#1Totten mine resumed operations in February 2022 Vale's performance 4Q21 Rio de Janeiro, February 25, 2022 d VALE FOTENIE VALE#2"This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; (e) global competition in the markets in which Vale operates; and (f) the estimation of mineral resources and reserves, the exploration of mineral reserves and resources and the development of mining facilities, our ability to obtain or renew licenses, the depletion and exhaustion of mines and mineral reserves and resources. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report on Form 20-F." "Cautionary Note to U.S. Investors - Vale currently complies with SEC Industry Guide 7 in its reporting of mineral reserves in SEC filings. SEC Industry Guide 7 permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We present certain information in this presentation that are not be permitted in an SEC filing. These materials are not proven or probable reserves, as defined by the SEC, and we cannot assure you that these materials will be converted into proven or probable reserves, as defined by the SEC. Starting in its next annual report on Form 20-F, Vale will comply with Subpart 1300 of Regulation S-K, which will replace SEC Industry Guide 7. Subpart 1300 of Regulation S-K permits mining companies, in their filings with the SEC, to disclose "mineral reserves", "mineral resources" and "exploration targets" that are based upon and accurately reflects information and supporting documentation of a qualified person. We present certain information in this presentation that are not based upon information or documentation of a qualified person, and that will not be permitted in an SEC filing under Subpart 1300 of Regulation S-K. These materials are not mineral reserves, mineral resources or exploration targets, as defined by the SEC, and we cannot assure you that these materials will be converted into mineral reserves, mineral resources or exploration targets, as defined by the SEC. U.S. Investors should consider closely the disclosure in our Annual Report on Form 20-K, which may be obtained from us, from our website or at http://http://us.sec.gov/edgar.shtml." Disclaimer#31 We are building a better Vale#4Building a better Vale De-risking I ■ ■ ■ Brumadinho Mariana Dam safety Production resumption Reshaping Focus on core business ■ Elimination of cash drains ■ ■ Accretive growth opportunities Cost efficiency Sound cash flow generation Discipline in capital allocation Re-rating ■ ■ I ■ ■ 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#5Business and Financial highlights We have made significant progress on our strategic priorities in 2021: Iron Ore Base Metals Cultural transformation Portfolio optimization Capital allocation -340 Mtpy capacity production in 2021 YE vs. 322 Mtpy in 2020YE 5.1% y/y increase in iron ore fines production 6.8% y/y increase in pellet production 82.5 Mt iron ore fines sales in 4Q21, a record for a fourth quarter Ramp-up of operations in North Atlantic 38.1 kt production at Voisey's Bay, achieving best-to-date annual production 19.4% y/y increase in production in Onça Puma Accelerated Base Metals transformation Increasing maturity of VPS implementation Lowest Total Recordable Injury Frequency Rate (TRIFR) in Vale's history Mosaic and CSI divestments completed Moatize sale signed (expected closing 1H22) US$ 3.5 billion dividend to be paid in March 2022 Return of US$ 23 billion through dividends and buyback programs since 2021 VALE#6Significant progress with the Brumadinho reparation Agreement for Integral Reparation US$ 1.3 billion¹ disbursed in 2021: ■ ■ ■ ■ ■ Income Transfer Program (fully paid) Water pipeline system (fully completed) Urban Mobility Projects Public Service Strengthening Program Biofactory / Fundação Ezequiel Dias Projects US$ 1 billion¹ planned for 2022 Individual indemnifications Extrajudicial Settlement Programs: +12,800 people since 20192 + R$ 3 billion in settlements² New water pipeline system to support Belo Horizonte Metropolitan region 1 Amount net of judicial deposit. 