#1Investor Presentation: Vale's AGM 2021#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 and not on historical facts, 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; and (e) global competition in the markets in which Vale operates. 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 - The SEC 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, including 'measured resources,' 'indicated resources,' 'inferred resources,' 'geologic resources', which would 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. 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#31. About Vale 2. Our Strategic Pillars for Long-Term Value Creation 3. Cultural Transformation and Governance Advancements 4. Independent Nomination Committee and Board Nominees 5. Management remuneration 6. Our standpoint on the nomination by certain shareholders 7. Conclusion Appendix: Board nominees' biographies gend#41 About Vale#5We are one of the largest metals and mining companies in the world One of the world's largest producers of iron ore and nickel $40bn revenues $20 bn EBITDA $ 5-6 bn CAPEX We operate in 26 countries A US$ 97-billion market value, with high liquidity in B3 and NYSE 2.700 km of railways, 7 ports, distribution centers and terminals Co Listed on Novo Mercado, the segment with the highest governance level in B3 5#6Brumadinho was a watershed event that triggered significant change at Vale Immediate New support CEO Jan/19 Creation of Independent Advisory Committees Creation of the Safety and Operational Excellence Office Multi-layered risk. management model COVID-19 First dam decharacterized pandemic Vale's response Jan/20 Implementation of EoR role Vale announces first 2030 commitments Creation of the Nomination Committee Chief Compliance Officer Jan/21 Brumadinho Global Settlement Vale's Purpose Vale announces scope 3 reduction target Apr/21 2021 AGM Nomination Committee Final Report VALE 6#7We are taking important steps towards building a better Vale ¹Vale Management System Our Purpose We exist to improve life and transform the future. Together. Our Ambitions Our Levers Our Culture Key Behaviors Values Torr We believe that mining is essential for the development of the world and that we only serve society by generating prosperity for all and taking care of the planet. Therefore, we exist to improve life and transform the future. Together. Benchmark in safety Safety Obsession with Safety and Risk Management Life matters most Best-in-class reliable operator VPS Open and Transparent Dialogue Act with integrity Talent-driven organization People Empowerment Accountability with Leader in low- carbon mining Value the people who build our company Innovation Full Ownership Learning together Make it happen Reference in creating and sharing value ESG Active Listening and Engagement with Society Respect our planet and communities 7#8The strategic roadmap creates value to shareholders. De-risking ■ ■ Dam safety ■ Robust ESG Practices Production resumption Brumadinho ■ Reshaping Focus on core business. ■ Control of cash drains. ▪ Growth opportunities Sound cash flow generation Discipline in capital allocation Re-rating ■ ■ میرا ■ Benchmark in safety Best-in-class reliable operator ▪ Talent-driven organization ▪ Leader in low-carbon mining Reference in creating and sharing value VALE 8#92 Our Strategic Pillars for Long-Term Value Creation#10Our strategy includes transformation and business pillars Dol. 00⁰0 Safety and operational excellence New pact with society Maximize flight to quality in Iron Ore Base Metals transformation Discipline in capital allocation Ojo jololol 1898- Geotechnical Monitoring Center VALE 10#11Safety and operational excellence We have strengthened our risk management... ENCIA ■ Safety and Operational Excellence Office independent from operations Strengthening of our 3- line model of defense Governance ▪ 3 Geotechnical ■ Monitoring Centers Engineer of Record Continuous monitoring System Routine Performance Risk ▪ Hazard Identification and Risk Analysis (HIRA) is ongoing Risk analysis I ICMM International Council on Mining & Metals The Mining Association of Canada ADVOCACY STEWARDSHIP COLLABORATION CDA ACB New Tailings Management System under implementation Tailings management system Our ambition World-class standards and processes VALE 11#12Safety and operational excellence III while reducing dams-associated risks ( 29 structures at emergency level as of today All structures at satisfactory safety condition by 2025 Considering 29 structures at emergency level as of March 31st, 2021. Decharacterization Number of upstream geotechnical structures (cumulative) 5 80 2019-20 21 14 22 16 Decharacterization 23 Measures for upstream dams at critical safety conditions Back-up dam Safety Improvements 16 24 2020 2025 19 Sul Superior 2029 25 19 26 2020 B3/B4 2025 23 2027 27 27 28 29 29 Forquilhas 2021 2024 2028 VALE 12#13New pact with society We are committed to the Integral Reparation of Brumadinho 1 Global Settlement Mediation Legitimacy Open dialogue and active listening ↑ Individual damages Fair and swift reparation Clear governance Legal certainty Known impact R$ 37.7 billion in total economic value R$ 9 billion¹ driven directly to the affected people +9,400² people with agreements, reaching R$ 2.4 billion 1 Approximate figure, including amounts already disbursed. Related to agreements entered into with Vale as of March 25th, 2021. Anr JIPTI Ground Zero Brumadinho Water pipelines on the Pará River 13#14New pact with society We are vigilant and responsive to the needs of Society 2030 Commitments Climate change Energy Forest Water 100% global electricity consumption of clean energy Recover and protect +500,000 ha Reduce new water collection by 10% Reduce GHG emissions by 33% and be carbon neutral by 2050 Socioeconomic contribution ESG gaps Q Health care, education and income generation Eliminate main ESG gaps Reduce 15% of scope 3 net emissions by 2035 Absolute scope 3 net emissions (MtCO2e) 586 2018 -15% 641 2035 - BAU¹ 496 2035 ¹BaU 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. 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. 