#1Vale 20 Day 21#22 Disclaimer "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." VALE#332 Vale Day 2021 Our Strategic Pillars remain solid 0.0. 1000 Safety and operational excellence New pact with society Maximize flight-to-quality in Iron Ore Base Metals transformation Discipli Discipline in capital allocation Vale engineer Maria Aparecida Pinho Martins, Gelado Program, Parauapebas (PA), Brazil WALE#41 Reparation, People & Safety Eduardo Bartolomeo, CEO Carlos Medeiros, Executive Vice President Safety and Operational Excellence VALE#5JLC 300 MINT We will never forget Brumadinho 644 Hove Love Love алото Love 107 -110 Love TE FA "Sowing Hope" Project for emotional support to affected people#6Brumadinho reparation Click here to watch a video#77 1 Reparation, People & Safety Brumadinho, a fair and quick reparation ~55% of total payments¹ as per the Integral Reparation Agreement ✓ Income Transfer Program for local communities ✓= Projects demanded by the affected communities VWater security for the affected region 98% of the victims with at least one family member with indemnification settlement Individuals with indemnification agreements² In thousands 4,6 2019 4,7 2020 2,7 2021 E³ 12,0 2019- 2021E ¹ Considers the agreement's economic value of R$ 37.7 billion in February 2021, adjusted by the inflation until November 2021. Payments include previous disbursements and judicial deposits, as per the agreement. ² Individuals covered by indemnification agreements entered into with Vale. 3 Average of individuals covered by agreements from January to October 2021, annualized. VALE#88 1 Reparation, People & Safety Boosting changes for a talent-driven, inclusive organization 80% managers active in culture transformation¹ +4,500 additional women in the workforce² 33% reduction in women voluntary turnover 99% critical roles with successors mapped 80% increase in senior female leaders 66% of black trainees hired in the 2021 program ¹ Expected to achieve 95% by December 2021. 2 December 2019 to November 19, 2021. 88 VALE Our targets 26% of women's workforce representation anticipated to 2025 (from 2030) Currently at 18.7% (vs 13.5% in 2019) 40% leadership roles in Brazil occupied by black employees by 2026#99 1 Reparation, People & Safety Cultural to ensure progress transformation monthly assessed Echoes Pulse - Employees' perception of key behaviors Active listening and engagement with society Obsession with safety and risk management +3 82% 85% Pulse 1 (Dec 2020) Pulse 2 (Sep 2021) 64% +7 71% Ownership for the whole 65% +5 70% Empowerment with accountability 62% +6) +16,000 employees take part of Echoes Pulse 68% Open and transparent dialogue 61% +6 67% VALE#10Cultural transformation is supported by Vale's management model VALE#1111 1 Reparation, People & Safety Becoming a best-in-class reliable operator with VPS VPS¹ Excellence Index² Total recordable injury frequency rate - TRIFR Maintenance Plan Adherence - MPA (%) Itabira Complex 0,80 2019 1,67 2019 52,8 2019 +151% -18% +37% 2,01 2021 1,37 2021 72,4 2021 EFVM railway 1.67 2019 2.43 2019 20.9 2019 +57% -56% +333% 2.62 2021 1.08 2021 90.4 2021 Note: 2021 figures are cumulative (Jan until Oct 2021). ¹ VPS is Vale's management model. 2 The Excellence index measures the VPS deployment progress. Tubarão Port 1.33 2019 4.23 2019 44.6 2019 +63% -64% +87% 2.17 2021 1.51 2021 83.6 2021 VALE#1212 1 Reparation, People & Safety Building a sustainable performance in OH&S¹ 1 Reduction of high-potential recordable injuries N2 - absolute values² 66 63 57 35 44 25 25 15 10 5 1 OH&S stands for Occupational Health & Safety. 2 Includes own employees and third parties. Target N2 N2 (10M21) 0 2018 2019 2020 2021 2022 2023 2024 2025 2 3 Total recordable injury frequency rate (TRIFR) 2,25 2018 3,48 1,98 Vale 2019 -7% -35% TRIFR - 2020 comparison in mining Peer compared to Vale 1,84 Peer 1 +8% 2,14 1,98 2020 Peer 2 +34% 2,65 1,46 2021 Peer 3 +62% 3,21 Peer 4 VALE#1313 1 Reparation, People & Safety Strengthening risk management through HIRA¹ 100% of Vale's Scope sites assessed 850 potential material Risk identification unwanted events 597 72 2,172 immediate Risk treatment actions 1,298 8,750 critical Risk monitoring controls 6,757 ¹ Hazard Identification and Risk Assessment 2020 2021 253 874 7 1,993 Canada Replacement of liquid chlorine by bleach Replacement of liquid propane storage in large volumes by on- demand natural gas Mozambique ▪ Reduction of ammonium nitrate inventory VALE#1414 1 Reparation, People & Safety Eliminating upstream dams Upstream¹ Dam² De-characterization Program 7 eliminated since 2019 2 completed in 2021 23 remaining Completion by 2035 Number of structures (cumulative view) Vale Day 2020 2021 Update 55 2019- 2020 87 14 ¹ The same heightening method deployed at B1 dam, collapsed in Brumadinho. 2 Comprises dams, dikes and waste stacks. 12 2021 2022 16 13 2023 16 17 2024 19 20 2025 29 27 2029 30 2035 Forquilhas I, II and III dams require longer timeframes VALE#15Dam safety Click here to watch a video#1616 1 Reparation, People & Safety Making progress with dam safety Structures at risk¹ (unit) 35 4 7 24 33 2020² ထ 31 336 22 9 4 5 Jan-21 Dec-25E No dam at critical safety condition by 2025 22 Nov-21³ Emergency level² Level 3 Level 2 Level 1 Level 3 Higher liquefaction risk and back-up dams built downstream Level 2 Anomalies identified which require actions Level 1 Anomalies which demand more information, monitoring or attention ¹ Includes dams, dikes and drained stacks. As per the Brazilian regulation and as provided for in each Mining Dams Emergency Action Plan, considering level 3 as the critical emergency level. 