#1* BRIGADA DE EMERGENCIA PER ESTRADA DE FERRO VITORIA A MINAS intélétrica 2022 BofA Securities Global Metals, Mining & Steel Conference Eduardo Bartolomeo, CEO May 17th, 2022 JOULE VALE 404#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." VALE#32022 BofA Securities Global Metals, Mining & Steel Conference We are building a better Vale De-risking ■ ■ ■ " Brumadinho Mariana Dam safety Production resumption. Reshaping a ■ Focus on core business Elimination of cash drains ▪ Accretive growth opportunities Cost efficiency ■ Sound cash flow generation Discipline in capital allocation Re-rating ■ ■ ■ ■ ■ 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#42022 BofA Securities Global Metals, Mining & Steel Conference Best practices supporting key achievements in dam management Structures at emergency level # structures 4 7 24 2020 3 6 22 2021 4 5 2025 Level 3 Level 2 Level 1 No dams at critical level 1 Tailings Storage Facility. 2 Hazard Identification and Risk Assessment. 3 Global Industry Standard on Tailings Management. ✓= 3 backup dams built for the structures at emergency level 3 40% of upstream structures to be de-characterized by 2022 100% of TSF¹ with HIRA² implemented by 2022 ~90% adherent to GISTM 34 in 2022 4 Based on the external audit results. Structures held by joint-ventures are not included. VALE#52022 BofA Securities Global Metals, Mining & Steel Conference Building a sustainable performance in H&S underpinned by VPS best practices D & Strengthening the culture of safety Reinforcing risk management through HIRA¹, with 100% of Vale's sites assessed in 2021 Empowering our workforce with Transparency, Leadership and Performance through VPS 1 Hazard Identification and Risk Assessment. 2 Up end of April 2022. Reduction of high-potential recordable injuries N2 absolute values 66 63 57 35 44 25 29 2018 2019 2020 2021 15 10 5 3 2022² 2023 2024 Limit 0 2025 VALE#62022 BofA Securities Global Metals, Mining & Steel Conference We made substantial progress in reshaping our portfolio 2015 Coal assets in Australia Fertilizer assets in Peru CSA Deals since BofA 2021 Other non-core assets in pipeline 2018 Fertilizer assets in Brazil Potash projects in Canada 2020 Zhuhai YPM Biopalma Henan Longyu Energy Resources Potássio Rio Colorado BofA 2021 VNC Manganese ferro-alloy in Minas Gerais, Brazil Mosaic CSI Moatize & Nacala¹ Midwestern system ² MRN CSP 1 Vale entered into a biding in December 2021 and announced the closing of the transaction in April 2022. 2 Vale announced in April 2022 that it has signed a binding agreement for the sale. The completion of the transaction is subject to compliance with the usual precedent conditions. VALE#72022 BofA Securities Global Metals, Mining & Steel Conference Vale is uniquely positioned to benefit from secular trends affecting mining Energy transition and decarbonization: resilient demand (including for Class I Iron Ore!) Supply constraints: depletion, ESG, complex jurisdictions, slower time-to-market Geopolitics dynamics: rising restrictions on sourcing, nearshoring, scarcity value VALE#82022 BofA Securities Global Metals, Mining & Steel Conference Metals intensity should increase in an energy-transition world Energy transition requires a high-intensive metals consumption... Power generation - Material intensity ton of Cu eq.¹ per terawatt-hour Other Cadmium, gallium, telurium Rare-earth elements Aluminium Copper, nickel and zinc Steel Coal fired Gas fired Wind² Solar photovoltaic ...while other drivers are also working to shift demand to new levels 4: Population and income growth will still be major drivers for commodities demand EV has 6x the mineral requirements vs. an ICE car Industrial reshoring/onshoring leading to new investments Source: World Steel Association, IEA, BofA and McKinsey & Company. 1 Copper equivalent. Cu eq, conversion used 2015-21 average prices for each metal. 2 Estimated average across different technologies, for onshore and offshore. VALE#92022 BofA Securities Global Metals, Mining & Steel Conference Energy is the name of the game Low-carbon nickel and copper are the basis for energy transition Nickel demand (Mt)¹ 4.0 0.3 2021 6.5 2.0 2031 Batteries Other high-value Ni Copper demand (Mt)¹ Direct 29.7 0.7 0.6 2021 38.5 1.6 3.2 2031 EV Renewables Source: Vale's estimates. 