#1Vale's Performance in 2Q22 July 29th, 2022 VALE#2Disclaimer "This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; (e) global competition in the markets in which Vale operates; and (f) the estimation of mineral resources and reserves, the exploration of mineral reserves and resources and the development of mining facilities, our ability to obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves and resources. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward-Looking Statements” and "Risk Factors" in Vale's annual report on Form 20-F. VALE#31. We are building a better Vale VALE#4Vale's Performance in 2022: We are building a better Vale Building a better Vale De-risking Brumadinho Mariana ▪ Dam safety ■ I Production resumption Reshaping ■ ■ ■ I Focus on core business Elimination of cash drains Accretive growth opportunities Cost efficiency Sound cash flow generation Discipline in capital allocation Re-rating ■ ■ ■ ■ ■ Im Benchmark in safety Best-in-class reliable operator Talent-driven organization Leader in low carbon mining and ESG practices Reference in creating and sharing value VALE#5Vale's Performance in 2022: We are building a better Vale Historical agreement with the Xikrin do Cateté indigenous people C 40 years of relationship 18 months of engagement and dialogue JUL Definitive solution to end 15-year disputes Stakeholders involved: Indigenous Leaders, Federal Public Prosecutors Office and Vale ****** OF Indigenous Leader and Vale's CEO, Eduardo Bartolomeo Note: The agreement with the Xikrin community was approved by the court responsible for the Onça Puma, S11D and Salobo projects. Approval is still pending for the Alemão and Ferro Carajás projects. VALE#6Vale's Performance in 2022: We are building a better Vale Upstream dams in Brazil: 40% eliminated by 2022E Baixo João Pereira dam and Dike 4¹: decharacterization concluded Backup dam for Coqueirinho completed B3/B4: 40% tailings removed, and conclusion anticipated to 2025² 9 structures eliminated since 2019 Eliminated upstream structures in Brazil Unit per year 7 5 532 2 40% 4 2 60% 2 2 5 Concluded 3 30 2019-21 2022E 2024E 2025E² 2026E² 2027E 2029E 2035E Total ¹ Dike 4 decharacterization was completed and final works in the site will continue along the second half of this year. 2 Due to the need to implement instruments, drilling and complementary engineering studies, the date of Campo Grande de-characterization conclusion changed from 2025 to 2026. Despite the change in the Campo Grande dam de-characterization deadline, the company maintains the commitment to de-characterize 18 structures of the program by 2025 due to the tendency to anticipate the completion of the B3/B4 dam works. VALE#7Vale's Performance in 2022: We are building a better Vale Business and Financial highlights Iron Ore Base Metals Climate change Portfolio optimization Capital allocation ● ● ● ● ● ● ● 2022's production guidance revised to 310-320 Mt Solid production in Minas Gerais operations (38% increase q/q) Maintenance works affected nickel and copper quarterly production 2022's copper production guidance revised to 270-285 kt Decarbonization MoU with Nippon Steel (~50% of Scope 3 covered by MoUs¹) Second 100% electric locomotive received, powered by battery Midwestern System divestment completed Binding agreement to sell Vale's stake in CSP US$ 3.0 billion dividend to be paid in September 2022 23% of current buyback program completed² ¹ Memorandum of Understanding. Also includes nondisclosure agreements to decarbonize ironmaking process. 2 As of July 28th, 2022. Approximately 114 million repurchased shares (23% of 3rd announced program) VALE#8Vale's Performance in 2022: We are building a better Vale Committed to generate solid shareholder returns 5. Stable dividends Share buyback programs Free cash flow returned to shareholder US$ billion Share buyback Extraordinary dividends Ordinary dividends ● 4.3 1.0 1.9 1.4 2018 2019 3.3 2,4 0.9 2020 19.0 5,5 5,9 7,6 2021 11.5 5,0 0.7. 5,8 LO5 2022 YTD¹ ~22.3% dividend yield since 2021² • 584 million shares or 11.4% of outstanding shares repurchased³ • 149 million shares repurchased in 20224 ¹ As of July 28th, 2022. Also considers dividends announced on July 28th, 2022, to be paid in September 2022. 2 Including ordinary and extraordinary dividends paid in 2021 and 2022 (including announced). Considering share price and outstanding shares of December 31st, 2020. ³ Considering outstanding shares of March 2021. Considers programs announced in April 2021, October 2021 and April 2022 executed until July 28th, 2022. 