#121st Analyst & Investor Tour VALE September 9th, 2021 Iron ore briquettes stockpile#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#321st Analyst & Investor Tour VALE September 9th, 2021 Marcello Spinelli#4A world requiring green materials Steel industry transformation started, strongly driven by GHGE reduction regulations Conceptual view of GHGE reduction in steelmaking (100% basis) 100 Possible GHGE reduction curve after China's announcement 2020 Winning tech(s) will be proven in Pathway Definition phase Regulatory pressure -30% CO₂ Phase 1 Pathway Definition 2030 Source: BCG Steel Model, BCG Analysis, IEA and Vale's analysis. ¹ IEA - Iron and Steel Technology Roadmap 2020. Steelmakers public commitments (15+ DRI plants to be built by European steelmakers alone over the next 20 years) 2040 Phase 2 Decarbonization Run CO₂ neutrality 2050 X Illustrative CO₂ neutrality Phase 3 Mainstream Adoption 2060 VALE 4#5A world requiring green materials Technological shift faces three challenges ● High investment required US$ 1-2 trillion to be compliant with CO₂ emission requirements Aging plants need to be revamped; Uncertainties related to technology success increase investment risks. Source: Vale's estimates. 1 Assumptions: Biochar@ $250/ton; Electricity@$30/MWh; CCS @ $60/ton.CO2 Higher fuel costs Fuel cost¹ (US$/t coal eq.) Coal NG2 w/ Biocarbon CCS3 Blue Green hydrogen hydrogren "Greener" reductant costs are higher than coal costs; • Biocarbon and natural gas can accelerate transition while developing hydrogen industry. 2 Natural gas. 3 Carbon capture and storage. High-quality ore supply Seaborne iron ore supply by Fe content (%) 21% >66% -3% 51% 25% 2020 66-64% 3% 27% 56% 14% 2030 64% -60% <60% Steelmaking needs high quality products to minimize reductant costs and increase productivity; Main ore bodies available face depletion and beneficiation challenges, thus making it difficult to increase supply of high-grade ores. LO 5#6A world requiring green materials Leading to solid premiums in long term Premium for 1% Fe additional¹ US$/dmt CO₂ emissions per ton of steel² 1.9 4,1 BF3 (w/o carbon price) 1.9 4,9 0.6 BF3 (w/ carbon price) 6,6 0.87 8,8 Low Fe HB14 (w/ natural gas) in melter (w/ biocarbon) With carbon price@US$50/t and without CCS6. HB14 (w/ natural gas) in EAF5 Average Fe content % Fe 63,6 Vale 60,8 Peer 1 60,4 Peer 2 Future 2020 57.8 Peer 3 Source: Vale's estimates. ¹ Technical VIU simulation for different routes. Additional premium paid per percentage of Fe on top of 62% Fe index (including Fe and slag effect), assuming iron ore prices @ US$75/t, coke prices @ US$ 280/t, carbon price @US$50/t, natural gas price@US$6/MMbtu, biocarbon price@US$250/t and steel margins@ US$50/t. 2 Including scope 1 emissions. 3 Blast furnace. 4 Hot Briquetted Iron. Considering an iron ore input for low Fe HBI of 63-64% Fe and > 66% Fe for HBI. 5 Electric arc furnace. 6 Carbon capture and storage 7 Including scope 2, emissions may increase to 1.2-1.4 t of CO₂ per ton of steel, depending on electric energy source. VALE со 6#721st Analyst & Investor Tour VALE September 9th, 2021 Rogerio Nogueira#8Progressing on portfolio's decarbonization Advancing with our pioneer scope 3 net emission reduction target Absolute scope 3 net emissions Mt CO₂ eq. 586 2018 -15% 641 2035 (BaU¹) 496 145 Mt 2035 (target) Steelmaking represents 94% of Vale's scope 3 Partnership and engagement with clients and suppliers (75-85% or -115 Mt CO₂ eq. of the challenge) Leveraging steel industry decarbonization initiatives Supporting a reduction in shipping emissions² Vale's own initiatives (15-25% or ~30 Mt CO₂ eq. of the challenge) Improving our high-quality portfolio Developing new technologies and asset light solutions Possibility of assessing high-integrity carbon markets to comply with the reduction targets if necessary 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 ~400M tpy 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). VALE 8#9Progressing on portfolio's decarbonization Vale's own initiatives support the steel industry decarbonization CO₂ reduction estimates 2 Mt CO ₂ eq. 30 Vale's main initiatives 50 6 Iron ore briquettes 101 5 Dry concentration technology Note: Estimates figures subject to feasibility studies, internal approvals and market conditions. 