1 Total demand. Includes secondary demand (scrap). 2 Assumptions: Biochar@ $250/ton; Electricity@$30/MWh; CCS@$60/ton.CO2 CO₂ High-grade iron ore enabling steelmaking decarbonization Fuel cost² (US$/t coal eq.) 3 Natural gas. Coal (H₂) V NG3 w/ Biocarbon CCS4 Blue Green hydrogen hydrogren Shift to DRI-H₂ increases reductant costs in steelmaking High-grade products decrease reductant consumption and increase productivity More demand for high-quality direct charge products (e.g. pellets and briquettes) 4 Carbon capture and storage. VALE#102022 BofA Securities Global Metals, Mining & Steel Conference Underestimated supply restrictions lead to a stronger-for-longer commodities cycle 美 M Mines depletion ● Volume replacement needs + grades lowering Complex licensing process Stringent ESG standards ● Industry capital discipline Lessons learned from last super-cycle and incentives misaligned Source: Vale analysis and PWC Mine 2021 Report. 1 Considers Top 40 Metals & Mining companies. Capex adjusted by US PPI ($2021 real). Iron ore volumes depletion (2021-2030) - Mt -30% of current seaborne supply 473 Total 118 2011 12 277 Australia 13 Mining industry Capex - US$ bn¹ 149 152 121 14 83 83 15 Brazil 58 55 16 17 66 China 62 18 68 19 47 Others 68 81 20 21E VALE#112022 BofA Securities Global Metals, Mining & Steel Conference Since 2016, forecasts have underestimated iron ore prices Iron ore CFR China price (US$/dmt) Average price performed (US$/dmt) Analysts' median forecast - December previous year (US$/dmt)¹ 130 97 Ili.. 56 2014 135 2012 2013 2015 58 2016 71 2017 1 Median based on estimates from December Y-1 of each year. 2 Up to April 13th, 2022. Median estimate is a yearly forecast. 69 2018 93 2019 109 2020 159 2021 143 | 2022YTD² VALE#122022 BofA Securities Global Metals, Mining & Steel Conference Vale is uniquely positioned to thrive Over 100 years of technical expertise aligned with the right assets in the right jurisdictions Sudbury (Ni) Thompson (Ni) Voisey's Bay (Ni) Southern System (Fe) Southeastern System (Fe) Onça Puma (Ni) Northern System (Fe) Sossego (Cu) Salobo (Cu) Hu'u (Cu) Sorowako (Ni) ● ● ● ● ● Large resource base Carajás mining province (Fe and Cu) Top 3 or better resource position in each jurisdiction in Base Metals Green portfolio Premium iron ore (IOCJ, BRBF pellets, briquettes) Nickel class 1 Copper Cost competitive 1st and 2nd quartile in most of assets ● • Quality premiums and by- products revenues ● Growth opportunities • Capacity resumption in iron ore Base metals projects VALE#132022 BofA Securities Global Metals, Mining & Steel Conference Sizable reserves and resources enable supply optionality and long-life valuation Carajás is the best iron ore reserve basin in the industry Size: reserves Reserves raw ore grade (%) 70 60 50 40 30 0 Vale Peers 10 Vale is positioned in tier 1 mining jurisdictions Iron ore Serra Norte 20 Serra Leste 40 30 LOM (years) Serra Sul Carajás basin 50 60 70 Canada Brazil Top 3 or better resource positioned in each jurisdiction for primary mined metals ¹ Indonesia ³ Nickel-contained (Mt, 2021) #% metal grade (resources) 3.0 2.2 1.6% Total Ni: 13.6 Mt4 1.4% 8.4 1.7% Large resource base Green portfolio Cost competitive Growth opportunities Base Metals 2.62 Copper-contained (Mt, 2021) #% metal grade (resources) 15.5 17.2 Total Cu: 35.3 Mt4 1.6% 0.6% 0.8% Source: Vale and peers annual reports. Note: Vale's 2021 Mineral Resource estimates as of December 31, 2021. Mineral Resources are inclusive of reserves measured, indicated and inferred categories. All tonnage information has been rounded to reflect the relative uncertainty in the estimates. 1 Primary mined metals refers to 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. Copper is a byproduct of Canadian nickel operations. 3 Minerals resources are shown in 100% basis. Considering Vale's interest in PTVI (44.3%) and PT STM - Hu'u project (80%), resources in Indonesia in equity basis would be 3.7 Mt for Nickel and 13.7 Mt for Copper. 4 Total minerals resources are shown in 100% basis. Considering Vale's interest, resource in equity basis would be 8.8 Mt for Nickel and 31.8 Mt for Copper. 