14#15D Maximize flight to quality in Iron Ore Resuming 400 Mtpy iron ore capacity is a careful and complex task Northern System Southeastern System Southern System Ramp-up and open new mining fronts Develop filtering and dry stacking capacity Solve interference of upstream dams ● • Serra Leste North 240 Mtpy ● · ● New assets and solutions coming online ● • Gelado project Serra Sul 120 Timbopeba pit Torto dam Filtering plants in Brucutu and Itabira Filtering plant in VGR Maravilhas III dam ● Forquilha V dam Production and capacity (Mtpy) 302 189 73 38 -2- 2019 Production (after Brumadinho) 322 206 61 53 -2- Capacity by the end of 2020 Northern System Southeastern System 400 230 101 67 -2- Capacity by the end of 2022 Southern System Midwestern System 15#16D Maximize flight to quality in Iron Ore Implementing solutions for a sustainable mining Ore processing method 40% 60% 2015 58% 42% 2018 69% 16% 1% 14% 400 Mtpy production ¹ Dry processing (no dams) Dry concentration (no dams) Filtration and dry stacking2 (marginal use of dams) Wet processing³ (with dams) 70% dry processing by 2024 Filtering: US$ 2.3 billion will be invested between 2020-2025 Dry concentration: US$ 125 million (Capex) in New Steel Co-products: tailings as input for the civil construction industry 1 After the Usina 1, located in Serra Norte, conversion to dry processing. 2 The processing method is wet processing and tailings are filtered and dry stacked. The processing method is wet processing and tailings are filtered and dry stacked. 16#17China is at the center of our business goals theon Shulanghu Port, Zhejiang Province, China T Strong local presence: 160 employees, 12 port commercial partnerships and 1 port JV 70% of iron ore seaborne market Industrial partnerships for nickel supply in Indonesia (dominant nickel supplier) Main strategic issues: Proximity with customers / Iron solutions Price discovery futures exchanges, spot desk Inbound logistics ● ● ● Low-carbon steelmaking Partnerships to ensure security of supply#18Base Metals transformation Assets and expansion plan in transition metals are platforms to the low-carbon economy Salobo III Alemão VBME Copper Cliff Mine Start-up in 2022 Cu 30-40 ktpy Start-up in 2024-25 Cu -60 ktpy Start-up in 4Q21 Ni -45 ktpy Start-up in 4Q21 Ni ~10 ktpy Cristalino Hu'ú Onça Rumae 2nd furnace Bahodopi and PRI Pomalaa Start-up in 2024-25 Cu -80 ktpy Potential project approval in 2025 Cu ~250 ktpy Start-up in 2023 Ni -15 ktpy 2025-2026 Ni ~110 ktpy Copper: -500 ktpy with projects already in the pipeline and potential to organically reach 900 ktpy capacity Nickel Focus on de-risking with stabilized production and growth potential in South Atlantic and Indonesia 18#1900⁰0 Discipline in capital allocation Focused on responsible exit from non-performing assets VNC Exit: complete 2 In 2018. ▪ 12% GDP of a French overseas territory ▪ Exit: Opposition from local separatists Creation of a local solution: Transaction supported by local employees, the South Province government and the French State Closure of ferro alloy operations at the Simões Filho plant Sale of Biopalma (Palm Oil production) Sale of our minority stake in the Zhuhai pelletizing plant and the Henan Longyu coal mine Transfer of Potasio Rio Colorado shares to the Province of Mendoza, in Argentina Coal Mozambique Exit: ongoing ~10% of Mozambique's GDP¹ +23,000 families on neighboring communities in Mozambique and Malawi ▪ Solid institutional relations with the Mozambican government ■ 1st step: Mitsui departure and repayment of Project Finance 19#2000⁰0 Discipline in capital allocation Our discipline in capital allocation remains steady Reparation Brumadinho Renova ▪ ✓ Brumadinho Global Settlement: US$ 3.872 billion provision Renova Foudation: US$2.074 billion provision Discipline in Capital Allocation De-risking Safety & Operational Excellence ▪ Production resumption ■ ▪ ESG ■ Other obligations ✓ US$2.289 billion provision for dam de characterization² ✓ US$ 2 billion-investment in energy self-generation until 2030³ 2 As of December 31, 2020. ³From renewable sources. 4On February 28th, 2021 Shareholder remuneration ▪ Dividends Buybacks Share buyback program on April 1st ✓Up to 5.3% of the total number of outstanding shares ³ Management confidence in Vale's potential to consistently create and share value Growth opportunities ▪ Growth projects ■ Other growth options ✓ ✓ Low-CAPEX growth options Capanema +14 Mtpy Salobo IV +30 ktpy Onça Puma 2nd furnace VALE 20#21Sell-side analysts recognize our strategy and performance HSBC (2021) "We expect Vale to generate significant cash over the next 5 years, even after deducting the Brumadinho outflow and the minimum dividend payment. Following the recent steps taken on improving governance, the announcement of a buyback is another step in the right direction." Morgan Stanley (2021) "A Welcome $4.6B Buyback Program (...) "[The buyback] announcement showcases (...) the company's commitment to return cash to shareholders" J.P.Morgan (2020) ... management has been putting ESG at the center of Vale's strategy and the goal to become safer, have better management control and have a more transparent relationship with all stakeholders is as high as ever... BTGPactual (2021) "Vale reported a solid set of 4Q20 results, surpassing expectations. Following the strong cash generation in the Q, Vale reported a net cash position, placing the company on a very comfortable footing with respect to its balance sheet." CREDIT SUISSE (2020) "Since 2019, ESG has become one of Vale's main strategic pillars and the company disclosed ambitious goals for the future. Vale intends to lead the transition to a net-zero mining by reducing 33% of their scope 1 and 2 emissions until 2030.. bradesco (2021) "Buyback program announced; Re-rating underway (...) From a capital allocation standpoint, we think Vale made the right choice" 21#22Credit rating agencies acknowledge our progress with de-risking MOODY'S INVESTORS SERVICE (2020) "(...) we upgraded Vale S.A.'s rating to Baa3 from Ba1, with a stable outlook. The upgrade reflects the improvements in Vale's environmental, social and governance (ESG) practices, which has enhanced risk management and governance oversight, supporting reparation of the population and areas affected by the tailings dam accident in Brumadinho in January 2019, and materially reduced the risk of a similar accident in the future. Accordingly, Vale has established a new Tailings Management System, aligned with best international practices, which includes new roles and responsibilities and three lines of defense to enhance safety of operations. Enhancements in corporate governance also support the upgrade." Fitch Ratings (2020) "(...)Fitch has also affirmed Vale S.A.'s national long-term rating at 'AAA(bra)'. The Rating Outlook remains Stable. These rating actions reflect steps taken by Vale over the past 18 months that have lowered the risk of future dam failures and the implications upon the environment and people in the surrounding community should they occur. The rating actions also take into consideration Vale's extremely low leverage and strong free cash flow, whic position it to withstand any sharp downturn