1 Production of direct reduction pellet feed by dry concentration technology. Low Fe HBI Asset-light solutions Tecnored (pig iron 100% biomass) Initiative's maturity level Estimates Estimated production (Mt) Biomass in blast furnace (PCI) VALE#10Briquetting is a breakthrough technology developed in-house and patented by Vale Applications Substitute for sinter, pellet and lump in blast furnaces Substitute for pellets in direct reduction furnaces Exclusive technology 18 years of in-house R&D Technology Patented¹ technology in 47 countries Patented or in submission process.#11Progressing on portfolio's decarbonization It is environmentally friendly: less fossil fuels, particulates and water usage Briquetting GRINDING THICKENING FILTERING PRESSING MIXING BRIQUETTING DRYING ~200°C SCREENING X Pelletizing GRINDING THICKENING FILTERING PRESSING MIXING PELLETIZING FIRING ~1300°C SCREENING X Sintering GRINDING THICKENING FILTERING PRESSING MIXING SINTERING FIRING ~1300°C SCREENING Advantages Simpler with less process stages vs. pelletizing More flexible with use of sinter feed or pellet feed Less CO₂ emissions due to much lower 2 drying temperature Briquettes More homogeneous size distribution then sinter High physical strength, low abrasion and adherent fines 11#12Progressing on portfolio's decarbonization Briquettes can replace sinter and thus allow a reduction of over 10% in carbon emissions in the BF-BOF steelmaking route Current BF-BOF Coking coal Sinter feed Coke plant Coking coal Sinter plant BF-BOF with briquettes use Coke plant Sinter plant Lump Pellet Blast furnace Briquette Lump Pellet Blast furnace Scrap BOF Scrap BOF Steel products Steel products Briquettes VALE 12#13Progressing on portfolio's decarbonization Three briquetting plants are already under construction ● ● ● Vargem Grande Approved 0.75 Mtpy capacity (expandable option to 1.5 M tpy) US$ 50 million investment Start-up by 2023 Synergies with adjacent dry concentration plant ● ● ● Tubarão 1 & 2 Approved Conversion of two idle pellet plants 6 Mtpy capacity US$ 135 million investment Start-up by 2023 Lower capex intensity than potential revamp of pellet plants. ● 5 other plants currently under analysis • Oman plant to produce direct reduction briquettes Projects under development ● MoU signed with Ternium Brasil to build a co-located plant • Other partnerships under analysis ● Oman Pellet Plant Briquette Plant 13#14Progressing on portfolio's decarbonization We are developing a long-term green multi million-dollar business F Over 50 Mtpy production Similar VIU to pellets Half cost of pelletizing process CO ₂ Note: Estimates figures subject to feasibility studies, internal approvals and market conditions. 1 Comparing to pelletizing process. 80% less CO₂ emissions vs. pelletizing process 99% less SOX, 75% less NOx and 20% less particulates¹ 67% lower capital intensity vs. pellet plants Estimates Briquettes US$ 500 million incremental EBITDA over sinter feed VALE 14#15200 Dry concentration is a sustainable solution to produce high grade products 11001 -- No use of water = no tailings dam 13 Final products with up to 68% Fe 15.9 Modular design H|||||| EPITHET ------- t S Potentially integrated with other process routes 15#16Progressing on portfolio's decarbonization Extending mines lifespan on a sustainable basis Dry processing ROM 57% Fe Crushing and screening Sinter feed and lump 57 -60% Fe Production Future dry concentration Crushing and screening Dry tailings / Co-products ROM 43% Fe Use of low-grade ROM Drying Magnetic Separation Sinter and pellet feed for BFs 60-65% Fe Grinding Aeroclassification Pellet feed for DRs 65-68% Fe Production I 1 Considering the production route change by supplying direct reduction pellet feed to DR-EAF route instead of sinter feed to BF-BOF. 