2 Considering the maximum number of structures at emergency level in 2020. 3 The 31 structures encompass different heightening methods and include 11 upstream structures. VALE#1717 1 Reparation, People & Safety Vale will comply with the Global Industry Standard for Tailings Management Vale Industry ■ 1st self- 2020 assessment based on the principles (Sep 2020) ~60% adherence¹ ~90% adherence (target) 2 3 2021 ▪ The GISTM is launched, based on 15 principles (Aug 2020) Gap-assessment based on the conformance protocol (Nov 2021) 2022 ▪ The 77 auditable requirements for adherence are made public (May 2021) External audit Gap treatment ▪ In line with the 2023 industry commitment 2025 ▪ All tailings facilities with "Extreme" or "Very high" potential consequences must be compliant by Aug 2023 VALE ▪ All tailings facilities not in a state of safe closure must be compliant by Aug 2025 ¹ Based on the results of the self-assessment conducted in 2021, which had the 77 auditable requirements as main source. 2 Based on the external audit results. Structures held by joint-ventures are not included. ³ Considering tailings facilities with "Extreme" or "Very high" potential consequences.#182 New Pact with Society Eduardo Bartolomeo, CEO Luciano Siani Pires, Executive Vice President Strategy and Business Transformation VALE#1919 2 New Pact with Society Leveling up ESG practices Environmental Social Governance 2019 ▪ 2030 agenda revised Industry leader renewable energy ■ ▪ +300 community relationship plans under execution ■ Independent Board majority, including Chairman Scope 1, 2 and 3 targets ▪ Non-GHG targets ▪ Formal Human Rights Due Diligence Process ▪ Nomination Committee ▪ CCO and Audit Committee ■ I ■ ■ Climate Change report ISO 14001 certification (ongoing) ■ Increasing female workforce Social ambition ▪ ESG Gaps Action Plan Compensation based on ESG targets 2022 VALE#20Social Agenda Click here to watch a video#2121 2 New Pact with Society We have defined our social ambition... "To be a partner company in the development of resilient communities, engaged in relevant issues to humanity and committed to sustainable mining" Resilient communities ▪ Education ▪ Health ▪ Income Generation For details of our social goals, please visit www.vale.com/esg Global causes ▪ Human Rights (including Indigenous Peoples) ▪ Amazon Sustainable mining ■ Be a good neighbor ▪ Create Social Value VALE#2222 2 New Pact with Society III and our 2030 Social Goals $ OPEL EL Am Resilient communities Lift 500,000 people out of extreme poverty¹ Indigenous Peoples Indigenous communities neighboring Vale operations with UNDRIP2 rights plans Sustainable Mining Rank Top 3 in the social requirements of the main external assessments ¹ People living with less than US$1.95 per day, as per the World Bank. 2 United Nations Declaration on the Rights of Indigenous Peoples.#2323 2 New Pact with Society We are in line to transform the future Reduce scope 1 CO₂ and 2 emissions by 33% by 2030¹ CO₂ CO₂ Net zero scope 1 and 2 emissions by 2050 Reduce Scope 3 net emissions by 15% by 2035² 100% renewable electricity Brazil (2025), globally (2030) Forests recover and protect +500,000 ha (2030) Fresh water reduce uptake by 10% (2030) Our progress: Briquettes plants under construction ▪ ~90% renewable electricity globally and ~240 MW³ from solar/wind projects ■ +120,000 ha of forests protected by the end of in 20214, totaling 1.1 million ha, ~80% in the Amazon ▪ 80% of water reuse in our processes ■ ¹ Baseline 2017: 14.1 Mt CO2 eq. Target 2030: 9.5 Mt CO2 eq. 2 Baseline 2018. 3 Sol do Cerrado Solar Power and Folha Larga Sul wind project, share of production destined to Vale or its subsidiaries once operaitng. 4 Up to October 2021. VALE#2424 2 New Pact with Society On our path to reach net zero by 2050 Our drivers 1 2 Prioritization of operational emission reductions Nature-based solutions with socioenvironmental co-benefits 3 High-integrity carbon markets ¹ BAU stands for business as usual. Scope 1 and 2 emissions by process - BAU¹ % 57% 32% 11% Pelletizing & Metallurgy Mining, Railway & Others Scope 2 Main technological routes 4 Energy efficiency and renewables Bioenergy Electrification New processes VALE#25Low carbon agenda Click here to watch a video#26Our low carbon agenda advances Vale Zoo and Botanical Park Parauapebas (PA), Brazil#2727 2 New Pact with Society We have taken important steps on our Scope 3 targets Scope 3 emissions¹ - BAU² 3% 2% 1% 94% Steelmaking Shipping Use of coal Suppliers Improving our high-quality portfolio ▪ Developing new technologies and asset light solutions ■ ■ Vale's own initiatives (15-25% of the challenge) ■ Partnerships with clients and suppliers (75-85% of the challenge) Engaged with customers accounting for ~40% of Vale's scope 3 emissions Leveraging steel industry decarbonization initiatives Supporting a reduction in shipping emissions³ Offsetting based on high-integrity carbon markets to comply with the reduction targets if necessary *Baseline 2018: 586 Mt CO2 eq. Target 2035: 496 Mt CO2 eq. 2 BAU stands for business as usual. 