in iron ore prices or unexpected legal liabilities that relate to the Brumadinho dam failure." VALE 22#23On the right track to create value to our shareholders... Shares performance (%) US$ Vale Peer 1 8 -4 Peer 2 Peer 3 -6 1 M -8 3 -3 0 3M -17 81 37 41 39 6M 142 88 93 12M 147 while building a better Vale 23#243 Cultural Transformation and Governance Advancements#25Brumadinho identified a need for a robust Cultural Transformation 2019 Brumadinho JAN MAR APR New CEO Aspiration To be admired and desired by society as a great company by being: Turnaround A north was set for the company Safer and reliable People driven, talent factory Culture of excellence Leading the transition through innovation towards low-carbon economy, environmental respect Social progress Wealth generation, financial returns Business imperatives New Executive Board Vale's One-Pager Strategy Fix the dams Repair (rebirth Brumadinho and solve Mariana of) JUL Be a safer, predictable and reliable operator Create a real talent pipeline Engage and listen to all stakeholders Safety and risk. awareness Cultural Attributes Openess and simplicity High performance with innovation People-driven organization. DEC JAN Leaders' Forum: Culture makes difference Be obsessed with safety and risk management 2020 Take ownership for the whole - sense of urgency and challenge the status quo Key behaviors Open and transparent dialogue, inside and outside (Empathy, Humility, Respect, Exposing problems) Covid-19 pandemic MAR Develop people through empowerment with accountability and performance management JUN Leaders' Forum: Diagnosis disclosure Learning together VPS Culture Diagnosis DEC 2021 Leaders' Forum: Culture narrative Purpose JAN Board approval (Cultural Narrative and Purpose + Employees engagement 25#26We continue to act on a clear and actionable plan... mi Independent Cultural Diagnosis Creating Leadership Awareness 2019 ● Diversity and Inclusion Agenda Leadership Development as a role model Purpose definition 2020 0 Follow-up on Results Cultural Experience 2021 000 Adjust strategy Follow-up on application of new Cultural Diagnosis 2022 Our ambition ☆ 2025+ ... to deliver on our ambition to become a better Vale. 26#27Solid track record and commitment to governance and transparency... 2017 ESG NDR¹ (2) ESG Webinars (2) Board Assessment Launch 2030 targets (Dec/18) 2018 Oct/17 Election of independent members Dec/17 Migration to Novo Mercado B3² ▪ Board engagement with investors ▪ Individual Board assessment ▪ ESG Gaps Action Plan ▪ ESG Portal (Dec/19) ▪ 2030 targets reviewed I Diversity target (female) Compensation linked to ESG targets 2019 AGM 2019 ▪ Greater disclosure on compensation ▪ +1 independent member elected (3 in total) ESG Webinar (3) ESG NDR (2) ■ ■ ■ 2020 ■ New pact with society (carbon agenda, COVID-19, territorial development) Chief Compliance Officer Audit Committee ■ Nomination Committee Nomination Policy ▪ Amended Bylaws ▪ At least 7 independent members Chairman elected by shareholders ▪ Lead Independent Director role ▪ Directors elected individually 2021 1 Non-deal roadshows. 2 A listing segment of BM&F Bovespa, Sao Paulo Stock Exchange, for issuers committed to adopt corporate governance practices in addition to those required by law. 27#28... evolving in our engagement program with investors and society Risk Structure We heard that we should reinforce our risk structure We responded by establishing the Audit Committee in March 2020, composed of specialists and appointing a Compliance Officer Gender Balance We heard that we should increase the % of women in the workforce We responded by setting a goal of doubling the female presence from 13% to 26% by 2030 and we have already reached 16.3% in 2020 Board Nomination We heard that the Nomination Committee must nominate members to the board We responded by establishing a Nomination Committee and Nomination Policy Individually Election We heard that the Board of Directors should be elected member by member and not on a slate We responded by amending the Bylaws to provide for individually election Compensation We heard that adoption of the malus clause should occur in conjunction with the clawback policy We responded by adopting the clawback policy from 2021, in addition to the malus clause Board Independence We heard that our Board should be composed of an independent majority We responded by adopting that at least 7, of up to 13 members, will be independent Transparency We heard that our ESG disclosure could Improve We responded by launching the ESG Portal, disseminating the Proxy Statement, issuing a Tax Transparency Report and preparing the first Integrated Report Climate Change We heard that we must dare in our climate change goals We responded by setting goals for scope 1, 2 and 3, in line with the Paris Agreement and putting forth our best efforts to stay below 2°C, for carbon neutrality by 2050 (scope 1 and 2) 28#29Improvements incorporated into our bylaws... Nomination Committee becomes permanent Greater independence of the Board of Directors Chairman and Vice- Chairman elected by the Meeting 5 Flexibility for the size of the Board of Directors More rigor in the independence criteria Directors individually elected 5 Exclusion of alternate members Adoption of a Lead Independent Director (LID) List of nominees released in advance ...to ensure an adequate and orderly transition into a full corporation 29#30Our governance model clearly defines the principles and roles, allowing transparency and stability Advisory Committees • Audit • Operational Excellence and Risks . • Finance • People, Compensation and Governance • Sustainability . . Nomination - Innovation ● ATATME TOM General Meeting Board of Directors Eduardo Bartolomeo Chief Executive Officer Executive Team Fiscal ATM Council • Chief Compliance Officer - Whistleblower Channel - Internal Audit - Corporate Integrity • Corporate Governance Secretariat Evolution from previous year. VALE 30#314 Independent Nomination Committee and Board Nominees#32Reputable backgrounds compose the Nomination Committee Pedro Parente Coordinator of Vale's Nomination Committee Experience in corporate governance and crisis management acquired over the years as C-level at large corporations Member of Boards of Directors in private and state-owned companies over past years (Petrobras, CPFL Energia, B3 and BRF) • CEO of BRF (2018-current), Petrobras (2016 to 2018), CEO of Bunge Brasil (2010 to 2014) • Vice-President of Grupo RBS (2003 to 2009) Chief of Staff and Minister of Planning and Minister of Energy and Mining (1999 to 2003) • Degree in electrical engineering, from Universidade de Brasília (UnB) ● Chairman of the