2 Direct reduction. High grade ores reduce over 0.7 ton of CO₂ per ton of steel¹ Dry concentration No need of tailings dams DR2 pellet feed production supporting steel industry decarbonization Classified dry tailings potentially marketable as co-products ‒‒‒ 16#17Progressing on portfolio's decarbonization First industrial plant under construction and more to come tra NS04 construction works at Vargem Grande complex Vargem Grande plant under construction Start-up by 2023 with 1.5 Mtpy capacity US$ 125-150 million investment Concentration of 45% Fe ROM Three new plants to be approved 8.5 Mtpy 6 Mtpy 2 Mtpy Oman (approval by 2022) Fazendão (approval by 2023) Fábrica (approval by 2023) Dry concentration ‒‒‒ 17#18Progressing on portfolio's decarbonization Flexible and integrated asset-light solutions easing the decarbonization transition Natural Gas (H₂ in the future) Briquettes Fe Blast Furnace Direct reduction hubs may emerge in low energy cost locations Direct Reduction plant Low Fe HBI Biocarbon plant BOF I CCS Tecnored melter sace Iron Ore H₂ Metallics Metallics Iron Ore Metallics Metallics Asset-light solutions H₂ Hydrogen Natural Gas Biocarbon Metallics 18#19Tecnored is a ready-to-use technology Technological uses "Green" low-cost pig iron production by potentially using biocarbon instead of coal Energy efficient and flexible carbon solution for melting scrap or low Fe HBI Low-cost residue recycling Plants underway Industrial scale plant in São Paulo Project in Pará under analysis TECNORED DESENVOLVIMENTO TECNOLÓGICO BA COMPANHIA USINA TECPAR PINDAMONHANGABA 000000 66500E UV 11 19#20Biocarbon can support energy transition Applications in BF-BOF & EAF PCI substitute, coke substitute, coke breeze substitute in EAF Brazil potential Big supplier of biomass from eucalyptus, sugar cane and residues E 20 Carbonization pilot plant Small scale pilot plant (25 ktpy) under construction with start-up in 4Q21 Briquetting biocarbon increases density up to five times improving transportation economics#21Progressing on portfolio's decarbonization Promoting technological advance in steel industry Fostering new technologies Investment of US$ 6 million in Boston Metal Company to promote the development of Oxide Electrolysis (MOE) technology Vale's Ferrous Technology Center 13 years of R&D developing solutions for industry and customers Capable to simulate steelmaking condition in laboratory Oxide Electrolysis (MOE) technology testing in Boston Metal ZEISS 700 SVO Vale's Ferrous Technological Center laboratory VALE 21#22We are also fostering innovative shipping solutions SEA ZHOUSHAN Valemaxes: largest vessels in industry Rotor sails: wind-assisted propulsion systems Click here to watch a video Air lubrication: reducing water resistance Click here to watch a video 22#2321st Analyst & Investor Tour VALE September 9th, 2021 Vagner Loyola#24Achieving 400 M tpy capacity level We are progressing on our resumption plan Iron ore production capacity (Mtpy) 318 +17 Mtpy Investor Tour 2020 (Sep/20) 335 Investor Tour 2021 (Sep/21) Main achievements Northern System Serra Leste resumption 4Q20 Northern System S11D first jaspilite crusher 2Q21 Southeastern System Timbopeba full capacity 1Q21 Southern System Fábrica resumption 1Q21 Southern System Vargem Grande tailings filtration plant start-up 1Q21 Southern System Vargem Grande Maravilhas III dam start-up 3Q21 VALE 24#25Achieving 400 Mtpy capacity level Vale will reach 400 Mtpy capacity in the medium term Note: Including third-party purchase. PA MS Nueva Palmira *-- Ponta da Madeira EFC MG MRS TIG EFVM Tubarão Itaguaí Northern System Southeastern System Southern System Midwestern System VALE Today 203 70 59 3 335 End of 2021 205 70 65 3 Capacity (Mtpy) End of 2022 343 205 93 69 3 370 Medium term 215 113 69 3 400 Long term 240-260 110-120 70-85 3 400-450 VALE 25#26Achieving 400 Mtpy capacity level Northern System: a smoother ramp up Northern System smoother ramp up from previous plan Serra Norte licensing Backlog of rolling licenses required to sustain production