3 Target to reduce intensity in 40% by 2030 and 50% absolute emissions vs. emissions in 2008 (reference year). VALE#2828 2 New Pact with Society We are naturally well-positioned for a low-carbon mining Average Fe content %Fe 63,6 Vale Iron Ore premium portfolio 66% -7% 28% >66% 60,8 Peer 1 Seaborne supply by Fe grade %, 2020 70% 60,4 5% 25% 66-64% Peer 2 19% 59% 22% 64-60% Future 2020 57,8 Peer 3 Others Peer 1, 2 and 3 Vale 17% 83% <60% CO2e intensity (tCO2e/t Ni eq.) ■ I I 220 200 180 160 140 120 100 80 60 40 20 0 0 Nickel Low-Carbon Products Vale Class 1 Nickel among the lowest carbon intensive products 1/3 less emissions for Long Harbour rounds¹ High purity Long Harbour nickel melt rounds Long-term off-take agreement with EV Producers Cumulative Ni Production² (in kt) Vale Class I Scope 1 Scope 2 500 Freight & Port Downstream Processing 1,000 1,500 2,000 Upstream Mine Emissions: E0 ¹ Carbon footprint of Vale Long Harbour rounds compared to Nickel Institute average Class 1 nickel. Intertek Group Plc has lent independent third-party limited assurance to the carbon footprint of nickel rounds produced at the Long Harbour refinery in Newfoundland, Canada. 2 Source: Skarn Associates Limited. VALE#293 LILLE Maximize flight-to-quality in Iron Ore Marcello Spinelli, Executive Vice President Iron Ore VALE#30TQ-1490PI-01 Tailings filtration plant Vargem Grande Complex New way to operate#3131 3 Maximize flight-to-quality in Iron Ore New projects to reduce the reliance on tailings dams Iron ore production by method Mt Wet processing Wet processing with tailings filtration Dry concentration Dry processing 346 40% 385 2015 58% 300 2018 73% 400 2020 ~15% ~1% ~70% 85% Lower tailings dam exposure Increase dry WIL processing production C: oºo Develop dry concentration solutions Implement tailings filtration plants 400 Mtpy production level¹ 1 Considers a time horizon after the implementation of the highlighted initiatives. The production method share over the years will depend on assets availability and production plan. 2 Northern System includes Serra Norte, Serra Leste and S11D operations. 3 Usina 1 partially operates today by wet processing, which is expected to be converted to dry processing in 2025. 4 18 Mtpy capacity project by natural moisture with start-up expected in 2H23. Net addition capacity of 14 Mtpy in the first years. Blending strategy Northern System 240 Mtpy² Serra Norte Usina 1 conversion³ Capanema project4 Dry tailings used as co-products VALE#3232 3 Maximize flight-to-quality in Iron Ore Delivering tailings filtration plants: more quality, fewer dams US$ 1.2 billion invested in 2019-21 US$ 1.3 billion to be invested in 2022-25 Vargem Grande Cauê (Itabira) Start-up: 4Q21 (1st phase) 83% of physical progress Brucutu Start-up: 1Q22 (1st phase) 84% of physical progress O Conceição (Itabira) Note: Includes investments in tailings stockpiles. Physical progress as of October 30th, 2021. 2nd phase of each project is expected to start-up in the following quarter. Start-up: 4Q21 (1st phase) 84% of physical progress VALE#33Tailings filtration Click here to watch a video#3434 3 Maximize flight-to-quality in Iron Ore Dry concentration: more quality, no water, no dams Final products with up to 68% Fe¹ Magnetic separation: proprietary technology Modular design Potentially integrated with other process routes Dry concentration capacity Under construction Mtpy Start-up 2023 1,5 Vargem Grande Expected approval 2023 6,0 Fazendão Expected approval 2023 2,0 Fábrica 9,5 Under evaluation Expected approval 2022 8,5 Dry Oman concentration (PF cleaner)² capacity ¹ Final products depend on ROM quality. 2 Project to improve pellet feed ("PF") quality to supply direct reduction pellets production. Dry magnetic concentration pilot plant Vale's Ferrous Technological Center#353 Maximize flight-to-quality in Iron Ore Co-products: recycling dry tailings to sustainably increase production capacity Sand stockpile Brucutu site Less area required to dispose dry tailings¹ VALE Co-products operations in place at Brucutu and plans for Viga in 2022² Sand as a raw material for industry (around 1.0 Mt sales³ committed to 2022) Multiple uses under development (e.g. bricks, green tires, quartz) Circular economy: shared value with communities4 1 Tailings from current production. 2 Operations in Itabira and Vargem Grande are under analysis for the future. 3 Sales and donations. 4 As an example, the creation of local industries and jobs creation.#3636 3 Maximize flight-to-quality in Iron Ore Extended supply chain services delivering value for clients Freight service ▪ >75% of sales under CFR model with most volumes being transported in large vessels ■ Reduced exposure to spot market with long- term affreightment contracts ■ ■ Blending strategy 17 ports in China and 2 distribution centers in Malaysia and Oman Solutions for just in time products and logistics efficiency Pre-blending New ■ Ports' partnerships Partnership to develop 20 Mtpy of strategic port capacity in Shulanghu port (West III project) ¹ Valemax vessels unloading in more 3 ports in China in 2021 and 2 more expected for 2H22, totaling 9 ports New ■ Grinding facilities Developing grinding capacity to produce GF882 in the mid term Capturing the growing demand of pellet feed in China Concentration facilities ED ■ Development of beneficiation capacity in China to concentrate products New ▪ Supply the Chinese construction industry with sand (co-product) 1 The West III project consists in expanding the Shulanghu Port facilities, developing a stockyard and loading berths with additional 20 Mtpy capacity. By participating in the project, Vale will secure a total port capacity of 40Mtpy in Shulanghu, which will help Vale to optimize its overall supply chain costs. 