Board of Directors of Embraer and an independent board member of Votorantim Cimentos, Nitroquímica, lochpe-Maxion and Ultrapar, where he also serves in the People Committee Board member of the American Chamber of Commerce • CEO of General Electric in Brazil (2001 to 2007) Degree in mechanical engineering from the Pontifícia Universidade Católica (PUC/RJ) ● Alexandre Gonçalves Silva Member of Vale's Nomination Committee ● 40-year career and solid background in composition and assessments of Boards of Directors 32#33The Nomination Committee worked with depth and breadth Nomination Policy ▪ Minimum requirements ▪ Guidelines for continuous improvement a I Skills Matrix Considering Vale's present and future strategy, performance and challenges Consistency with Vale's 12 main corporate risks. Benchmarking ▪ Performed with large Brazilian companies and international peers ■ Skills diversity ▪ Governance practices ■ Supported by the Boston Consulting Group 9999 ||||||| ■ Stakeholders active listening Interviews with: ■ ■ Main international and Brazilian Shareholders Proxy Advisors Directors and Officers Board assessment Performed by Korn Ferry ■ Governance enhancements ■ Search process 70 potential candidates mapped Recruitment work with Spencer Stuart and Russell Reynolds Changes to Vale's By-Laws: +50% independent Directors More stringent independence criteria H Individual election Chairman and Vice- chairm an election ■ H Proposed nominees for 2021-23 ▪ Detailed 5 new names (~40% renewal) I Independent Chairman I I Final report Publicly disclosed ▪ Transparency to the full work plan 4 non-Brazilians 3 female recommendations and respective grounds for them min VALE 33#34Our skill matrix was enhanced to reflect required qualifications and experience Administrative Skills Relevant executive experience as CEO Previous successful experience as CEO of large organizations for a relevant period of time. Extensive knowledge of the current business environment in Asia Relevant experience and knowledge of current business environment in Asia, preferably in Vale's area of operation and preferably based in China. Extensive knowledge of institutional relations, government and regulatory Relevant experience and knowledge in working with Government and Regulators. Knowledge about Vale, current and historical context Relevant experience and knowledge about Vale's history, current context, and challenges. Functional Skills Risk & Safety Management in industries with risk profile compatible with Vale's Relevant experience and knowledge in risk and safety management in organizations with risk profile compatible with Vale's. Operations Management focused on the adoption of global best practices Relevant experience and knowledge in operational excellence, preferably in capital-intensive industries. Talent & Cultural Transformation Relevant experience and knowledge related to cultural transformation in large organizations, with experience in talent management, including compensation, and in alignment of interest between the management and company' stakeholders. Business Innovation Relevant experience and knowledge in innovation areas at Vale's businesses, across Vale's value chain and adjacent areas. Sustainability & ESG Relevant experience and knowledge in the socio- environmental and governance areas, including Compliance, preferably in the natural resources industry. Experience in Community relations required. Finance & Portfolio with value orientation and accountability for performance Relevant experience and knowledge in the areas of corporate finance and asset portfolio in large companies. Digital Transformation in B2B/Transformation industry Relevant experience and knowledge in major Digital Transformation projects in large companies. Commercial and Trading Understanding of the competitive environment, the company's current and developing businesses, and industry trends. Sectorial Skills Mining Relevant experience and knowledge of the mining industry, with preference for the iron ore business. Steel Industry Relevant experience and knowledge of the steel and metals industry and its value creation drivers. Global Supply Chain Logistics Relevant experience and knowledge in the management and optimization of logistics chains preferably long- distance. 34#35Balanced renewal and increased independence Name José Luciano Penido (Chairman) Fernando Buso (Vice-Chairman) Clinton Dines¹ Eduardo Rodrigues Maria Fernanda Teixeira Murilo Passos Ollie Oliveira Age Elaine Dorward-King 63 José Maurício Coelho 54 Ken Yasuhara² 43 Roger Downey Sandra Guerra 73 63 73 54 65 Director since Independent O&R May/19 Apr/15 New May/19 New May/19 New New Dec/19 New Dec/19 Oct/17 Yes No Yes No Yes No No Yes Yes Yes Yes Current Committee Yes VA FIN CPG VA VA O&R: Operational Excellence and Risk / FIN: Finance/CPG: People, Compensation and Governance/SUST: Sustainability/-Coordinator 1 - Mr. Clinton Dines and Mr. Ollie Oliveira will take office on August 1, 2021. 2- Mr. Ken Yasuhara is a current alternate member of the Board of Directors. Note: The 13th member of Vale's Board of Directors is directly elected by the company's employees. SUST VA Other public company boards 2 2 4 1 3 2 1 C 10 out of 12 nominees added to the Board since 2019 J VALE 35#36Desired skills are strongly presented by the nominees 12 members 8 Independent members 4 Non-Independent 90 39 46 non- Brazilians Tenure 5 5 II. 1 Age Average: 1.5 years >5 1-2 3-5 year years years years <50 51-60 61-70 1 ■>70 8% 17% 17% O 58% Average: 63 years Main qualifications and experiences, as assessed by the Nomination Committee Administrative skills Experience as ceo Knowledge on business in asia Institutional relations Knowledge on Vale Functional skills Safety and risk management Operations management Talents & cultural transformation Business innovation Sustainability & ESG Finance Digital transformation Commercial and trading Sectoral skills Mining Steel industry Global supply chain logistics José Luciano Penido Fernando Buso *Solid knowledge/expertise Renowed knowledge/expertise Clinton Dines Eduardo Rodrigues ★ ★ Elaine Dorward-King + José Maurício Coelho Ken Yasuhara Maria Fernanda Teixeira * Murilo Passos Ollie Oliveira Roger Downey Sandra Guerra + 36#375 Management Remuneration - Pay for Performance#38Executive Team adjusted for greater accountability, alignment with its strategy and evolution of its Governance Appointed after Brumadinho Statutory positions established in 2021 Named Executive Officers Eduardo Bartolomeo Chief Executive Officer Carlos Medeiros Executive Officer Safety and Operational Excellence Marcelo Spinelli Executive Officer Ferrous Minerals