#1Autonomous stacker reclaimer in Serra Norte stockyard (March 2022) Vale's performance in 1Q22 Rio de Janeiro, April 28, 2022 TAJE DE ACUA 30.000 L 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 Significant milestones achieved and on track to deliver on our strategic and financial objectives Iron Ore Base Metals Portfolio optimization Capital allocation ■ ■ ■ ■ ■ ■ US$ 9.1/t All-in premium Expected improvement in the next quarters to meet 320-335 Mt guidance EV market long-term supply agreement: Northvolt Sudbury mines achieving pre-labor disruption run rates Conclusion of Moatize and CSI sale Announcement of Midwestern System sale US$ 3.5 billion dividends paid Strong execution of share buyback program (~100 million shares in 1Q22) New program announced (500 million shares) VALE 5#6Increasing integration between business and ESG strategy Investments in decarbonization via Tecnored Co "Green", low-cost pig iron production, by potentially replacing coal with biocarbon ■ 10-15% lower capital and operational cost-intensity¹ Supporting steelmaking decarbonization Offer the steelmaking industry a viable technological solution for decarbonization investments, once proved on an industrial scale Contribute to Vale's net Scope 3 emissions reduction target of 15% by 2035 1 Compared to blast furnace route. Industrial scale plant in São Paulo (75 ktpy capacity) Marabá plant site, start-up in 2025 (250 ktpy capacity, expandable to 500 ktpy) wowowowowom VALE 6#7Making progress on responsible divestments of non-core business Goals Portfolio Optimization Solving cash drains Focusing on core business Recent divestments 1 US$ 437 million in cash and US$ 65 million in dividends for 2H21 results. Moatize & Nacala CSI • Exit of coal business US$ 270 million received in 2Q22 Midwestern System US$ 150 million cash at closing • Take-or-pay transfer (-US$ 1 billion) Sale of 50% ownership US$ 502 million received in 1Q22¹ Upcoming CSP MRN VALE 7#8Share buyback programs to reach ~20% of outstanding shares¹ Share buyback programs since 2019 1st Program (announced in April 2021) ● 270 million shares repurchase - 5.3% of the total number of outstanding shares¹ • 6-month length • US$ 19.55 average share ● price • US$ 5.28 billion ● 1 As of March 2021 (5,130,801,436 shares). ● Ⓡ 2nd Program (announced in October 2021) 200 million shares repurchase - 3.9% of the total number of outstanding shares¹ 84% program completed - US$ 17.90 average share price - US$ 3.0 billion 8 +90% of 9.2% complete... ● 3rd Program (announced in April 2022) New 500 million shares repurchase - 10% of the total number of outstanding shares ¹ ● • 18-month length VALE 8#92 Base Metals#10We continue to advance in our Base Metals agenda 1 Benchmark in Safety & Sustainability Core value within Vale, an uncompromising commitment 2 Achieving our Full Resource Potential World class resource base in key global regions 3 4 5 Delivering Project Pipeline Robust suite of projects to deliver long term value 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 6 New Pact with Society A low carbon, responsible company that differentiates from the pack Nickel rounds ● ● Announced an agreement to sell our low- carbon nickel products to battery manufacturer Northvolt Certificate for carbon footprint of: Nickel pellets from Sudbury and Clydach - Nickel powder from Sudbury - Copper concentrates from Salobo and Sudbury mines Pomalaa CoW area ● SULAWESI SELATAN ● Engtu SULAWESI TENGGARA Non-binding framework agreement between PTVI and Huayou to develop an HPAL project in Pomalaa Targeted production scale: up to 120 ktpy of nickel in MHP PTVI will own 100% the mine and have the right to acquire up to 30% of the HPAL project VALE 10#11Production impacted by ramp-up of Sudbury mines, including Totten resumption, ramp-up of VBME and maintenance at Sossego and Salobo Nickel production - kt 48,4 1Q21 Copper production - kt 76,5 -5% 1Q21 -26% 45,8 1Q22 56,6 1Q22 Sudbury mines achieving pre-labor disruption run rates ▪ Totten reaching pre-incident rates ▪ Stable performance in Onça Puma ▪ Planned maintenance in Matsusaka ▪ Increase in third-party sourced feed to maximize downstream utilization Ramp-up of VBME project ■ I ■ Sossego SAG mill maintenance extended ▪ Maintenance on Salobo's mill liners and impact of heavy rains on mine plan ▪ Lower by-products from Canadian operations Sudbury mine performance tonnes of ore mined - daily average May 2021 Jan 2022 Pre-strike Feb 2022 Mar 2022 Mining ahead of plan allowing plant to work with maximum throughput after maintenance Drawdown of maintenance backlog and higher grades zone to be mined in 2H22 Mining production increased in Sudbury - pre- strike levels VALE 11#12Ni price realization was 16% up in the quarter 1Q22 Average LME Price Class I Contribution Class II Contribution Intermediates Contribution Nickel Price after Premiums/Discounts Quotational Period (QP) Impact Nickel Price after Premiums/Discounts and QP Impact Fixed Price Sales Hedge Impact 1Q22 Nickel Realized Price 4Q21 Nickel Realized price 1 Average premium is rounded to nearest 5 19.088 