2 Pellet feed production using ground IOCJ. New VALE#3737 3 Maximize flight-to-quality in Iron Ore Vale will reach 400 Mtpy capacity in the medium term with its new way to operate... Northern System Southeastern System Southern System Midwestern System VALE Vale Day 2020 206 61 51 2 320 Vale Day 2021 203 70 Capacity (Mtpy) 65 3 341 End of 2022 205 93 69 3 370 Medium term 215 113 69 3 400 Long term 240-260 110-120 70-85 3 400-450 1Q22 Brucutu/Itabira: tailings filtration plants start-up S11D: jaspilite crushers installation 2H22 S11D: Project +10 Mtpy 2H22 Serra Norte: Gelado project 4Q22 Brucutu: Torto dam start-up Itabira: Itabiruçu dam raising and new tailing stockpile 1H22 Main deliveries in 2022 4Q22 Capacity Quality ✓ VALE#3838 3 Maximize flight-to-quality in Iron Ore ... and value over volume approach will continue defining production and sales strategy Iron ore production Mt Iron ore sales Fe content (%)¹ 63.6% 300 2020 62.9% 315-320 2021E 1 Considers sales in the seaborne market and in Brazil, including iron ore pellets 63.5% 320-335 2022E Value over volume strategy Higher Fe content VALE#39S11D mine second stockyard S11D, Carajás (PA), Brazil Best in class portfolio supporting industry decarbonization#4040 3 Maximize flight-to-quality in Iron Ore Beyond enhancing quality, we are delivering solutions to improve Vale's portfolio CO₂ High-quality Increasing Northern System high-quality ores production to deliver IOCJ, BRBF and GF88 Dry concentration Direct charge products Asset light solutions Enabling the production of up to 68% Fe content from low Fe ROM Leading world's pellets and green briquettes production Working with partners on an asset light platform to supply low-CO₂ solutions Fe content¹ 62.9% >64% 2021 Future Premium products² 2021 83% Direct charge products ³ 1 Considers sales in the seaborne market and in Brazil, including iron ore pellets. 2 Includes IOCJ, BRBF, pellets, briquettes and pellet feed. 3 Includes briquettes, pellets and lumps. 2021 ~40 Mt >100 Mt Future 90% Future VALE#4141 3 Maximize flight-to-quality in Iron Ore Green briquette is a breakthrough environmentally friendly solution Exclusive technology 18 years of in-house R&D Technology patented¹ in 47 countries Less CO₂ emissions Blast furnaces: reduction of over 10% in BF-BOF route² Direct reduction furnaces: capacity to supply the increasing demand Briquettes capacity Mtpy Start-up 2023 6,0 Tubarão 1&2 Start-up 2023 0.75 Vargem Grande Under construction Under evaluation Other plants >50 Briquettes capacity³ 1 Patented or in submission process. 2 Considering the substitution of sintering process in steelmaking plants. 3 Estimates figures subject to feasibility studies, internal approvals and market conditions. Potential EBITDA estimates updated in response to customer feedback. Green briquettes US$ 0.5-1.0 billion of potential incremental EBITDA over sinter feed³#4242 3 Maximize flight-to-quality in Iron Ore There are multiple ways to decarbonize and we are engaging with clients on this journey In 2021, Vale engaged with 20 clients representing 40% of company's scope 3 emissions North America MoUs¹ under discussion Brazil MoU with Ternium Brasil Others under discussion ¹ MoU stands for Memorandum of Understanding. Europe MoUs under discussion Middle East MoUs under discussion Japan and Korea MoU with 3 clients (Hyundai and POSCO among them) Others under discussion China MoU with 4 clients (Baowu and Shagang, among them) Others under discussion Potential client solutions Dry concentration plants Green briquette plants High-grade products usage Tecnored technology Burden mix optimization Biocarbon usage Metallics VALE Direct reduction technologies#43LLL SEA ZHOUSHAN Bulk vessel with rotor sails technology Rebuilding Vale's competitiveness#4444 3 Maximize flight-to-quality in Iron Ore Capacity resumption is key to remove inefficiencies and promote cost savings... Timbopeba site Production costs (US$/t) ■ ■ 27 2021 -20% 21 2022 -29% 15 Medium term 2022: 12% production increase in 2022 and normalized railway operations Note: Production costs includes C1 cash costs and stoppage expenses. Medium-term: Start-up of Capanema project in 2H23 with dry processing Vargem Grande complex Production costs (US$/t) 2021 -5% 2021 2022 +31% Brucutu site Production costs (US$/t) -34% -11% 2022 Medium term Medium term ■ I ■ I 2022: Resumption conveyor belt in 4Q21, reducing use of trucks Medium-term: Capacity reaching over 50 Mtpy, with fixed cost dilution 2022: Ramp-up of tailings filtration plants (new way to operate) and reduction of the share of dry/high- silica products, increasing costs Medium-term: Capacity reaching over 28 Mtpy, with fixed cost dilution VALE#4545 3 Maximize flight-to-quality in Iron Ore ...reducing C1 cash cost level Vale's iron ore fines C1 cash cost (ex. 3rd party purchase) US$/t ~17 2021E -0.7 -1.0 Cost Dilution of fixed costs efficiency¹ 0.5 New way to operate² 15.5-16 2023 -1.0 Dilution of fixed costs -1.0 14-15 Cost 400 Mtpy efficiency¹ production ¹ Includes the removal of inefficiencies in operations and productivity gains. 