2 Accumulated number of people with signed agreements and amounts committed in signed agreements until February 18, 2022. VALE 6#7Upstream dams: 40% eliminated by 2022YE¹ Total of uptream dams eliminated per year (cumulative view) >1/3 complete 7 12 13 2/3 complete 17 20 27 1 As per the Upstream Dam Decharacterization Program in Brazil. 30 2019-2022 2023 2024 2025 2029 2035 2021 5 Pontal dike decharacterization works were concluded in December 2021 Next deliveries (2022) Baixo João Pereira dam (Fábrica site) Auxiliar dike B5 (Águas Claras site) 3 Pontal dike (Cauê site) ■ ■ I I 4 Pontal dike (Cauê site) Ipoema dam (Itabira complex) VALE 7#8Delivering on our ESG commitments... ■ ■ ■ Health & Safety Zero recordable high-potential injuries (N2) by 2025 Lowest total recordable injury frequency rate in Vale's history in 2021 CO Forest Recover and protect +500,000 ha by 2030 67,372 hectares of recovered / protected forests in 2021 ESG gaps Closing key ESG gaps by 2030 86% of gaps closed by 2021 ■ ■ ■ ■ Energy 100% clean energy in Brazil by 2025 and and globally by 2030 ~90% reached in Brazil by 2021 Scope 1 and 2 emissions Reduction by 33% by 2030 Investments between US$ 4.0 and US$ 6.0 billion Scope 3 emissions Reduction by 15% by 2035 Launching of the green briquette Engagements with customers. representing 40% of our Scope 3 VALE 8#9and strengthening social performance Social Ambition "Be a partner company in the development of resilient communities, engaged in relevant issues to humanity and committed to sustainable mining." New 2030 Social Goals O $ Resilient communities Lift 500,000 people out of extreme poverty¹ Orer ar Indigenous People Indigenous communities neighboring ALL Vale operations with UNDRIP2 rights plans Diversity, Equity and Inclusion (DEI) 26% of women's workforce representation anticipated to 2025 (from 2030) New DEI Goal 40% leadership roles in Brazil occupied by black employees by 2026 1 People living with less than US$1.95 per day, as per the World Bank. 2 United Nations Declaration on the Rights of Indigenous Peoples. Sustainable Mining Rank Top 3 in the social requirements of the main external assessments VALE#10Reshaping: substantial progress in 2021 2015 Coal assets in Australia CSA 1 Closing expected by 1H22. Fertilizer assets in Peru Deals in 2021 Other non-core assets 2018 Fertilizer assets in Brazil Potash projects in Canada Zhuhai YPM Henan Longyu Energy Resources 2020 Biopalma Potássio Rio Colorado VNC Manganese ferro-alloy in Minas Gerais, Brazil 2021 Mosaic CSI What is next? Moatize ¹ 1 MRN CSP VALE 10#11Creating and sharing value: record FCF generation, 95% distributed to shareholders Free cash flow returned to shareholder US$ billion Share buyback Extraodinary dividends Ordinary dividends Free cash flow returned to shareholder (%) €50% 4.3 1.0 1.4 1.9 2018 2019 36% 3.3 0.9 2.4 2020 95% 19.0 5.5 5.9 7.6 2021 4.0 0.51 0.720 2.8² 1Q22 Minimum dividend policy 1 Considering share buyback program in year-to-date (February 24). 2 Considering dividends announced in February 24 to be paid in March. Extraordinary dividends Share buyback program Through the cycle Return surplus cash Attractive investment VALE 11#122 Base Metals#13Robust outlook for Base Metals Total Nickel Demand¹ in million tonnes 3.8 0.3 2021 4.9 0.8 1 Includes secondary demand (scrap) 2026 Batteries Other High-Value Ni 6.3 1.9 2031 CAGR (2019-31) 29.9% Stainless Steel Total Copper Demand¹ in million tonnes 29.7 0.7 0.6 2021 EV 33.9 1.3 1.7 2026 Renewables 38.5 3.2 1.6 2031 Other CAGR (2019-31) 20.6% 9.6% 竹 13#14Right assets in strong jurisdictions with technical expertise to unlock the value chain Contained metal in Mineral Resources (inclusive of Reserves) in million metric tonnes of metal Canada Nickel Average Grades Copper Average Grades 1.68% 1.38% 3.1 2.61 Brazil 2.2 1.40% 0.69% 16.4 Indonesia 7.6 1.67% 0.83% Top 3 or better resource position in each jurisdiction for primary mined metals² 17.4 Our Base Metals business Thompson Sudbury Port Colborne Long Harbour Onça Puma ▲ Mine & Mill Refinery Integrated Operation * Future Hub Voisey's Bay Salobo Sossego Clydach Note: 2020 Mineral Resource estimates as of December 31, 2020, except for copper resources in Indonesia (interim pre-feasibility study update concluded in December 2021). Minerals resources are shown in 100% basis, not reflecting Vale's interest. Mineral Resources includes measured, indicated and inferred categories. All tonnage information has been rounded to reflect the relative uncertainty in the estimates. ¹ Copper is a byproduct of Canadian nickel operations. 