Delays in different mining fronts (e.g. N3, N1/N2) Gelado project phasing Project starts with 5 Mtpy capacity as requires Usina 1 conversion to achieve full capacity (10 Mtpy) S11D waste crusher In addition to the four jaspilite crushers, a new crusher is required to process large compact waste blocks Start-up expected by 2025 Northern System capacity resumption roadmap Mtpy 203 Today 2 10 S11D S11D (jaspilite (100 Mtpy crushers project) installation) -10 5 -5 Serra Norte Serra Norte S11D (licensing) (Gelado (waste project first processing) years) 230 End of 2022 205 10 Serra Norte (licesing) 215 New Medium term (Path to 400 Mtpy) VALE 26#27Achieving 400 Mtpy capacity level Projects bring additional capacity and high quality Main projects and initiatives Gelado project Pellet feed production from Gelado dam tailings recovery, with start-up by 2H22 S11D 100 Mtpy project Purchase and repower of equipment, with start-up by 2H22 Serra Sul 120 project Flexibility in medium term and production growth in long term, with start-up by 2H24 Usina 1 conversion to dry processing Conversion expected for 2025, increasing site's mass recovery and productivity Opening of new mining fronts in Serra Norte N3 mining front start-up by 2023 and N1/N2 mining front start-up by 2026 2015 S11D 100 Mtpy project construction N3 Project area VALE 27#28Achieving 400 Mtpy capacity level Northern System: 240+ Mtpy capacity in the long term Northern System capacity Mtpy 203 Today -2 S11D (jaspilite crushers installation) 10 S11D (100 Mtpy project) 5 -5 S11D (waste Serra Norte (Gelado project first processing) years) 215 Medium term (Path to 400 Mtpy) 20 S11D (Serra Sul 120 project) 1 After Usina 1 conversion, achieving 10 Mtpy capacity. 2 Achieving 260 Mtpy also depends on expanding Northern System logistics. 5 S11D (waste crusher installation) 5 LO 10 Serra Norte Serra Norte Serra Norte (Gelado (Usina 1 (new mining project¹) fronts) mass recovery increase) 240-260 Long term² VALE 28#29Achieving 400 Mtpy capacity level In Southeastern System, new assets are solving tailings disposal restrictions in Brucutu... Main projects and initiatives Tailings filtration plant construction 76% of physical progress Start-up by end of 2021 Tailings piles areas Licensing and preparation of areas to receive dry tailings from filtration plants Torto dam start-up Start-up by 2H22 Works to increase safety factor started in August Brucutu plant construction works VALE 29#30Achieving 400 Mtpy capacity level ... and also in Itabira Main projects and initiatives Tailings filtration plants construction Cauê plant (77% of physical progress) and Conceição plant (75% of physical progress) Start-up by end of 2021 Tailings piles areas Licensing and preparation of areas to receive dry tailings from filtration plants Itabiruçu dam raising Construction starting in 2022 (dry season) and completion by beginning 2023 www. TOSERPRETAT ESASIN Py L Cauê plant construction works Conceição plant construction works VALE 30#31Achieving 400 Mtpy capacity level Capanema project increases Mariana complex capacity and optimize Timbopeba's operations 18 Mtpy capacity¹ by natural moisture (without tailings generation) Start-up in 2H23 Production of sinter feed for BRBF Use of Timbopeba assets reducing investments 1 Net addition capacity of 14 Mtpy in the first years. Capanema mine VALE 31#32Achieving 400 Mtpy capacity level Southeastern System: 110+ Mtpy capacity in the long term Southeastern System capacity Mtpy 70 Today 12 Brucutu (Tailings filtration and Torto dam) 14 Itabira (Tailings filtration and Itabiruçu dam) 14 Capanema start-up (net addition) 3 Net from other operations 113 Medium term (Path to 400 Mtpy) Net from other operations 110-120 Long term VALE 32#33Achieving 400 M tpy capacity level In Southern System, Vargem Grande complex can reach 50+ Mtpy capacity Main projects and initiatives Conveyor belt resumption Unlock site's conveyor belt in 3Q21, increasing capacity and reduction costs Railway expedition capacity Transportation capacity was already