core business Elimination of cash drains Accretive growth opportunities Cost efficiency ■ I Sound cash flow generation Discipline in capital allocation Re-rating ■ I I ■ ■ Benchmark in safety Best-in-class reliable operator Talent-driven organization Leader in low carbon mining and ESG practices Reference in creating and sharing value VALE#4BMO 31st Global Metals & Mining Conference Brumadinho, a fair and quick reparation Income Transfer Program for local communities Projects demanded by the affected communities Water security for the affected region Cash outflow - Reparation Agreement¹,2 US$ billion 1.4 1.3 1.0 0.8 0.6 0.5 0.9 Before 2021 2022 2023 2024 2025 20264 2021 3.8 Total 2022-26 99% of the victims with at least one family member with indemnification settlement Individuals with indemnification agreements³ in thousands 4.6 2019 4.7 2020 2.9 2021 0.6 De-risking 2022 1 Considers the agreement's economic value of R$ 37.7 billion in February 2021, adjusted by the inflation. Payments include previous disbursements and is net of judicial deposits. 2 Amounts stated include inflation and do not include discount to present value, considering average BRL/USD exchange rates in 2019 of 3.95, in 2020 of 5.2 and of 5.4 for 2021 and 5.6 onwards. It does not include individual indemnification nor incurred expenses. ³ Individuals covered by indemnification agreements entered into with Vale until February 2022. 4 Comprises US$ 0.5 billion of inflation adjustments related to performance obligations which projects timeline are not defined by the agreement. 12.8 2019-22 m VALE#5BMO 31st Global Metals & Mining Conference Eliminating upstream dams and improving dam safety Eliminated upstream structures ¹,2 cumulative view 7 2019- 2021 >1/3 complete 12 13 17 2/3 complete 20 27 30 2022 2023 2024 2025 2029 2035 ¹ The same heightening method deployed at B1 dam, collapsed in Brumadinho. 2 Comprises dams, dikes and drained stacks. 5 Pontal dike decharacterization works were concluded in December 2021 De-risking VALE#65 BMO 31st Global Metals & Mining Conference Working towards being a zero-fatality company Reduction of high-potential recordable injuries N2- absolute values¹ 66 63 57 44 35 29 25 15 10 5 -- Target 0 2018 2019 2020 2021 2022 2023 2024 2025 ¹ Includes own employees and third parties. 2 TRIFR are calculated based on one million hours worked. Total recordable injury frequency rate (TRIFR²) 2.25 2018 1.98 Vale 3.48 2019 -7% TRIFR²- 2020 comparison in mining O Peer compared to Vale -37% 1.84 Peer 1 +8% 2.14 1.98 Peer 2 2020 +34% 2.65 Peer 3 1.41 2021 +62% 3.21 De-risking Peer 4 m VALE#7BMO 31st Global Metals & Mining Conference Path to recover production: 2022 key milestones Iron ore production Copper production Mt kt 316 320-335 2021 2022E ▪ Improvement of S11D performance with jaspilite crushers and mobile crushers. ▪ Higher quality product portfolio Tailings' filtration plants and start-up of Torto dam and raising of Itabiruçu dam (taking capacity to 370 Mtpy) 297 2021 ■ 330-355 2022 ▪ Stable production at North Atlantic mines (Sudbury + Totten ramp up) ▪ Improvement in Salobo mine movement and startup of Salobo 3 Planned maintenance at Sossego Nickel production kt 168 I 2021 175-190 2022 De-risking Stable production at North Atlantic mines (Sudbury + Totten ramp up) ▪ New projects: VBME and CCM 1 Onça Puma stabilization ▪ PTVI furnace rebuild my VALE#8BMO 31st Global Metals & Mining Conference Leaner portfolio set up for growth Divestment of non-core assets Concluded since Vale Day 2020 VNC Manganese Ferroalloys. Mosaic CSI Final completion Moatize Upcoming MRN CSP Pipeline of projects Iron Ore capacity Mtpy 340 Baseline (2021 year end) - Serra Sul +20 Mtpy - S11D +10 Mtpy - Capanema¹ +18 Mtpy - Gelado (R) - Northern System N3 (R) 450 Growth Future Replacement/ Resumption Copper production ktpy 360 (R) Replacement and resumption projects. 1 Net addition capacity of 14 Mtpy. 2 Excluding CCM 1 and VBME projects which are ramping up Baseline (2020) Salobo 3 +30-40 ktpy Alemão +60 ktpy - Victor (R) - South Hub Ext. (R) 450+ Growth Replacement Future Nickel production ktpy 184 Baseline (2020) Reshaping 200-220 Growth Replacement² Future - VBME (R) & CCM 1 (R) (ramping up) - CCM 3&4 (R) - Manitoba Ext. Ph.2 (R) - Victor (R) - Onça Puma 2nd furnace +12-15 kt VALE#98 BMO 31st Global Metals & Mining Conference Well-positioned to pivot towards a low-carbon economy Average Fe content % Fe 63.6 Vale 66% Iron Ore premium portfolio 7% 28% >66% Seaborne supply by Fe grade %, 2020 1 Scopes 1 & 2 emissions. Source: Vale, Skarn. 