2 Primary mined metals would be nickel for Canada, copper and nickel each for Brazil and Indonesia. For Canadian copper, which is a byproduct, Vale is not Top 3 in resources. Hu'u Matsuzaka Sorowako 14#15Accelerating the Rights Actions 1 2 3 Benchmark in Safety & Sustainability Core value within Vale, an uncompromising commitment Achieving our Full Resource Potential World class resource base in key global regions Delivering Project Pipeline Robust suite of projects to deliver long term value 4 5 6 Mine Productivity & Performance Leading from our mine face to safely deliver value Foundational Major Player in North American EV Industry Positioned to be a leading North American based provider of critical metals New Pact with Society A low carbon, responsible company that differentiates from the pack VALE 15#16Base Metals sound improvement in 4Q21 Nickel production - kt 30.2 3Q21 +59% 48.0 4Q21 Copper production - kt 69.2 3Q21 +12% 77.5 4Q21 ▪ Ramp up of Sudbury mines ▪ Totten resumption in February 2022 Onça Puma & Matsusaka strong 4Q21 after maintenance ■ ■ ■ Long Harbour best-to-date annual production Salobo total mine movement at pre-safety review levels VALE 16#173 Iron Ore#18Resuming iron ore operations while improving portfolio quality 1Q22 1H22 S11D: jaspilite crushers installation 2H22 S11D: Project +10 Mtpy Main deliveries in 2022 4Q22 Brucutu/Itabira: tailings filtration plants start-up 2H22 Serra Norte: Gelado project 4Q22 Capacity Quality Brucutu: Torto dam start-up Itabira: Itabiruçu dam raising and new tailing stockpile Production guidance for 2022 320335 Mt Conceição's tailings filtration plant commissioning started in December 2021 Cauê's tailings filtration plant commissioning started in December 2021 VALE 18#19Steel demand will also be driven by an industry wide decarbonization transition Steel application in different energy sources +1 Solar: used as a base for solar thermal-panels and in pumps, tanks and heat exchangers. Wind: main material used in onshore and off-shore wind turbines Hydroelectric: needed to reinforce concrete dams Biomass: used extensively in agriculture equipment Wave and tidal: steel pile is the main component of systems. Power generation - Material intensity ton of Cu eq.1 per terawatt-hour Energy sector example Other Cadmium, gallium, telurium Rare-earth elements Coal fired Source: World Steel Association and Mckinsey 1 Copper equivalent. Cu eq, conversion used 2015-21 average prices for each metal. 2 Estimated average across different technologies, for onshore and onshore. Gas fired Aluminium Copper, nickel and zinc Steel Wind ² Solar photovoltaic VALE 19#20Three main drivers will boost value of high-grade products leading to solid premiums in the long term ● Demand drivers ● Transition driver Investment requirement US$ 1-2 trillion to be compliant with CO₂ emission requirements Aging plants, capacity retirement and CO₂ related investment requirements will boost productivity needs ● • Productivity gains and CO₂ reductions can defer investment requirements High grade products increase productivity and reduce CO₂ in steelmaking process Source: Vale's estimates. ¹ Assumptions: Biochar@$250/ton; Electricity@$30/MWh; CCS@$60/ton.CO2 Fuel cost¹ (US$/t coal eq.) ● Higher reductant costs 2 Natural gas. Coal NG2 w/ Biocarbon CCS3 Directional driver • High-grade products decrease reductant consumption Blue Green hydrogen hydrogren "Greener" reductant will increase hot metal production costs, especially out of low- grade ores 3 Carbon capture and storage. Current high coke prices have boosted premiums in the short term Supply driver Limited supply of high-quality ores Average Fe content (% Fe) ● 63.6 Vale 60.8 Peer 1 60.4 Peer 2 Future 2020 57.8 Peer 3 Main ore bodies available face depletion and beneficiation challenges, thus making it difficult to increase supply of high-grade Vale will strongly benefit from its high- quality product portfolio Current supply limitations and ore quality decrease have pushed premiums up 20#21Price spreads have increased driven by high coal costs and the impact of current supply limitations on iron ore quality Spreads to IODEX 62% (US$/dmt) 40 30 20 10 0 -10 -20 -30 -40 -50 -60 -70 MB 65% Fe MB 62% Fe Low Alumina MB 58% Fe трал Ampatualmen muntany Note: last data from Februray 24th 2022. 