2 Tailings filtration plants, dry concentration, geotechnical analysis, drilling and others. 14-15 2-3 10.5-12 • Inflation ● VALE Drilling/ geotechnical analysis Depletion/others Main changes from previous guidance#4646 3 Maximize flight-to-quality in Iron Ore Vale has a winning shipping strategy 1 Long-term affreightment contracts Majority of fleet under LTC¹ with increase potential Efficient vessels 65+Valemaxes 1G+2G/45+ Guaibamaxes Scrubbers installed on dedicated fleet Lower bunker costs Ecoshipping program R&D portfolio including rotor sails and air lubrication Freight costs US$/t ~27 Spot freight 2021E² ~13 ~19 Valemax 2G/ Vale's average Guaibamax freight cost 2021E 2021 E3 ¹ Long term contract. 2 C3 Route (Tubarão-Qingdao). 3 Iron ore fines freight. 4 Includes ~US$ 2.4/t reduction related to market assumptions for spot freight and bunker fuel costs. ~16 Vale's medium term freight cost34 VALE#4747 3 Maximize flight-to-quality in Iron Ore Decarbonization and portfolio improvements lead to higher premiums for Vale All-in premiums¹ Market environment Vale's portfolio I ■ I 2018 US$ ~10/t Chinese supply side reform High steel margins High availability of pellet feed and pellets ▪ Flexibility to produce close to 400 Mtpy ■ ■ I 2021 US$ ~6/t Volatile iron ore price High-availability of low alumina products High coke prices Production of high-silica products ▪ Low pellet feed availability to produce pellets ■ Healthy steel margins ▪ Lower availability of low alumina products ■ ■ 2023-26 I US$ 8-12/t Higher volumes from Northern System Resumption of pelletizing capacity Ramp-up of briquette plants 2029+ US$ 12-18/t ▪ Carbon pricing ▪ Transition to more direct reduction demand I ▪ Green briquettes over 50 Mtpy Dry concentration improving quality Note: Considering different scenarios of steel production with steel margins ranging between US$25-100/t and carbon price ranging between US$0-60/t of CO₂eq. 1 Vale's iron ore weighted average premiums for the current and future portfolio, including IOCJ, BRBF, pellets, briquettes and others, on top of 62% Fe benchmark index. VALE#4848 3 Maximize flight-to-quality in Iron Ore Altogether, Vale is rebuilding its competitiveness: capacity, value and green Vale's iron ore fines and pellets EBITDA break-even US$/t ~45 2021E Roadmap ~3 C1 ex-3rd party purchase ▪ Dilution of fixed costs ▪ Removal of inefficiencies and cost savings New way to operate || || || || ~3 Freight efficiency ▪ Normalization of spot freight rates and bunker prices ▪ Fleet optimization (Valemax/ Guaibamax) 2-6 Premium Pellet capacity resumption ▪ Northern System production increase || || 11 11 I ~2.5 Others¹ No stoppage expenses - Dilution of expenses ¹ Includes expenses, stoppage expenses related to Brumadinho, distribution costs and moisture adjustment. ~35 400 Mtpy production level Iron ore price effect ▪ Potential lower effect of prices on royalties and third- party purchase 30-35 400 Mtpy production level (price adjusted) 0-6 Future premiums (potential) ▪ Vale's future portfolio ▪ Carbon pricing ▪ Transition to more direct reduction demand <30 Potential breakeven in a decarbonized world VALE#494 Base Metals transformation Mark Travers, Executive Vice President Base Metals 3 T VALE Questions? [email protected]#5050 2021 was a challenging year ▪ Broad safety reviews and strategy to drawdown maintenance backlog to improve safety standards ■ Base Metals Transformation ■ Critical maintenance activities at Sossego mill and Onça Puma furnace ▪ 2-month labor disruption at Sudbury operations Delays in planned maintenance related to Sudbury stoppage ■ Delays in maintenance at Sossego due to COVID restrictions - contractors' mobilization Remainder critical maintenance to be concluded in 2022 Continue to improve risk management and safety through Operational Excellence initiatives Sequeirinho Pit, Sossego mine Canaã dos Carajás (PA), Brazil#5151 Base Metals Transformation For 2022, we have key milestones in the path to performance recovery Copper production In kt 295-300 2021 330-355 2022 Stable production at North Atlantic mines Improvement in Salobo mine movement ▪ Planned maintenance at Sossego Nickel production In kt 165-170 2021 175-190 2022 Stable production at North Atlantic Mines ▪ New projects ramp up (VBME and CCM1) Onça Puma stabilization ▪ PTVI furnace rebuild VALE#52Strengthening our copper portfolio in Carajás Former Igarapé Bahia Gold Mine, location of future Alemão project, Parauapebas (PA), Brazil#5353 Base Metals Transformation A Tier 1 mining complex leveraged by synergies Salobo Salobo Alemão Alemão future Copper mines Copper projects Copper options 10 20 km North Hub Pojuca Paulo Afonso Sul TIT Gameleira Grota Funda South Hub 118 future Furnas 648 Sossego Visconde Bacaba Cristalino VALE Copper concentrates terminal at Itaqui port Copper dedicated railway terminal and railcar fleet#54Plant construction, November 2021 Salobo 3 project, Carajás (PA), Brazil We are advancing Salobo 3 New processing plant¹ that allows to increase copper production by 30-40 ktpy² CUM VE Concluded assembly of flotation cells and energization of power substation Commissioning of facilities to start in 1H22. Start up planned for 2H22 Further optionality with Salobo IV to potentially add 30 