2 VALE#142022 BofA Securities Global Metals, Mining & Steel Conference Competitive cost structure to deliver value across the cycle Iron ore Iron ore all-in costs¹ US$/t 39 27 0 (102) Vale 1 45 Peer 1 Peer 2 Solid and growing premiums (US$ 9.1/t all-in premiums in 1Q22) 2018 2021 Vale's EBITDA/t 1 Iron ore fines and pellets EBITDA break-even. Does not include sustaining investments. Peer 3 Winning shipping strategy (LT contracts and Valemaxes/Guaibamaxes) Nickel Less than US$ 8,500/t average cost2 in 2021 Copper (Brazil) Less than US$ 1,500/t average cost2 in 2021 2 COGS after by-products revenues in 2021. F Large resource base Green portfolio Cost competitive Growth opportunities 1st quartile in Canada operations -US$ 8,700 EBITDA/t in 2021 -US$ 750/t Salobo average net cost² -US$ 7,500 EBITDA/t in 2021 VALE#152022 BofA Securities Global Metals, Mining & Steel Conference We are growing our Class-1 iron ore portfolio to decarbonize steelmaking... Average Fe content (% Fe) 63.6 Vale ~50 66% 60.8 7% 28% >66% Peer 1 Seaborne supply by Fe grade (%, 2020)¹ -330, 70% 5% 60.4 25% 66-64% Peer 2 -760, 19% 59% 57.8 22% 64-60% Peer 3 -420, 17% 83% <60% Future 2020 Others Peer 1, 2 and 3 Vale Market size (Mt) Large resource base Green portfolio Green briquetting reduces over 10% steelmaking emissions² Cost competitive Growth opportunities Similar VIU to pellets, but half costs and 1/3 Capex Source: Vale's analysis. 1 Considering final products sales grade, including blended products. Does not include Chinese domestic production. 2 Considering the substitution of sintering process in steelmaking plants (BF-BOF route). Green briquette is a breakthrough technology developed in-house and patented by Vale. VALE#162022 BofA Securities Global Metals, Mining & Steel Conference while supporting economy electrification in Base Metals Low-carbon base metals operations Sulphide producers finished nickel, CO₂ Mt/t Ni cont.¹, 2020 2 Ni 30 15 0 0 Vale's Canadian Nickel refineries Gi 495 Cummulative Nickel production - kt 165 330 Source: Vale and Skarn. 1 Scope 1 and 2. 660 Cu 15 10 LO 5 0 0 Copper in concentrates and SxEw, Mt CO₂/t Cu cont.¹, 2020 Salobo Sossego 4,500 9,000 Certificate of carbon footprint for nickel products: Rounds from Long Harbour Pellets and powders from Sudbury NEW Pellets from Clydach NEW 13,500 Cummulative Copper production - kt Large resource base Green portfolio Fi Cost competitive Growth opportunities Leveraging our low-carbon footprint and market-leading position as North America's largest producer of finished nickel: Recently announced TESL agreements with Northvolt and Tesla northvolt Target to deliver 30% to 40% of Class 1 nickel sales into the fast-growing EV industry VALE#172022 BofA Securities Global Metals, Mining & Steel Conference One of the best project portfolio in the industry... Iron ore Nickel Copper Exploration/ Conceptual S11A and S11B Carajás new ore bodies Expansions in Minas Gerais Pipe Pit SN Ella South Mystery Manitoba Ultramafics Sudbury Exp. Targets Voisey's Bay Exp. Targets South Hub Exp. Targets Salobo Satellite Other Carajas Exp. Targets 041 Scoping study Serpentina Dry concentration plants Itabirite projects Stobie Pit Cryderman 118 Underground North Hub (PGG, Furnas & Paulo Afonso) A Pre-feasibility study Apolo Morro 2 S11C Serra Leste expansion 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 5₁ Large resource base Green portfolio Definitive feasibility study N1/N2 Dry concentration Oman Alegria expansion Other briquette plants Victor² Discovery Hill Open Pit Pomalaa Bahodopi Onca Puma 2nd Furnace Cristalino Alemao Bacaba Cost competitive Growth opportunities 12 Northern System 240 Mtpa Serra Sul 120 Gelado + Usina 1 conversion Capanema N3 Briquette plants¹ VGR dry concentration Execution CCM 1 VBME Manitoba Ext Ph. 1 Salobo 3 Note: Stages of development are not indicative of schedule of approval. Only those in execution have been approved. 1 Includes Vargem Grande (0.75 Mtpy) and Tubarão 1&2 (6 Mtpy) briquette plant projects. 