60.8 Peer 1 70% 5% 25% 66-64% 60.4 Peer 2 19% 59% 22% 64-60% 57.8 Peer 3 17% 83% <60% Future 2020 Others Peer 1, 2 and 3 Vale Cu Ni 2020, Sulphide producers finished nickel, CO2 Mt/t Ni cont.¹ 30 15 0 Low carbon base metals operations 0 Vale's Canadian Nickel refineries 330 Cummulative Nickel production - kt 2020, Mt CO2/t Cu cont.¹ Curve shows 1st production quartile Re-rating Salobo Sossego 660 4 3 2 1 0 0 500 1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500 Cummulative Copper production - kt 4th Quartile 5.6 CO ₂/t Cu 3rd Quartile 4.2 CO₂/t Cu 2nd Quartile 3.3 CO₂/t Cu M VALE#10BMO 31st Global Metals & Mining Conference Base metals: winner in the energy transition Total Nickel Demand¹ in million tonnes 3.8 0.3 2021 4.9 0.8 1 Includes secondary demand (scrap) 2026 Batteries Other High-Value Ni 6.3 1.9 2031 CAGR (2019-31) 29.9% Stainless Steel Total Copper Demand¹ in million tonnes 29.7 0.7 0.6 2021 EV 33.9 1.3 1.7 2026 Renewables 38.5 3.2 1.6 2031 Other CAGR (2019-31) 20.6% 9.6% Reshaping VALE#1110 BMO 31st Global Metals & Mining Conference Vale Base Metals: right assets, right jurisdictions with technical expertise Contained metal in Mineral Resources (inclusive of Reserves) in million metric tonnes of metal Nickel Canada 3.1 Average 1.68% Grades Copper 2.6¹ Average Grades 1.38% Brazil 2.2 1.42% 0.69% 16.4 Indonesia 7.6 1.71% 0.83% 17.4 Our Base Metals business Thompson Sudbury Port Colborne ▲ Mine & Mill Onça Puma Refinery Integrated Operation * Future Hub Voisey's Bay Long Harbour Salobo Clydach Sossego Hu'u Reshaping Top 3 or better resource position in each jurisdiction for primary mined metals ² Note: 2020 Mineral Resource estimates as of December 31, 2020, except for copper resources in Indonesia (interim pre-feasibility study update concluded in December 2021). Minerals resources are shown in 100% basis, not reflecting Vale's interest. Mineral Resources includes measured, indicated and inferred categories. All tonnage information has been rounded to reflect the relative uncertainty in the estimates. 1 Copper is a byproduct of Canadian nickel operations. 2 Primary mined metals would be nickel for Canada, copper and nickel each for Brazil and Indonesia. For Canadian copper, which is a byproduct, Vale is not Top 3 in resources. Matsuzaka Sorowako VALE#1211 BMO 31st Global Metals & Mining Conference Building a robust project portfolio Exploration / Conceptual Nickel Pipe Pit SN Ella South Mystery Manitoba Ultramafics Sudbury Exp. Targets Voisey's Bay Exp. Targets ‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒‒ Copper South Hub Exp. Targets Salobo Satellite Other Carajas Exp. Targets Scoping Study Stobie Pit Cryderman ‒‒‒‒‒‒‒‒‒‒‒‒‒‒ 118 Underground North Hub (PGG, Furnas & Paulo Afonso) Pre-feasibility Study CCM 3 & 4 Manitoba Ext Ph2 Blezard CCM Pit Creighton Ph 5 Ella Capre Sorowako Limonites Visconde Barão Salobo IV Sossego Exp (2nd Line) Hu'u Definitive Feasibility Study Victor¹ Discovery Hill Open Pit Pomalaa Bahodopi Onca Puma 2nd Furnace Cristalino Alemao Bacaba Reshaping North Atlantic South Atlantic Indonesia Execution CCM 1 VBME Manitoba Ext Ph. 1 Note: Stages of development are not indicative of schedule of approval. Only those in execution have been approved. Victor is expected to produce ~20kt of copper. It is allocated to the nickel business as it should feed into the North Atlantic nickel flowsheet. Salobo 3 VALE#1312 BMO 31st Global Metals & Mining Conference Copper Leveraging from regional opportunities Vale's production plan and optionality for copper in kt per year 900 297 2021 330-355 390-420 2022 2023-26E 2027+E Project Carajás Mineral district Salobo 3 Alemao South Hub extension ¹ 1 Refers to Cristalino project. 