4 Including repurchases from programs announced in October 2021 and April 2022 (2nd and 3rd programs). VALE 7#92. Base Metals VALE#10Vale's Performance in 2022: Base Metals Base Metals production impacted by maintenance works Nickel production kt ■ Canada Indonesia Brazil 3rd party feed ■ 4 46 19 18 5 1Q22 -24.0% 35 17 9 Sudbury mines' run rates improved Planned maintenance at surface facilities ■ Mine-mill maintenance in Q3: Ni concentrate inventories built in Q2 ▪ PTVI furnace in heat up phase 3 2022 Copper production kt Salobo Sossego Canada ■ 57 34 4. 19 1Q22 -1.4% 56 30 5 21 2022 ▪ Mines operating well during the quarter Replacement of discharge trunnion at Sossego concluded Guidance revised down to 270-285 kt: - Additional maintenance in South Atlantic ▪ Planned temporary impact on copper from Canada in Q3: mine-mill maintenance VALE#11Vale's Performance in 2022: Base Metals Decrease in forward copper prices and hedge in nickel weighed on price realization Q2 Realized prices: Copper business¹ Average LME Cu Price Provisional price adjustments QP2, final prices and others Copper realized price before discounts LME comparable TC/RC³ premium and discounts Copper Realized Price 9.513 6.958 6.493 2.976 421 -01 465 Marked-to- market position End Q2: 31.7 kt @ ~US$8,300/t End Q1: 44.5 kt @~US$10,400/t Q2 Realized prices: Nickel business Average LME Ni Price Class 1 Premiums Class 2 and Intermediates Timing effects (QP² and others) Nickel Price after Premium/ Discount and timing effects FFP4 sales Hedge Impact Nickel Realized Price ¹ Sossego and Salobo only. Copper revenues from Canadian operations are accounted as Nickel by-products. 2 Quotational period. 3 Treatment Charge (TC) and Refining Charge (RC). 4 Firm Fixed Price. 28.940 29.367 26.221 905 795 317 261 2,885 VALE#12Vale's Performance in 2022: Base Metals Continued to advance in Base Metals' Agenda Pivoting towards North Atlantic EV Québec Québec Montréal Bécancour Québec -BASF We create chemistry Investissement Québec Other CAM investments in Bécancour posco VALE STRATEGIC LOCATION • Green and low-cost energy Environmental standards ● ● • Status: PFS completed • Capacity: 25 kt Ni in sulphate • Exploring additional potential synergy arrangements with partners ● Logistics Workforce Uniquely exposed to Indonesia Sorowako Pomalaa Bahodopi Bahodopi • 73 kt Ni in FeNi CAPEX -Mine (100% PTVI): ~US$ 400 mn -RKEF JV (49% PTVI): US$ 2.3 bn (PTVI: US$ 1.1 bn) • Startup: 2025 Pomalaa MoU for a 3-party relationship to process PTVI's nickel ores from Pomalaa block ● VALE#133. Iron Ore VALE#14Vale's Performance in 2022: Iron Ore Our journey to recover capacity and increase flexibility in a discipline way Main actions Ba Operational resumption: new way to operate Licensing: stringent ESG standards Projects: adding new capacity and creating buffers VALE#15Vale's Performance in 2022: Iron Ore We are progressing on assets debottleneck Serra Norte S11D Itabira Brucutu Gelado project: final construction and licensing stages for first phase's start-up in 4022 New ore bodies under licensing and future development (N3 and N1/N2) Applying for rolling licenses to sustain production level Four crushers to process jaspilite and mobile plants installation concluded Serra Sul 120 project's installation license granted ▲ Jaspilite restrictions: New waste crusher required to process large compact blocks Itabiruçu dam: raising works on progress with first phase conclusion by year end Development of medium-term tailings disposal solutions Torto dam: construction works completed and under licensing process until 4022 Licensing and development of tailings/waste stockpiles areas VALE#16Vale's Performance in 2022: Iron Ore Vale revised its iron ore annual production guidance L 37 Stockpiles homogenization activities in Q2 Midwestern System sale Slower licensing process Production level flexibility given current market conditions Iron ore guidance - 2022 Mt 320-335 Previous guidance 310-320 New guidance VALE#17Vale's Performance in 2022: Iron Ore Sales strategy and suppy-chain flexibility allows value maximization 10 indexes spread vs. benchmark 62% Index US$/t 40 30 20 10 -10 -20 -30 -40 -50 -60 -70 MB 65%Fe MB 62%Fe Low Alumina 1H21 2H21 MB 58%Fe чтовымматикий 1H22 трити 2Q22 2H22 Medium & Long term ● ● ● • Seasonal higher volumes in Northern System Positive impact on Vale's avg. quality premiums by mix ● Lower silica discounts driven by negative steel margins More high-silica products impacting Vale's mix, but maximizing value ● Industry's lower availability of low alumina products • Transition to more direct reduction demand and carbon pricing • Structural higher premiums VALE#184. Finance VALE#19Vale's Performance in 2022: Finance EBITDA was impacted by lower prices, partially offset by higher volumes EBITDA-2022 vs. 1022 US$ million 6.374 EBITDA proforma 1022 1.376 Volume 1.805 Price¹ 110 FX 175 Bunker & Spot price 126 Other² ¹ Includes the impact of third-party purchase, royalties, distribution center, and leasing. 