ktpy of copper³ Goldstream tail payment > US$ 500 million New processing plant with a nominal processing capacity of 12 Mtpy of ore. 2 Life-of-mine average. Yearly production may vary as a result of mine plan. 3 Subject to feasibility studies, internal approvals and market conditions#5555 Base Metals Transformation ... and taking Carajás towards growth Alemão: approaching the next big step towards Carajás growth GROWTH New underground mine in the former Igarapé Bahia gold mine Access to regional infrastructure Well-advanced feasibility study. Conclusion expected by the end of 2022. Adding ~60 ktpy with significant gold Igarapé Bahia Mine-location of future Alemão project Adding on optionality to South Hub extension Sossego Mill WITH OPTIONALITY Progressing on Cristalino feasibility study Advancing on satellite deposits studies to provide optionality e.g., Bacaba REPLACEMENT Ongoing evaluation of South Hub expansion - new processing plant Extending life at ~80 ktpy¹ ¹ Life-of-mine average. 2 Year-to-date: January-November 2021. 3 Comprising Paulo Afonso, Pojuca, Grota Funda and Gameleira. Developing future growth options Pojuca Paulo Afonso Sul 17 Grota Funda Gameleira Satellite view of North Hub area Furnas 170 GROWTH Development of the North Hub to process feed from northern deposits Close to Salobo - synergies with some of the existing infrastructure 60km of drilling completed YTD² 3 VALE 70-100ktpy estimated potential#56Core Shed Hu'u project, Indonesia 10 021212 19-224 A 17 M 32 PHO 3665-390-80 COK 1480 42065-423-30 160 30-833-20 ww DUK 149 42330-425-95 THO 04 342-346-60 VPD 107 346-399-20 107 404.7 BUX Box 150 Box 151 41815-430-90 150425-45-428-25 N BOK 97 402 F 404 75 153 433 45-436-10 Buxit 154 K HD 7 342 402-45 15243090-433-45 407-30 47 473-409-95 BOK 156 BOX 161 43610-438-65 BOK 44155-444-10 BOX 438-65-491-55 вож 165 163 Bax 164 BOK 168 4 Developing a world-class copper discovery: Hu'u Project $ Cu Base Metals Transformation 15 Completion of the assessment of alternatives for the pre-feasibility study¹ Onto deposit estimated to contain 17.4 Mt of copper and 32 Moz of gold in resources². Equates to an increase of ~15% in contained copper since February 2020³ Copper production estimated at 300-350 ktpy during peak production with a predicted mine life of >45 years Expect to conclude the pre-feasibility study in 2024 Note: Hu'u is 100% owned by PT Sumbawa Timur Mining (STM), an Indonesian private joint-venture company owned by Eastern Star Resources Pty Ltd (80%) and PT Aneka Tambang (20%). Eastern Star Resources Pty Ltd is 100% owned by Vale. ¹ Delivered an Assessment of Alternatives for the planned Final Pre-feasibility Study. At this time, a block cave mine with conventional mill & flotation circuit and associated infrastructure will be further studied in the final phase of the pre-feasibility study. 21.1Bt Indicated Resources @ 0.96% Cu and 0.58g/t Au containing 10 Mt Cu and 20 Moz Au and 1.0Bt Inferred Resources @ 0.74% Cu and 0.37g/t Au containing 7.4 Mt Cu nd 12 MoztAu. ³ Mineral Resource Estimate Statement (19 February 2020) VALE#5757 Base Metals Transformation Progressing on project development... Scoping FEL 1 Pre-feasibility FEL 2 South Hub Extension¹ Other satellites South Hub Expansion Salobo IV North Hub +70-100 ktpy 2019-20 Hu'u REPLACEMENT 2021 O South Hub Extension: Cristalino Alemão Victor JV 20 ktpy² South Hub Extension¹ Other satellites South Hub GROWTH +30-40 ktpy Salobo IV +30 ktpy Expansion Hu'u 300-350 ktpy 1 Satellite deposits projects vary in maturity. 2 Volume presented as Vale share O O O O O Feasibility FEL 3 Alemão +60 ktpy South Hub Ext.: Cristalino 80 ktpy O O O Investment Decision 2022-23 2023 2023 2024+ 2025+ 2025+ 2026+ O 2028+ VALE#5858 Base Metals Transformation to deliver on growth with long-term potential --- In ktpy + Salobo 3 330-355 Investing in mid-term growth 2022 R Replacement project + Growth project * At peak production. R South Hub (Cristalino) + Alemão R Victor (start-up: 2028+) 450+ 390-420 2023-26 2027+ Building on optionality to 900 kt and beyond + Upside from global exploration initiatives in the Andean America and Eastern Europe 300-350* 70-100 30 30-40 Scoping Pre-feasibility North Hub Salobo IV South Hub expansion Hu'u 900+ LT with optionalities VALE#59Transforming ou Base Metals Business Ofi TED#6060 Base Metals Transformation Progressing on our Nickel agenda Conclusion of VNC¹ sale Approval of Manitoba Extension Phase 1 First ore achieved at VBME² 1 VNC stands for Vale New Caledonia. 2 VBME stands for Voisey's Bay mine extension. 3 CCM 1 stands for Copper Cliff Mine 1. First ore achieved at CCM 13 South mine VALE#61Base Metals Transformation US Megafactories Current¹ Future Vale Canada Mines Refineries 61 US Megafactory capacity expected growth GWh 628 57 2020 295 2025 2030 Current Future 1 GWh = ~0.7kt of nickel² Well-positioned to pivot towards North Atlantic EV m 19 Signed a long-term agreement with OEM to sell 5% of our Class I nickel to North America Target to achieve 30-40% of Ni to North America EV market in the mid-term (up to 5 years) Developing black mass recycling: positive tests on nickel and cobalt recoveries Evaluating options to build a nickel sulphate plant in Canada ¹ Major Megafactories in 2020. Source: Benchmark Mineral Intelligence (October 2021). 