450+ Stage Construction Feasibility Feasibility LT Optionality Startup 2H 2022 2026/2027 2026 30-40 kt Carajas ~60 kt 80 kt • North Hub South Hub ● exp. • Salobo IV Production CAPEX Global Hu'u (Indonesia) US$ 1.1 bn US$ 2.1-2.3 bn US$ 1.3-1.5 bn Salobo Alemao Paulo Afonso Pojuca Gameleira Furnas Grota Funda Sossego Reshaping Cristalino South Hub deposits VALE#1413 BMO 31st Global Metals & Mining Conference Nickel Building a stable business Vale's production plan for Nickel in kt per year 168 2021 175-190 2022-23 200-220 2024+ North Atlantic drilling program in thousands of meters per year 800 600 ● 400 200 0 2015 Voisey's Bay ● • Extensive near mine and regional program Potential to add resources and extend mine life at Reid Brook and Eastern Deeps 2020 Sudbury Balanced portfolio of early-stage targets, advanced projects and near mine opportunities Strong land position in world- class Ni camp with synergies to existing operations ● Surface Underground forecast Reshaping ● 2025 Thompson Exploring near mine targets to extend mine life at Thompson Mine • Advancing exploration studies on large ultram afic-hosted Ni deposits VALE#1514 BMO 31st Global Metals & Mining Conference Nickel Key foundation for establishing North American EV supply chain US Megafactory capacity expected growth GWh 628 57 2020 295 2025 2030 Current Future O 1 Major Megafactories in 2020. Source: Benchmark Mineral Intelligence (October 2021). US Megafactories O Current¹ Future Vale Canada Mines Refineries. BED Reshaping Increase supply of EV market metals in North America, targeting to achieve 30-40% of Ni market in the mid-term Fully utilize existing production assets, producing best in class products with opportunities to further optimize. Develop partnerships through the value chain, communities and rightsholders. Develop black mass recycling: advancing quickly both sourcing and returning sustainable metals. Evaluate options to build a nickel sulphate plant in North America, as a first mover to leverage larger growth potential VALE#1615 BMO 31st Global Metals & Mining Conference Investing in technology for a stronger performance ||||||| Integrated Remote Operating Control (iROC) ✓ Short interval control: adherence to plan and expedite problem solving ✓ Minimize operational delays and expedite maintenance services ✓ Opportunity to increased production (>10%) O KOMATIO Mine automation and continuous operations ✓ Mechanical rock excavator: potential to change underground hard rock mining in Canada ✓ More continuous type process, aiming to increase productivity by 50% in underground development activities (less blasting, more time at face) ✓ Undergoing trials at Garson mine in Sudbury BOBE P&H HHR Reshaping Autonomous equipment coupled with Surge Loader & Ore Sorter ✓ Autonomous drills & trucks: remove people from risk, increase productivity and effective work time ✓ Surge Loader with ore sorting: high-grading to increase recovery ✓ Full implementation of the autonomous across Base Metals for >5% asset productivity increase and 5% reduction in GHG emissions VALE#1716 BMO 31st Global Metals & Mining Conference Base Metals business: up to US$ 40 billion value potential Mid-term Base Metals EBITDA¹ Nickel price (US$/t) in US$ billion 16,000 19,000 22,000 6,500 -3.0 -3.9 ~ 4.8 Copper price (US$/t) 8,000 -3.7 -4.6 ~5.5 9,500 -4.3 ~5.2 ~6.1 Base metals value potential EV/EBITDA @ Cu-Ni current multiple (7x)² @Cu-Ni 2023e multiple (6x)² @Vale's current multiple (3,4x)³ 10 15 20 25 30 Value potential - in US$ billion 35 ¹ Assuming -220ktpy Ni production and ~420 ktpy of copper production. 2 Average multiple for Copper and Nickel companies in the last 30 days as of February 21, 2022. 3 Average multiple for Vale in the last 30 days as of February 21, 2022. 40 Reshaping 45 VALE#1817 BMO 31st Global Metals & Mining Conference Committed to maintain solid shareholders' return Free cash flow returned to shareholder US$ billion Free cash flow returned to shareholder (%) Share buyback Extraodinary dividends Ordinary dividends €50% 4.3 1.0 1.4 1.9 36% 3.3 0.9 2.4 95% 19.0 5.5 5.9 7.6 4.0 0.51 0.721 2.8² 2018 2019 2020 2021 1Q22 1 Considering share buyback program in year-to-date (February 24). 2 Considering dividends announced in February 24 to be paid in March. Minimum dividend policy Extraordinary dividends Share buyback program Through the cycle Return surplus cash Attractive investment Re-rating M VALE#1918 BMO 31st Global Metals & Mining Conference On track for delivering value Materially de-risked and re-shaped portfolio Substantial value creation opportunity at Base Metals Class I Iron Ore key to support the energy transition Capital discipline and return to shareholder to remain a priority VALE#20VALE