2019 mentumm 2020 придринс 2021 way پاس Maana +$28.2/t +$5.0/t -$48.5/t 2022 $77/t spread entre 65% Fe e 58% Fe VALE 21#224 4Q21 highlights#23Lower iron ore price greatly offset by higher volumes EBITDA 3Q21 vs. 4Q21 (US$ million) 7,109 EBITDA 3Q21² 2,075 Prices • US$ 2.4 billion negative effect from Ferrous business US$ 0.3 billion positive effect from Base Metals and Coal 1,443 Volume ● Sales increase: +17.6 Mt of iron ore ¹ +2.9 kt of nickel 482 Others ³ 1 Includes iron ore fines and pellets. 2 Net of Brumadinho expenses and COVID-19 donations. 3 Includes US$ 154 million in lower unit costs and expenses, US$ 122 million in foreign exchange effect and US$ 206 million in dividends received and others. 6,959 EBITDA 4Q21² VALE 23#24FCF impacted by accrual sales and pricing mechanism Free Cash Flow (US$ million) 6,959 2,293 ● Settlements with clients: pricing system mechanism and the sharp price decline in 2H21 Higher accrual sales volume (18.1Mt in 4Q21 versus 8.7 Mt in 3Q21) 1,293 EBITDA Working Brumadinho proforma capital expenses¹ 4Q21 +US$ 0.9 bn vs. 3Q21 952 Income taxes & REFIS 1,831 CAPEX 765 Others² 784 175 Free Cash Cash Increase in Flow from management cash & cash Operations & others 3 equivalents 609 1 Includes US$ 1.088 billion of disbursement of Brumadinho provisioned expenses, US$ 189 million of Brumadinho incurred expenses and US$ 16 million of COVID-19 expenses. 2 Includes interest on loans, derivatives, leasing, dividends paid to noncontrolling interest, payments to Samarco and others. 3 Includes US$ 1.259 billion from the Mosaic divestment and US$ 226 million of net debt funding, offset by US$ 701 million of share buyback, VALE 24#25Net income 4Q21: Non-cash events and increase in provisions Reconciliation of proforma EBITDA to net income (US$ million) US$ million EBITDA Proforma Brumadinho & COVID-19 donations EBITDA Coal (Discontinued operation) Adjusted EBITDA from continuing operations Impairment & disposal of non-current assets Dividends received Equity results ¹ Financial results Income taxes Depreciation, depletion & amortization Net income from continuing operations attributable to Vale's stockholders 1 Includes net income attributed to non-controlling shareholders. 4Q21 6.959 -2,131) -102 4,726 -205 -142 (-1,010) (3,158 -353 -822 5,352 ● ● ● US$ 1.7 bn: provision for the decharacterization of upstream dams after an update of estimates considering new engineering and geotechnical solutions. US$ 1.1 bn: Provision related to Fundação Renova, after court decisions on individual compensation. US$ 3.2 bn: Reclassification of cumulative exchange variation in equity: i. capital reduction of a wholly owned subsidiary abroad; and ii. the liquidation of a wholly-owned subsidiary previously operating in international iron ore logistics. VALE 25#26We are identifying opportunities to offset inflation in 2022 and deploy the US$ 1 billion reduction program for 2023 Inflation on fixed spending and sustaining investments to be offset in 2022 US$ 0.5-0.7 billion of expected inflation pressure on fixed spending and sustaining investment in 2022 (vs. 2021) Examples of initiatives identified to offset inflation: Vale: Organizational redesign and simplification Iron ore: Reassess scope and process of maintenance and suppliers Base Metals: Services optimization through better planning and control in North Atlantic Iron ore variable cost sensitivity to oil price 2022 vs. 2021 F A $ 10/bbl brent oil AUS$ 0.2/t iron ore C1 cash cost A $ 10/bbl brent oil L A US$ 0.9/t iron ore's freight cost VALE#27Closing remarks De-risking I Brumadinho ■ ■ ■ Mariana Dam safety Production resumption Reshaping Focus on core business ■ Elimination of cash drains ■ ■ Accretive growth opportunities Cost efficiency Sound cash flow generation Discipline in capital allocation Re-rating ■ ■ I ■ ■ 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