2 Considering current US capacity profile which is nickel-based. VALE#6262 Base Metals Transformation Delivering on stability in Nickel Ramping up VBME Voisey's bay mine Development of two U/G¹ mines - Reid Brook and Eastern Deeps Physical progress 72% in October 2021 First ore achieved in Reid Brook. Eastern Deeps start-up expected for 2H22 Replacing capacity at Voisey's Bay 1 U/G stands for underground. Advancing on replacement projects in North Atlantic Thompson operations Manitoba extension Phase 1 approved Phase 2 advanced to pre-feasibility study CCM 3&4 Advancing maturity assessment of pre- feasibility study Replacing capacity in North Atlantic Onça Puma: optimizing growth opportunities in South Atlantic Onça Puma plant VALE 2nd furnace Additional production of 12-15ktpy in the first 10 years Currently performing value engineering Optionality Onça Puma expansion Adding capacity in South Atlantic#6363 ■ Base Metals Transformation ▪ Extensive near mine and regional program ▪ Potential to add resources and extend mine life at Reid Brook and Eastern Deeps Thompson Advancing exploration studies on large ultramafic-hosted Ni deposits Voisey's Bay ▪ Extensive regional program targeting high-grade sediment-hosted Ni mineralization I ▪ Exploring near mine targets to extend mine life at Thompson Mine Exploring Canadian high-quality resources Sudbury ▪ Balanced portfolio of early- stage targets, advanced projects and near mine opportunities VALE ▪ Strong land position in world- class Ni camp with synergies to existing operations Canada has the largest Ni sulfide resources in the world High-grade polymetallic orebodies, especially in Sudbury basin Drilling exploration campaign planned for the next 5 years targeting near-mine to advanced projects (> 300Km per year)#6464 Base Metals Transformation Unique access to higher quality nickel in Indonesia One of the largest Ni resource in Indonesia¹ Currently produces 70-80 kt of Ni in matte PTVI matte feeds into Matsusaka-Clydach flowsheet Beyond-compliant environmental management² JV projects Final Investment Decision: 1Q 2022 New Bahodopi - RKEF 70kt Ni 100% mine; 49% plant 2022-23 Pomalaa - HPAL 40kt Ni 100% mine; ~20% plant ¹ According to data available at S&P. 2 Awarded a Green PROPER, an award from the Government to business entities that comply and even beyond compliance in terms of environmental management. 3 Saprolite resources including inferred resources of 116 Mt @1.9% Ni. As of Dec 2020 Saprolite Limonite Sorowako Suasua South Sulawesi Central Sulawesi Bahodopi Pomalaa Southeast Sulawesi Reserves Mt %Ni Mt Ni 104 1.73 ~1.8 Mt 222 131 Resources3 %Ni VALE 1.85 1.33 Mt Ni ~4 ~1.7#6565 Base Metals Transformation Building a stable business Nickel production In ktpy 175-190 2022-23 200+ 2024+ *Peak at ~220kt as Onça Puma 2nd furnace starts Scoping FEL 1 CCM 3&4 Manitoba Extension Ph 2 REPLACEMENT 2019-20 Pre-feasibility FEL 2 2021 CCM 3&4 O Manitoba Extension Ph 2 GROWTH Feasibility FEL 3 OP 2nd furnace +12-15kt OO Investment Decision 2022 2023+ 2024+ VALE#6666 Base Metals Transformation Transforming our Base Metals business Well-positioned to pivot towards North Atlantic EV A Tier 1 mining complex with growth optionality Unique access to higher quality nickel in Indonesia VALE#675 Discipline in capital allocation Gustavo Pimenta, Executive Vice President & CFO " VALE#6868 5 Discipline in capital allocation We are focused on delivering superior value to our shareholders De-risking ▪ Brumadinho ▪ Dam safety ▪ Robust ESG practices ▪ Production resumption Reshaping M ▪ Focus on core business ▪ Elimination of cash drains ▪ Accretive growth opportunities ▪ Cost efficiency New 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#6969 5 Discipline in capital allocation | De-risking The Reparation Agreement brought certainty on Vale's disbursements 2/3 of payment obligations 55% of total agreement to be concluded by 2021 Reparation Agreement¹ US$ billion 1,7 2.4 0.2 2,3 Previously 2021 disbursed 0.7 0,3 0,4 2022E 0.8 0,4 0,4 2023E 0.6 0.4 0.2 2024E 0.5 0,3 0.2 2025E 0.7 0,5 0.2 2026- 2029E Performance obligations Payment obligations² 1 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 onwards. It does not include individual indemnification nor incurred expenses. 2 It considers the release of judicial deposits. 3.4 1,9 1,4 Total 2022- 2029E VALE#7070 5 Discipline in capital allocation | De-risking 2022, a year of important deliveries for the Renova Foundation Acceleration of individual indemnifications following Federal Court decisions Peak spending and delivery on resettlements Final revision of 42 programs under the existing agreement framework A Resettlement under construction Bento Rodrigues (MG), Brazil 13859#7171 5 Discipline in capital allocation | Reshaping Simplifying the portfolio to deliver on the reshaping... 2015 Coal assets in Australia CSA Fertilizer assets in Peru 2018 O Fertilizer assets in Brazil Potash projects in Canada Deals since Vale Day 2020 Advanced stage of negotiations Other non-core assets Zhuhai YPM 2020 O Henan Longyu Energy Resources Biopalma Potássio Rio Colorado 2021 O VNC Manganese ferro-alloy in Minas Gerais, Brazil Mosaic CSI What is next? MRN Moatize CSP VALE#7272 5 Discipline in capital allocation | Reshaping ... leading to a significant decrease of our cash drains US$ million VNC¹ Moatize Samarco² Others³ Total 2019 370 790 100 220 1,480 2020 300 1,140 160 300 1,900 2021E 2022 onwards 70 320 20 40 450 Main measures ▪ VNC was sold to Trafigura consortium in 1Q21 ▪ Achieved break-even in 3Q21 ▪ Sale process is advanced I Operations resumption in Dec/20 Biopalma was sold in Nov/20 ▪ CSP being positively impacted by market environment 1 VNC result in 2021 does not consider the US$ 555 million paid for the divestment. 