adjusted to match site's resumption plan Mining licensing Mining expansion licensing for Capitão do Mato and Tamanduá mines is expected for 2022 Vargem Grande 1 plant resumption Set up plant's water circuit to the ROM available and the new assets (filtration plant and Maravilhas III dam), producing by wet processing by end of 2023 Vargem Grande dam and conveyor belt Vargem Grande plants VALE 33#34Achieving 400 Mtpy capacity level Southern System: 70+ Mtpy capacity in the long term Southern System capacity Mtpy 59 Today Vargem Grande (conveyor belt) Mutuca (licensing) and net from other operations 69 Medium term (Path to 400 Mtpy) Vargem Grande (mining licensing, VGR1 plant resumption, dry concentration plant and others) 70-85 Long term VALE 34#35We are strengthening iron ore business sustainability Delivering resumption plant Improving safety and reducing risks PAN SEA VICTORIA PANINI MA Leading industry decarbonizing transformation 35#3621st Analyst & Investor Tour VALE September 9th, 2021 Luciano Siani Pires#37The equity story for Vale The evolution of our roadmap for value creation 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 ■ ■ ■ ■ ■ Benchmark in safety Best-in-class reliable operator Talent-driven organization Leader in low-carbon mining Reference in creating and sharing value#38The equity story for Vale We have made solid progress in repairing Brumadinho MM A robust legal framework Projects demanded by affected communities Projects for Brumadinho and other municipalities Income transfer program 0 2025 Resources to Urban Mobility $Program and Public Service Strengthening Program Ensure water supply Recover the environment Commitment to fully revegetate the entire affected area Hydraulic barrier that prevents sediment flow at Brumadinho (MG) + R$ 2.8 billion in signed agreements for individual indemnification¹ ¹ Related to agreements entered into as of August 31st, 2021, approximate figures and including amounts already disbursed.#39VNF Ground Zero project for environmental recovery Ferro Carvão water stream, Brumadinho (MG) Picture from January/21#4033333 Affit Commissioning of the new water supply system Paraopeba River (MG) KE Picture from July/21#4116 New basic health care unit Parque da Cachoeira, Brumadinho (MG) Picture from February/21#42The equity story for Vale We have advanced in dam management Decharacterization of 8B dam Nova Lima, MG, Brazil Picture from January/20#43The equity story for Vale We have advanced in dam management AMCRG Ac With over Decharacterization of Dique Rio do Peixe Itabira, MG, Brazil Picture from July 21#44The equity story for Vale We have advanced in dam management 1.Me Decharacterization of Fernadinho dam Vargem Grande Complex, MG, Brazil Picture from July/21#45The equity story for Vale 363 We have advanced in dam management SBM367 367 Operational control for remotely operated equipment Home O CAT 85 343488E 336 85 CAT Unmanned hauls and trucks B3/B4 dam de characterization, MG, Brazil Picture from August/21#46The equity story for Vale We have advanced in dam management B3/B4 back-up dam Nova Lima, MG, Brazil Picture from March/21#47The equity story for Vale We have advanced in dam management Sul Superior back-up dam Barão de Cocais, MG, Brazil Picture from December/20#48The equity story for Vale We have advanced in dam management Forquilhas and Grupo back-up dam Ouro Preto and Itabirito, MG, Brazil Picture from July/21#49The equity story for Vale Our ESG agenda has advanced towards best practices ENVIRONMENTAL US$ 4-6 billion in investments by 2030 to reduce scope 1 & 2 emissions -80% of the mapped initiatives for scope 1 & 2 emissions reduction are positive NPV¹ Folha Larga wind and Sol do Cerrado solar projects New processes for innovative iron ore products (briquettes) SOCIAL Engagement and dialogue with communities Leading role in humanitarian aid during the Covid-19 pandemic Controversies management and Grievance Mechanism. Human Rights due diligence process Increased transparency GOVERNANCE Amended By-Laws in 2021 ✓ Individual