2 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. VALE#182022 BofA Securities Global Metals, Mining & Steel Conference ... leading us to accretive and broad growth opportunities Iron ore (Mt) 320-335 2022 -400 ■ 400-450 Medium term Long term Medium term Tailings' filtration plants and start-up of Torto dam and raising of Itabiruçu dam ▪ S11D capacity/performance, licensing in Serra Norte and Gelado project Capanema project Long term ▪ Production flexibility in Northern System Logistics expansion in Northern System Capacity buffer Nickel (kt) 175-190 M 2022 200-220 Medium term Long term Medium term ▪ Stable production at North Atlantic and new projects (VBME, CCM 1 and Victor). Onça Puma stabilization ▪ PTVI furnace rebuild Onça Puma 2nd furnace Long term ▪ Extensive drilling program in Canada and optionality in Indonesia Copper (kt) 330-355 2022 ■ Large resource base Green portfolio 390-420 Medium term Cost competitive Growth opportunities 900 Long term Medium term ▪ Stable production at North Atlantic mines ▪ Salobo III start-up in 2H22 Long term ▪ Growth optionalities in Carajás region (e.g. Alemão, South Hub extension, North Hub extension Salobo IV) Hu'u development in Indonesia VALE#192022 BofA Securities Global Metals, Mining & Steel Conference We are walking the talk to close the gap, but industry is also materially underrated EV/EBITDA¹ 11 10 9 8 7 6 5 4 3 2 Mony при 2005 2007 2009 2011 2013 2015 Industry (ex-Vale) Industry avg. (ex-Vale) SD + 1 2017 SD-1 Vale 2019 2021 امرا Progress of the de- risking, reshaping and re-rating agenda Unlock Base Metals value achieving sector- specific multiples Maintenance of solid return to shareholders Source: Bloomberg. Includes data from Vale, Anglo American, Antofagasta, Barrick Gold, BHP, FMG, Freeport-McMoRan, Glencore, Nornickel (until end of 2021), Rio Tinto, South 32, Teck and Xstrata (former). 1 Consensus analysts median 12M forecast EBITDA. VALE#202022 BofA Securities Global Metals, Mining & Steel Conference Coupled with growth, Vale can unlock substantial value Base metals margins ² (US$/t) Medium term EBITDA¹ (US$ billion) Iron ore margins ² (US$/t) Ni: 6,000 Cu: 4,500 Ni: 7,500 Cu: 6,000 Ni: 9,000 Cu: 7,500 40 ~17.4 ~18.2 -19.0 70 ~28.9 ~29.8 -30.6 100 ~40.5 -41.3 ~42.1 Enterprise value potential (US$ billion) Vale's current EV³ Vale re-rated @ industry historical multiple (~6x) Vale re-rated @ industry current multiple (~4.8x) 25 50 I 75 100 125 150 Midpoint medium term EBITDA matrix scenario 175 200 225 250 275 1 Sensitive analysis. Assuming -385 Mt of iron ore and pellets sales (considering pelletizing process losses and inventory transportation and management), ~220 kt of Ni sales and 420 ktpy of copper sales (including copper as by-product). Considers others non-related business costs and expenses. 2 EBITDA per ton. Iron ore@US$100/t, nickel@ US$9,000/t and copper@US$7,500/t margin scenario refers to the approximately margins of 2021 and iron ore@US$40/t, nickel@US$6,000/t and copper@ US$4,500/t margin scenario refers to the approximately margins of 2018. 3 As of May 13th, 2022. VALE#212022 BofA Securities Global Metals, Mining & Steel Conference Committed to generate solid shareholder returns | Sustaining and growth opportunities US$ 5.0-6.0 bn of annual avg. CAPEX¹ Stable dividends Share buyback programs Free cash flow returned to shareholder US$ billion ● Share buyback Extraordinary dividends Ordinary dividends ● 4.3 1.0 1.9 1.4 2018 2019 3.3 30 2.4 0.9 2020 19.0 5.5 5.9 7.6 2021 6.8 3.3 0.7 ~20% dividend yield since 2021³ • 470 million shares or 9.2% 4 of outstanding shares repurchased² Up to 500 million shares of new buyback program ongoing5 2.8 2022 YTD² 1 Including growth and sustaining capex. 2 As of May 16th, 2022. Considers programs announced in April 2021 and October 2021. 3 Including ordinary and extraordinary dividends paid in 2021 and in March 2022. Considering share price and outstanding shares of December 31st, 2020.4 Considering 5,130,801,436 outstanding shares as of March 2021. 5 Announced on April 27th, 2022. VALE#222022 BofA Securities Global Metals, Mining & Steel Conference On track to deliver value to all stakeholders Materially de-risked and reshaped portfolio Uniquely positioned to thrive from sector trends and asset base Capital discipline and superior return to shareholders to remain a priority Substantial value creation opportunity from growth and re-rating VALE