2 Includes costs and expenses, the impact of trading operations, the impact of by-products, and others. • US$ 89 million of fixed costs, of which US$ 47 million related to maintenance in Base Metals 5.534 EBITDA proforma 2022 VALE#20Vale's Performance in 2022: Finance Realized price impacted by provisional prices and sales mix Iron ore fines' price realization - 2022 US$/t Vale's realized price (US$/wmt) 137,9 Average Reference Price 2022 (dmt) 1.1 Quality and premiums Sale of high-silica ores benefiting from higher market prices 3,9 Provisional prices in prior quarter ● ● 23% of 1022 sales (12 Mt) provisioned at US$158.1/t Negative effect on 2022 revenue of US$ 247 million 1.9 Lagged prices 0.5 Current prices Impact of pricing system adjustments 3,7 ● 21% of 2022 sales (13 Mt) provisioned at US$ 119.9/t vs. US$ 137.9/t 2022 avg. Negative effect on 2022 revenue of US$ 232 million Provisional prices in current quarter 113.3 128.9 CFR reference (dmt) 1 Includes quality (US$ 0.0/t) and premiums/discounts and commercial conditions (US$ 1.1/t) 2 Adjustment as a result of provisional prices booked in 1022 at US$ 158.1/t. 3 Difference between the weighted average of the prices provisionally set at the end of 2022 at US$ 119.9/t based on forward curves and US$137.9/t from the 2022 62% Fe reference price. 4Includes freight pricing mechanisms of CFR sales freight recognition. 5 Vale's price is net of taxes. VALE#21Vale's Performance in 2022: Finance Higher costs mostly driven by external effects Iron ore fines & pellets EBITDA break-even - 2022 US$/t Vale's C1 cash cost ex-third-party purchase cost Third-party purchases cost adjustments Vale's iron ore cash cost (ex-ROM, ex-royalties), FOB Iron ore fines freight cost Iron ore fines distribution cost Iron ore fines expenses & royalties Iron ore fines moisture adjustment Iron ore fines quality adjustment Iron ore fines EBITDA break-even (US$/dmt) Iron ore fines pellet adjustment Iron ore and pellets EBITDA break-even (US$/dmt) 1Q22 18.7 2.5 21.2 18.1 1.7 8.0 4.4 (4.4) 49.0 (4.7) 44.3 2022 (20.9) 3.3 24.2 (21.3) 2.2 6.9 4.9 ((1.1)) 58.4 ((6.2) 52.2 ● Higher bunker prices: - US$ 2.7/t Avg. freight cost 30% lower than C3 spot prices • US$ 2.4/t of cost avoidance by scrubbers' installation Exchange rate: - US$ 1.0/t Consumption of Q1 inventories: - US$ 0.6/t Higher fuel costs: - US$ 0.4/t Negative mix effect: US$ 3.0/t • Lower unit premium: US$ 0.3/t ● ● Seasonal dividends received: US$ 1.0/t Higher pellet premiums and mix: US$ 0.5/t 44% higher contractual premiums for Q3#22Vale's Performance in 2022: Finance Liability management focused on extending the debt maturity Debt amortization schedule¹ US$ billion Debt repaid/postponed New debt Principal amortization 0,5 2022 0.1¹ 2023 0,6 2024 0.1 2025 0,8 2026 2,1 6,6 2027+ ¹ As June 30th, 2022. Includes principal and does not include interest and accrued interest. 2 As of December 31st, 2021. C US$ 1.3 billion¹ of a cash tender offer in 2022 US$ 1.7 billion¹ of debt repaid/postponed for the next 5 years C Average maturity from 8.7 years² to 9.1 years No relevant amortization in the next 5 years VALE#23Vale's Performance in 2022: Finance EBITDA-to-cash conversion of 41% Free cash flow - 2022 US$ million 5.534 428 Collection of sales from 1022 with higher prices • Partially offset by a higher volume of accrual sales in 2022 (10.0 Mt vs. 4.4 Mt in 1Q22) 556 2022 Proforma Working capital Brumadinho & EBITDA 1.213 Income Taxes decharacterization & REFIS expenses¹ 1.293 CAPEX 605 Others² 2.295 Free Cash Flow from Operations 3,749 Cash management & others³ ● Share buyback: US$ 2.6 billion Tender offer: US$ 1.3 billion 1,454 Decrease in cash & cash equivalents 1 Includes US$ 402 million of disbursement of Brumadinho provisioned expenses and US$ 154 million of Brumadinho incurred expenses. 2 Includes shareholders debentures, interest on loans, derivatives, leasing, dividends paid to noncontrolling interest, and others. 3 Includes US$ 2.596 billion of share buyback, US$ 1.233 billion of debt repurchased, and US$ 80 million from the sale of the coal assets. VALE#24Closing remarks Significant progress on the social and de-characterization agenda Reshaped towards leaner asset portfolio, exposed to energy transition trend New production targets following maintenance and market conditions Capital discipline and superior return to shareholders to remain a priority VALE#25VALE