To be defined Executive Officer Strategy and Transformation Non-named Executive Officers Marcelo Klein Special Director for Repair and Development Alexandre D'Ambrosio Executive Officer Legal Luciano Siani Pires Executive Officer, Finance and Investor Relations Maria Luiza Paiva Executive Officer Sustainability Mark Travers Officer, Base Metals (Executive Officer at Vale Canada, but not a statutory Executive Officer in Brazil, as he does not reside in this country) Alexandre Pereira Executive Officer Business Support Luiz Eduardo Osorio Executive Officer Institutional Relations and Communication Marina Quental Executive Officer People Paulo Couto Director of Coal VALE 38#39Vale improved its executive compensation policy... Short-term Compensation Long-Term Incentive Compensation Mix Malus Clawback 1 Total Shareholder Return. Policy in 2018 Collective goals with a greater focus on financial results Only one performance indicator (TSR¹) Mix of compensation with equal percentages between fixed installment, short-term and long-term Not applicable Not applicable Policy in 2021 Greater relevance to collective goals related to critical objectives for Vale Inclusion of indicator (ESG-20%), in addition to the previous one (TSR-80%) Increase of long-term component for greater alignment with international market practices and shareholder interest Implemented in 2019, when the Board deliberates on reducing or eliminating variable compensation payable, under certain conditions. Implementation of the Clawback clause, allowing the Board to deliberate on the return of variable compensation amounts already paid, under certain conditions. VALE 39#40as reflected by the greater proportion of variable long-term and non-financial metrics... compensation CEO Evolution Mix Total Compensation 43% 32% 25% 2018 40% 33% 27% 2019 Long-term Incentives (LTI) Annual bonus Fixed 57% 24% 19% 2020 68% 20% 12% 2021 80% TSR 20% ESG 55% non- financial 45% financial Evolution of non-financial metrics (collective goals) 20% 10% 10% 2018 Health & Safety Sustainability Risk Management 20% 10% 10% 2019 30% 10% 10% 10% 2020 People & Cultural Transformation Vale Management System (VPS) 55% 15% 10% 10 10% 10% 2021 40#41and included collective indicators for Cultural Transformation and VPS in its 2021 Goals Panel 2021 Bonus Panel Global - Sustaining Investments (adjusted) Sustainability Indicators Health Safety Operational Risk Productivity People and cultural transformation Compliance with Vale Management Model (VPS) Individual contribution Chief Executive Officer 25% 10% 5% 10% 10% 10% 10% 20% Total non-financial indicators 55% Finance and Investor Relations Officer 20% 10% 5% 10% 10% 5% 10% 10% 20% 55% Business Directors (Ferrous, Base Metals, Coal) 20% 10% 5% 10% 10% 5% 10% 10% 20% 55% Safety and Operational Excellence Officer 10% 10% 15% 20% 10% 15% 20% 80% Others 20% 10% 5% 10% 10% 10% 10% 20% 55% 41#426 Our standpoint on the nomination by certain shareholders#43"I can say that it is unprecedented in the Brazilian capital market to carry out such an organized and independent process of nominating the nominees for the Board of Directors as the one conducted by Vale" Isabella Saboya Independent member of Vale's Board of Director Did not run for Board in 2021 43#44Our standpoint on the nomination by certain shareholders 1 The nominating shareholders have not engaged at all with the Board of Directors during the current tenure to address their concerns and suggest improvements 2 The shareholders' nominees fail to complement the skills matrix that was structured faithfully to the desires of the Company's stakeholders 3 4 Introducing 4 names (1/3 of the proposed list) and targeting the Chairman is disruptive and seems to neglect the company's solid path of recovery and de-risking Their criticism on lack of renovation is unfounded as Vale's proposed list carries 5 new nominees out of 12, with 5 others elected in just the past 3 years 5 The question of the independence of Vale's nominees is also baseless, with 8 out of 12 nominees meeting the pure definition of independence 44#457 Final remarks#46We are supporting the evolution of Vale's governance towards excellence Proposed independent chairman, valuing a long professional history, extensive knowledge of Vale and notable experience. as mining engineer, in sustainability and the climate agenda, in risk management and institutional relations Thorough process to define nominees proposed to the Board of Directors Targeted skills needed by Vale to perform better and face current and future challenges Balanced level of renewal to the Board of Directors, considering retention of knowledge on Vale and the challenges ahead Alignment with best international governance practices, with individual elections and independence level Engagement with our largest shareholders and other relevant stakeholders Compensation practices aligned with market practices and shareholder's interest Cultural transformation is progressing with a clear and actionable plan 46#47VALE#488 APPENDIX Nominees' Biographies#49José Luciano Duarte Penido Chairman Nominee Experience as a CEO Institutional Relations Knowledge of Vale Risk and Safety Management Talents & Cultural Transformation Sustainability & ESG Mining Steel Industry Education • Degree in Mining Engineering from the Engineering School of the Universidade Federal de Minas Gerais (December 1971). Current member of the Board of Directors of Vale S.A. (since 2019) • Coordinator of the Sustainability Committee. • Member of the Operational Excellence and Risk Committee. Boards of Directors of other publicly-traded companies • Independent Member of the Boards of Directors of the companies Algar SA. (since 2016) and Hermes Pardini S.A. (since 2020). Other current experiences • Independent Member of the Board of Directors of Copersucar (since 2013). • Member of Coalizão Brasil Clima Florestas e Agricultura. • Member of the Board of Trustees of the NGO Rede Cidadā. Other relevant information 33 years of experience in Mining and Steel (iron ore and manganese), in mineral research activities, mining operations and in iron ore processing, engineering and implementation of industrial projects for mining and pelletizing projects. 