3 Including Samarco's working capital needs. 3 Including Biopalma and CSP needs VALE#7373 5 Discipline in capital allocation | Reshaping Focusing on cost efficiency with an US$ 1 billion reduction program... Next 12 months: ~US$ 500 million of inflation costs avoidance From 12 to 24 months: ~US$ 750 million of fixed cost savings ~US$ 250 million of sustaining investments efficiency Note: Compared to 2021 figures. Considering current operations and excluding effects of exchange rates variation. Levers Productivity gains Organizational redesign Sourcing and third-party services ■ ■ Removal of inefficiencies, better planning process (VPS) and incorporation of digital solutions A leaner and more efficient organization Specification and scope review, demand management VALE#7474 5 Discipline in capital allocation | Reshaping ... freeing up resources for growth opportunities 2022 O Gelado¹ 2 +10 Mtpy S11D +10 Mtpy Salobo III +30-40 ktpy Iron Ore Copper Nickel Approved Capanema³ +18 Mtpy Dry concentr. plant5 +9.5 Mtpy Serra Leste expansion Pomalaa +40 ktpy 2023 - 2026 Serra Sul +20 Mtpy Northern System N3¹ Cristalino¹ Bahodopi7 +70 ktpy Briquettes4 +7 Mtpy Northern System N1/N2¹ Onça Puma 2nd furnace +12-15 ktpy Northern System³ 260 Mtpy Apolo¹ + 14 Mtpy Hu'u¹0 +300-350 ktpy Salobo IV6 +30 ktpy > 2026 O Briquettes 40+ Mtpy Alemão +60 ktpy Victor¹ 11 +20 ktpy Manitoba Phase 2¹ S11C6 South Hub expansion 30-40 ktpy North Hub6 +70-100 ktpy CCM PH 3&4¹ 1 Replacement project. 2 Project starts with 5 Mtpy capacity as requires Usina 1 conversion to achieve full capacity of 10 Mtpy. 3 Net addition capacity of 14 Mtpy in the first years. 4 Includes Vargem Grande (0.75 Mtpy) and Tubarão 1&2 (6 Mtpy) briquette plant projects. 5 Dry concentration plant. Includes Vargem Grande (1.5 Mtpy approved), Fazendão (6 Mtpy) and Fábrica (2 Mtpy). In addition, a project in Oman to improve pellet feed quality (8.5 Mtpy) to supply direct reduction pellets production is under evaluation. 6 Project's capacity under evaluation. Estimated figures subject to feasibility studies, internal approvals and market conditions. 7 Participation through joint ventures. Volumes shown as 100% basis. 8 Logistics project to increase Northern System capacity to 260 Mtpy (+20 Mtpy). 9 Different projects to produce iron ore briquettes. Estimates figures subject to feasibility studies, internal approvals and market conditions. 10 Volumes shown as 100% basis. Hu'u Project is 100% owned by PT Sumbawa Timur Mining (STM), an Indonesian private joint venture company owned by Eastern Star Resources Pty Ltd (80%) and PT Aneka Tambang (20%). Eastern Star Resources Pty Ltd is 100% owned by Vale. 11 JV partnership under discussion. Volume presented as Vale share. VALE#7575 5 Discipline in capital allocation | Re-rating A disciplined capital allocation focused on shareholder return... Free cash flow returned to shareholder US$ billion Others¹ Share buyback Extraordinary dividends Ordinary dividends Free cash flow returned to shareholder (%) 50% 8.9 1,4 1.0 1,9 2018 8.1 2019 36% 9.2 0.9 2,4 2020 90% 20.1 4,8 5,9 7,6 Up until 3Q21 1 Including liability management, financial guarantees, acquisitions and sale of assets. Including dividends and interest on capital. Minimum dividend policy Extraordinary dividends Share buyback program Through the cycle Return surplus cash Attractive investment VALE#7676 5 Discipline in capital allocation | Re-rating ... which should remain our focus as we resume capacity and manage cash use EBITDA 2023 - Sensitive analysis (US$ billion) Iron ore price (US$/t) mid-point based on analysts' forecast 80 90 100 Iron ore sales volumes (Mt) 340 ~16.5 ~19.5 ~23.0 350 ~17.0 ~20.0 ~23.5 360 ~17.5 ~20.5 ~24.0 Cash Flow Drivers EBITDA CAPEX US$ 5.8 bn (2022) US$ 5.0-6.0bn (avg. next years) Transitory expenditures Brumadinho Dam de-characterization Renova Capacity resumption to drive volume growth Controlled sustaining capex Accretive growth opportunities Substantial progress on reparation process Increased knowledge with diluted annual payments Indemnifications accelerating and skewed towards short term Note: Volumes and price ranges for sensitivity purpose only and do not constitute any guidance by Vale. Average BRL/USD exchange rate in 2023 of 5.00, average copper price (LME) of US$ 10,000/t and average nickel price (LME) of US$ 17,500/t. VALE#7777 5 Discipline in capital allocation Important catalysts to unlock value in the next 12-18 months + ■ De-risking Progress on reparation liabilities ▪ 6 dams to be de-characterized ▪ 11 ESG gaps to be concluded ■ Capacity increase Iron Ore: 30+ Mt Volume mainly from Itabira and Brucutu Copper: +30-40 kt Salobo III Note: Capacity additions and cost savings compared to 2021 E figures. Considering current operations and excluding effects of exchange rates variation. + } Cost reduction Next 12 months: ~US$ 500 million of inflation avoidance ▪ 12 - 24 months: ~US$ 1 billion of costs/ investments efficiencies VALE#7878 Questions & Answers VALE#79VALE