election of Board members Provision for Lead independent director ✓8 independent members elected, including an Independent Chairman Compensation linked to ESG targets Rating upgrades Fitch (investment grade) Moody's (investment grade) Sustainalytics ESG (from 54.5 in 2019 to 38.7) ISS ESG (from C in 2020 to C+) 1 As of June 2021, with greater technological maturity due to the pilot phase and studies. Figures include assumptions for low-maturity technologies, leading to uncertainty. $50/tCO2e: shadow price for all capital allocation decisions. VALE#50The equity story for Vale We are moving towards a leaner portfolio 2018 2015 Coal assets in Australia CSA Fertilizer assets in Peru Fertilizer assets in Brazil Potash projects in Canada 2020 Zhuhai YPM Henan Longyu Energy Resources Biopalma da Amazônia Potássio Rio Colorado 2021 VNC Manganese ferro-alloy in Minas Gerais, Brazil What is next? Moatize MRN Note: In 2020, Vale closed its Manganese alloys operations in Simões Filho-BA and will no longer have any alloy production operations once exiting the manganese-alloy in Minas Gerais, Brazil. CSI CSP#51The equity story for Vale In Base Metals, Vale can boost shareholder value through organic initiatives Delivering on stability VB ME Copper Cliff Mine Manitoba Life ext. Transitioning to underground mining in Voisey's Bay ▪ First ore achieved in June Continued development of Reid Brook ■ Recovery of production in Sudbury ▪ New mining fronts to ramp up with resumption of operations ▪ South Shaft reform activities returning after labor disruption Extend life of mine by 10 years ▪ Phase 1 approved (CAD 150 M) ■ Critical infrastructure to enable extension Building on optionality Execution Salobo 3 +30-40 ktpy + Stability in North Atlantic Copper Nickel 1 100% basis. ² Participation through joint-ventures. Volumes shown as 100% basis. ³ Volumes under review Upcoming approval LT growth optionality Hu'u² +250 kt³ Alemão Hub +60 ktpy South Hub: Cristalino 80kt Onça Puma 2nd furnace +10-15 kt Indonesia JVs +110 ktpy¹ South Hub upside +30-40 kt North Hub +70-100 kt Salobo 4 +30 kt Exploration potential in Sudbury Manitoba Ultramafics#52The equity story for Vale A robust cash flow generation and a disciplined capital allocation 2021 Expected Cash Flow, based on sell-side analyst's EBITDA estimate US$ billion 37 - 43 2.7-3.2 Analyst's EBITDA range 2021E 0.8-1.1 5.4 Brumadinho Financial expenditures1 expenses, net 3.8-4.2 CAPEX 0.6 - 0.9 Income tax & REFIS 23% -32% FCF yield 5 Others 2 Dividends and buybacks already paid & committed 4 ¹Includes agreements, donations, decharaterizarion and incurred expenses. 2 Includes working capital, derivatives, dividends paid to non controlling interest, Samarco and Renova and others. Includes US$ 2.5 billion of project finance repayment, US$ 1.1 billion of debt amortization, net, and US$ 0.5 billion for the divestment of VNC. 4 Includes US$ 6.2 billion of dividends paid, US$ 4.0 billion of the buyback program disbursed as of Aug 31st, US$ 5.3 billion of the minimum dividend according to 1H21 and US$ 1.5 billion estimated to buyback the 80 million shares remaining of the program, considering the share price as of Aug 31st for this simulation purpose. 5 Considering the share price as of Aug 31st. 22 - 30 4,2 Cash Flow 2021E 17.0 Cash management as of June 30, 2021 3 1-9 Extra cash to be allocated#53The equity story for Vale Our agenda De-risking 2025: Fully repair Brumadinho 2025: All structures at satisfactory conditions Medium term: Resume 400 Mtpy production capacity 2029: Decharacterize all upstream. structures 2030: Close ESG gaps. Reshaping 2022: Address non-core assets 2022: Fix our cash flow drains Medium term: Progress on iron ore C1 stabilization Medium term: Seek growth opportunities in Nickel and Copper businesses Sound cash flow generation Discipline in capital allocation Re-rating میرا 2023: VPS fully implemented 2025: Fully compliance with GISTM 2035: Reduce net scope 3 emissions by 15% Medium term: Unlock Base Metals' value 2050: Be carbon neutral#54VALE