15 years of experience in Planted Forests, Pulp and Paper industries. Corporate Governance and Senior Management of companies from different sectors, acting as CEO and Chairman for the the past 27 years. Long professional history in Sustainability and ESG, with a leading role in Brazil and internationally, in socio- environmental management of territories, relationship with stakeholders (communities and NGOs), mitigation and adaptation to climate change, especially in relation to Forests and Agriculture. Past experiences ● Chairman of the Board of Directors of Fibria Celulose (2009 to 2018). • Member of the Board of Directors of Banco Santander Brasil (2017 to 2019). Independent Member of Química Amparo Ypê (2013 to 2019). • CEO of VCP - Votorantim Papel e Celulose (2004 to 2008). CEO of Samarco Mineração (1992 to 2003). • Member of the Deliberative Board of Instituto Ethos. Member of the Board of Trustees of FDC - Fundação Dom Cabral. • Member of the Executive Committee of the World Business Council for Sustainable Development (WBCSD). • Chairman of the Deliberative Board of IBA-Indústria Brasileira de Árvores. Fernando Jorge Buso Gomes Vice-Chairman Nominee Experience as a CEO Institutional Relations Knowledge of Vale Talents & Cultural Transformation Sustainability & ESG Finance Other relevant information More than 40 years of experience in Complex Financial Strategies Planning, Merger and Acquisition of Companies, Capital Markets, Relation with Shareholders and Stakeholders, Team Training and Management, Performance of Boards of Directors and Business Strategy, in Brazilian and international companies. Education • Degree in Economic Sciences, Faculdades Integradas Bennet (1979). Vice-Chairman of the Board of Directors of Vale S.A. (since January 2017) and Director (since April 2015) • Coordinator of the Financial Committee (since December 2019). • Coordinator of the People, Remuneration and Governance Committee (since May 2019). Other current experiences Bradespar S.A.: • Director, CEO and Investor Relations Officer (since April 2015). · Past experiences • Vale S.A.: · • Vice-Chairman Board of Directors of Bradespar S.A. (2014 to 2019). • Coordinator of the Governance and Sustainability Committee (2015 to 2017) and the Sustainability Committee (2017 to 2019). • Member of the Financial (since 2015), Executive Development (2015 to 2017), Strategic (2017) and People (2017 to 2019) Committees. · 2B Capital (2014 to 2018): Board Member, Chief Executive Officer and Officer. • President of Brumado Holdings Ltda. (April 2015 - April 2017). " Chairman of Antares Holdings Ltda., a holding company (2015 to 2017). • Member of the Board of Directors: CPFL Renováveis, Sete Brasil, BR Towers, Grupo SMR, Brennad Cimentos. • Member of the Investment Committee of the Probes Participação Investment Fund (2011 to 2015). Grupo Bradesco: Head of Private Equity, Bradesco BBI Officer, Investment Banking, Departmental Officer. Capital Market Officer of Banco BBV. • Chase Manhattan Bank: Corporate Finance, Merchant Banking and Capital Markets, among others (1978 to 1997). 49#50Clinton Dines Knowledge of Business in Asia Finance Commercial and Trading Mining Other relevant information More than 40 years of experience in the Mining, Steel and Metallurgy sectors, living and working in China since 1979. Career mainly with BHP in China, where he served for more than 21 years, retiring in 2009 as President of BHP Billiton China. Since ending his executive career, Clinton has worked as a Board member, Consultant, Advisor, with extensive experience in governance. Education • B.A., Asian Studies, Economics and China - Griffith University. • Course in International Management - INSEAD (1996). Boards of Directors of other publicly-traded companies • Non Executive Director of Fonterra Cooperative Group Limited, Auckland (since November 2015). . Non Executive Director of Zanaga Iron Ore Company, London and Republic of Congo (since October 2010). Past experiences BHP Billiton China (1988 to 2009): • Chief Executive Officer. - VP-Business Development. - Chief Representative. . Executive Chairman of Caledonia Asia - Equities Fund • Board Member of North Queensland Airports Australia (2015 to 2019). Management, Shanghai & Sydney (2010 to 2013). • Board Member of Aurecon Group (2014 to 2017). • Board Member of KAZ Minerals plc. (2009 to 2015). · Principal of Moreton Bay Partners, - Management Advisory (2015 to 2018). • Strategy Advisor of GE Mining Equipment China (2013 to 2014). • • Member of Pacific Aluminium Advisory Board,- Rio Tinto (2013 to 2013). Strategy Advisor of Burson- Marsteller China (2010 to 2012). • Member of the China Advisory Board of IMI plc (2005 to 2009). • Member of the China Advisory Board of CRH plc (2010 to 2014). • Member of the China Advisory Board of Outukumpu Oyj - Stainless Steel (2013 to 2014). If elected, Mr. Clinton Dines will take office on August 1, 2021. Elaine Dorward-King Experience as a CEO Knowledge of Business in Asia Risk and Safety Management Operations Management Talents & Cultural Transformation Business Innovation Sustainability & ESG Finance Commercial and Trading Mining Other relevant information 28 years of experience in Mining, in international positions, working on Safety and Sustainability issues. Notable experience in ESG, Risk & Safety and Operations Management. Two-time recipient of the "100 Most Inspirational Women in Mining" award. Education PhD, Chemistry, Colorado State University, CO, USA (1984). B.Sc., Chemistry, Maryville College, TN, USA (1979). 16 Boards of Directors of other publicly-traded companies Member of the Board of Directors Novagold Resources (since 2020). • Member of the Board of Directors of Sibanye Stillwater (since 2020). · Independent Board Member to Great Lakes Dredge & Dock Corporation (since 2020). • Member of the Board of Directors of Kenmare Resources (since 2019). Past experiences • Newmont Corporation: - Environmental, Social and Governance Strategy Executive Vice President (2019 to 2020). - Sustainability and External Relations Executive Vice President (2013 to 2019). • Rio Tinto: + Managing Director - Richards Bay Minerals, South Africa (2011 to 2013). - Global Head Health, Safety & Environment, United Kingdom (2002 to 2010). - Global Executive Environment, Health & Safety, USA (2000 to 2002). - Principal Environmental Adviser, UK (1998 to 2000). • Environmental Affairs Director - Kenncott Utah Copper Corporation (1995 to 1997). • Environmental Science Director - Kennecott Corporation (1992 to 1995). • Ecological Risk Assessment Manager, Ebasco (1991 to 1992). • Monsanto: + Senior Registration Specialist, Environmental and Public Affairs (1989 to 1990). • Research Specialist (1986 to 1988). • Senior Research Chemist (1984 to 1986). . Board Member of Richards Bay Minerals (2010 to 2013). • Science Advisory Board of The Institute of Environmental & Human Health, Texas Tech University (2000 to 2012). • 2012-2013 Deputy Chair of Trade & Investment KwaZulu-Natal (2012 to 2013). • Board Member of Rossing Uranium (2007-2010). - • Executive Committee, Board of Scientific Counselors, US EPA Office of Research & Development (2000 to 2004). Board Member of the Society of Environmental Toxicology and Chemistry (1995-2000). 50#51Eduardo de Oliveira Rodrigues Filho Knowledge of Business in Asia Institutional Relations Knowledge of Vale Commercial and Trading Mining Steel Industry Global Supply Chain Logistics Other relevant information 33 years of experience in mining, with national and international experience in strategy, negotiation and logistics, mainly in the area of iron ore and also in nickel. Ability to manage conflicts, good understanding of finance, corporate governance, institutional relations and communication. Education • Degree in Civil Engineering, PUC-Rio (1978). • Specialization in Transport Planning, University of Westminster (2000). Member of the Board of Directors of Vale S.A. (since May 2019) • Coordinator of Vale's Operational Excellence and Risk Committee. Other current experiences • Managing Partner of CWH Consultoria Empresarial (since 2008). Past experiences • Vale S.A.: - Alternate member of the Board of Directors (2008 to 2018). * Member of the Financial and Sustainability Committees. • Commercial Officer of Rio Tinto Brasil (1994 to 2007). • Commercial Manager - MBR- Minerações Brasileiras Reunidas S.A. (1985 to 1994). José Maurício Pereira Coelho Experience as a CEO Institutional Relations Knowledge of Vale Sustainability & ESG Finance Other relevant information Experience and technical knowledge in Corporate Finance and Investor Relations. Notable experience in Governance, Strategic Planning and Mergers & Acquisitions. Chairman of Previ, implementing actions focused on improving the management and promoting practices under the Previ Code of Corporate Governance. Extensive experience in the boards of directors of companies listed in the Novo Mercado segment of B3. Member of the board of four B3- listed companies. Education • Specialization in Governance (2004, FGV RJ). MBA in Finance and Capital Markets (1999, FGV-RJ). • Degree in Accounting Sciences (1990, UNIGRANRIO). Chairman of the Board of Directors of Vale S.A. (since May 2019) • Member of the People, Governance and Remuneration Committee (since May 2019). Boards of Directors of other publicly-traded companies . Member of the Board and Audit and Risk Committee of Ultrapar Participações (since April 2015). Other current experiences • Chairman of Previ - Banco do Brasil Employees' Pension Fund (since July 2018). • Chairman of the Board of Governors of Abrapp (since September 2018). Past experiences • CEO of BB Seguridade Participações S.A. (2017 to 2018). • Banco do Brasil S.A.: . • Chief Financial Officer and Investor Relations Officer (2015 a 2017). • Chief Financial Officer (2012-2015). • Executive Manager, Income Security (Gestão Seguridade) (2007 to 2009). • Cielo S.A - Board of Directors. Capital Markets Officer (2009 to 2012). • IRB Brasil RE-Board of Directors. • BB Mapfre SH1 Participações S.A. - Board of Directors. . ● Mapfre BB SH2 Participações S.A.- Board of Directors. • BB AG-BB Aktiengesellschaft Viena - Board of Directors. . CNSeg - Board of Directors. Fenaseg - Board of Directors. • BB Securities LLC (New York) - Board of Directors. • BB Securities Asia Pte. Ltda. (Singapura) - Board of Directors. • BB Securities Limited (London) - Board of Directors. • Cosern - Cia Energética do RN - Board of Directors. Celpe - Cia Energética de Pernambuco - Board of Directors. Coelba - Cia de Eletricidade da Bahia - Board of Directors. 51#52Ken Yasuhara Knowledge of Business in Asia Knowledge of Vale Risk and Safety Management Management of Operations Commercial and Trading Steel Industry Other relevant information More than 20 years of experience in the mining sector, in two of japan's largest multinational conglomerates, Sumitomo and Mitsui. Strong experience in the areas of Mining Operations and Investments, as well as knowledge in Global Commodity Trading (iron ore, iron-alloy, etc.), Finance and Accounting. Education Degree in Policy Management, Keio University, Japan (2001). · Alternate Member of the Board of Directors of Vale S.A. (since 2020) Other current experiences • Officer, General Manager, Mineral and Metals Resources Unit at Mitsui & Co. Brazil (since 2019). Past experiences • Mitsui & Co.: - Officer, Assistant General Manager, Mineral Resources and Metals Unit, Brazil (2018 to 2019). • Manager, Iron Ore Division, Tokyo, Japan (2015 to 2018). • Sumitomo Corp: • Manager,Steel Production Raw Material division, Tokyo, Japan (2014 to 2015). - Officer, Mineral Resources, Energy and Steel Unit of Sumitomo Brasil S.A. (2013 to 2014). - Officer, Mineral Resources, Energy and Steel Division of Sumitomo Brasil S.A. (2010 to 2013). • Manager, Raw Material Division for Steel Production, Tokyo, Japan (2008 to 2010). • Trainee, Steel Production Raw Material Division, South Africa (2006 to 2008). - Petroleum Coke Team, Carbon Division, Tokyo, Japan (2001 to 2006). • Alumina do Norte Do Brasil S.A. (2018 to 2019): - Alternate Board Member. • Finance Committee Member. • Technical Committee Member. Maria Fernanda Teixeira Experience as a CEO Talents & Cultural Transformation Sustainability & ESG Finance Digital Transformation Other relevant information Executive with extensive experience in the technology area having worked in senior positions in top companies such as GM, EDS and First Data. Notable experience in Sustainability & ESG, Finance and Digital Transformation. Education Degree in Business Administration from Universidade Metodista de São Paulo (1982). · • Specialization in Marketing and Finance from Fundação Getúlio Vargas (1988). Current Experience • CEO of Integrow Beyond Numbers (since 2016). Past experiences • First Data Brasil: - Senior Vice President (2013 to 2015). + Chairman, Brazil and COO for Latam (2009 to 2013). • Chairman, Latam of ICT Group (2006 to 2009). • Electronic Data Systems: • Sales and Operations VP, Latam (2003 to 2005). - Sales Executive, Latam (2001 to 2002). . • Chief Negotiator for GM Latam, Africa and Middle East (2000- 2000). - COO, Brazil (1998 to 1999). . IT Director of General Motors do Brasil (1974 to 1985). • Member of Simpar's Audit Committee. • Member of the Audit Committee of Grupo Vamos. Chairman of Pérola SA (Fertilizers). • Member of the Visor Advisory Board (Fintech). • Board Member of The Dialogue for Americas. . Chairman of the Diversity & Inclusion Committee of AmCham. • Founder of Grupo Mulheres Executivas de São Paulo. • Diversity and Development Council of the World Bank. 52#53Murilo Cesar Lemos dos Santos Passos Experience as CEO Institutional Relations Knowledge on Vale Operations Management Talents & Cultural Transformation Commercial and Trading Mining Other relevant information Executive with more than 40 years of experience in the Mining, Pulp, Energy and Logistics industries. Notable experience as CEO and as a board member, in the leadership of some of the main Brazilian companies. Education • Degree in Chemical Engineering from Universidade Federal do Rio de Janeiro (1971). Member of the Board of Directors of Vale S.A. (since December 2019) • Member of the Financial Committee (since December 2019). Boards of Directors of other publicly-traded companies Chairman of the Board of Directors of São Martinho S.A. and Tegma Gestão e Logística S.A. · Member of the Board of Directors of Odontoprev S.A. • Member of the Board of Directors of Suzano Holding S.A. (with mandate ending on April 30th, 2021). Past experiences . Member of the Management Committee of Suzano Holding S.A. B Chairman of the Board of Directors of CCR. • Member of Camil and Brasil Agro's Board of Directors. Managing Officer Director of Suzano Papel e Celulose S.A. · Managing Officer of Bahia Sul Celulose S.A. CEO of Celulose Nipo Brasileira S.A. - Cenibra and Florestas Rio Doce S.A. . Vale S.A.: Environment, Metallurgy and Forest Products Area (1970-1990). • Member of the Boards of: • Florestas Rio Doce S.A. • Alunorte - Alumina do Norte Brasil S.A. • Itabira Internacional Co. Ltda. → Mineração Rio do Norte S.A. - Rio Capim Química S.A. • Usiminas S.A. * Companhia Siderúrgica de Tubarão. Chairman of the Board of Directors of CPFL Energia (2010-2017). Ollie Oliveira Knowledge of Business in Asia Institutional Relations Business Innovation Sustainability & ESG Finance Mining Other relevant information More than 35 years of executive experience in corporate finance and strategy, mainly in the mining sector, in companies such as Anglo American and De Beers, including experience in Brazil. Recognized independent advisor, having worked on boards of international companies in the industrial sector. Notable experience in Institutional Relations, Finance and Mining. Chartered accountant and Chartered Management Accountant. Education • Degree in Accounting and Business Economics (1973). • Specialization in Accounting and Tax (1975), University of Natal- Durban, South Africa. Boards of Directors of other publicly-traded companies . Senior Independent Board member at Polymetal International PLC. • Senior Independent Board member at Antofagasta Minerals PLC. . - Head of the Projects and Audit Committees - Nominating Committee member Past experiences • Independent Board member, BlackRock World Mining Trust. · Managing Partner of Greengrove Capital LLP. • Board Member of Ferrous Resources do Brasil, Dominion Diamond Mines and Graff Diamonds. • Executive Officer of Strategy and Business Development at De Beers S.A. (1997 to 2008). • DeBeers Centenary AG and DeBeers Consolidated Mines Ltd. (1997 to 2001): Head of Corporate Finance. * Executive Committee Member. . . Anglo American Corporation of South Africa Ltd. (1989 to 1997): • Financial Manager. Corporate and International Finance. + • Chief Financial Officer of Press Corporation (1980 to 1989). . Senior Consultant at Touche Ross (1974 to 1980). If elected, Mr. Ollie Oliveira will take office on August 1, 2021. 53#54Roger Downey Experience as a CEO Knowledge of Business in Asia Institutional Relations Knowledge of Vale Operations Management Business Innovation Finance Commercial and Trading Mining Steel Industry Global Supply Chain Logistics Other relevant information Executive with more than 35 years of experience, in leadership positions in the Mining, Fertilizer and Financial industries, in Brazil and abroad. Notable experience in Investor Relations, Mergers and Acquisitions, Marketing and Sales. Education Degree in Business Administration, Australian National Business School (2003). • Master's degree in Business Administration, University of Western Australia (2003). Member of the Board of Directors of Vale S.A. (since December 2019) • Member of the Operational Excellence and Risk Committee (since May 2020). Other current experiences • Member of the Board of Directors Fertimar Mineração e Navegação S.A. - PrimaSea (since October 2018). Past experiences . CEO of Fertimar Mineração e Navegação S.A. - PrimaSea (2019 to 2020). . Vale S.A.: * Executive Officer, Fertilizers, Coal and Strategy (2012 to 2017). + Chairman of Vale Fertilizantes S.A. (2012 to 2017). • Strategic Marketing Manager (2002 to 2005). + • President of MMX Mineração e Metálicos S.A. • Officer of Mining & Steel Analysis at Credit Suisse Bank. Marketing Manager at Rio Tinto in Australia and Brazil. • Market Coordinator of Minerações Brasileiras Reunidas S.A MBR (1991 to 1996). Sandra Guerra Institutional Relations Knowledge of Vale Talents & Cultural Transformation Business Innovation Sustainability & ESG Other relevant information Specialist in Corporate Governance. Career developed as executive, board member, chair of the board of directors and consultant. Board member certified by IBGC. Participation in strategic planning processes and organizational restructuring. Education • Degree in Social Communication Journalism from Universidade Paulista in 1977. Master's Degree in Business Administration - Universidade de São Paulo - USP, concluded in 2009. Independent Member of the Board of Directors of Vale S.A. (since October 2017) • Member of the People, Remuneration and Governance Committee (since May 2019). Other current experiences • Board Member and Lead Independent Director of Granbio Investimentos S.A. (since August 2020). • Founding Partner, Better Governance Consulting Services S.S. Ltda. (since 2005). Past experiences • Member of the Governance, Compliance and Risk Committee (2017 to 2019) of Vale S.A. • Member of the Board of Directors of Vix Logistica S.A. (2015 to 2018). . Member, Board of Directors Global Reporting Initiative - GRI (2017 to 2019). • Member, Board of Directors Companhia Paranaense de Energia - Copel S.A. (2016 to 2017). Chairman of the Board of Directors of the Brazilian Institute of Corporate Governance - IBGC (2012 to 2016). • In 2000, she was part of the group that brought to Brazil the first joint initiative by the OECD- Organization for Economic Cooperation and Development, the World Bank and the IFC- International Finance Corporation, to start a dialogue on Corporate Governance policy in Latin America. • Coordinated the reference group of 14 companies in Latin America, created by the OECD and IFC (2005-2012). • Participation in the creation of the first Code of Good Practices in 1999, and the 2001, 2009 and 2015 revisions of the code. 54#55VALE