1,899 1,969 224 26.395 704 22.195 21 833 24.318 26,285 +16% Product Premiums and Discounts Market Pricing Hedge Impact Category Upper Class I Lower Class I Class II Intermediates² QP Exposure Typical Monthly QP Split Category Hedge Impact Volume (kt Ni) 20 5 9 2 Intermediates mostly refers to PTVI matte, which is typically sold at a percentage of LME price 3 Refers to average settlement price in the quarter LO 5 Previous Period -50% Volume (kt Ni) 12.3 Not subject to margin call - Volumes spread along 2022 - No volatility in earnings due to hedge accounting Average Premium ($/t)¹ 1,250 550 90 (6,480) Current Period -50% Nickel Price ($/t) 20,340³ VALE 12#133 Iron Ore#14Vale's product portfolio premiums widened in Q1 Average spread to IODEX 62% (US$/dmt) MB 65% Fe index MB 62% Fe Low Alumina index 11,1 8.3 1,1 -16,1 2019 13,4 5.3 1,3 -19,0 2020 MB 58% Fe index Vale's all in premium² 25,9 6.9 1,7 -41,4 2021 1 Until April 25th 2022. 2 2019 and 2020 figures Include Midwestern System. 27,8 9.1 4,8 -53,0 2022YTD¹ CO₂ O Long term drivers: Greener steelmaking Investment requirement for steelmakers ● ● Short term drivers: Supply chain disruptions High coke costs Concentrates restrictions • Peers' replacement and disruptions in Brazil ● Higher reductant costs Limited supply of high-quality ores ● Vale is improving its premium portfolio (e.g. tailings filtration plants, IOCJ, concentration plants) VALE 14#15We are confident to achieve the of 320-335 Mt production guidance in 2022 Iron ore production (Mt)¹ 2021 2022 68 Q1 64 76 Q2 89 Q3 ¹ Including Midwestern System production. 2 Until April 25th 2022. 82 Q4 Growth enablers 2Q22 2H22 ● ● ● Minas Gerais April's production 30% higher MTD²: +2.1 Mt YoY. ● S11D: jaspilite crushers installation concluded (production level increase). Major maintenances carried out in 1H22 Dry weather seasonality ● • Serra Norte: rolling licenses and Gelado project start-up Tailings filtration plants under commissioning (quality improvement) VALE 15#16Making progress to deliver medium to long term production targets Serra Norte S11D Itabira Brucutu ● ● ● ● ● Gelado project start-up in 2H22 Applying for rolling licenses to increase 2H22 production New ore bodies under licensing with further development (N3 and N1/N2) Improved ore body knowledge and new asset learning curve Medium term solutions under development: New waste crusher to process large compact blocks, +10 Mtpy and Serra Sul 120 projects Tailings filtration plants ramping-up Itabiruçu dam started raising works in April (first phase to be completed by year end and final phase in 2023) Tailings filtration plant ramping-up Torto dam being concluded in 2Q22 and under licensing process until 4Q22 Licensing and development of tailings/waste stockpiles areas VALE 16#174 1Q22 highlights#18Seasonally lower volumes offset by higher prices and premiums EBITDA variation - US$ million (1Q22 x 4Q21) 6.857 Proforma EBITDA 4Q21¹ 2,302 Volume 1,921 Price²2 140 FX effect ¹ Proforma EBITDA from continuing operations. 2 Includes the impact of third-party purchase, royalties, distribution center, and leasing. 3 Includes costs and expenses, the impact of trading operations, the impact of by-products, and others. 74 Bunker & Spot Price 36 Others ³ ● US$ 19 million of costs, net effect 6,374 Proforma EBITDA 1Q22¹#19C1 mainly impacted by lower volume, FX and fuel prices C1 cash cost ex-third-party purchase (US$/t) 16.5 4Q21 1.5 0.7 1.3 Fixed cost Demurrage Inventories dilution effect Internal effects -0.2 Others 17.6 1Q22 (ex. external effects) 0.8 FX -0.3 Fuel External effects 18.7 1Q22 VALE#20Vale distributed US$ 3.5 billion to shareholders and repurchased US$ 1.8 billion of its shares Free cash flow (US$ million) 6,374 EBITDA proforma 1Q22 720 Usual payments to suppliers following higher. investments in 4Q21 Profit-sharing payments 256 2,577 Working capital Brumadinho & Income Taxes de characterization & REFIS expenses¹ ● +US$ 1.6 bn vs. 4Q21 1,136 CAPEX 456 Others² 1,229 Free Cash Flow from Operations 4,736 ● ● Cash management & others³ Dividends: US$3.5 bn Share buyback: US$1.8 bn 3,507 Decrease in cash & cash equivalents ¹ Includes US$ 133 million of disbursement of Brumadinho provisioned expenses, US$ 123 million of Brumadinho incurred expenses. 2 Includes interest on loans, derivatives, leasing, dividends paid to noncontrolling interest, and others. VALE 3 Includes US$ 3.480 billion of shareholder remuneration, US$ 1.788 billion of share buyback, US$ 502 million from the sale of the participation in CSI, US$ 425 million of debt funding, and US$ 395 million of debt repayment. 20#21Optimal leverage was reviewed to US$ 10-20 billion range Expanded net debt (US$ billion) 15.1 Expanded net debt 4Q21 3.0 2.2 -0.9 Net debt Commitiments Net variation ² change FX variation¹ 19.4 Expanded net debt 1Q22 Key enablers to support US$ 10-20 bn range Solid fundamentals Capacity resumption Cost efficiency and capex discipline ¹ Includes Refis, Brumadinho provisions, De-characterization provisions, Samarco & Renova Foudation provisions. 2 Includes currency swaps, Refis, Brumadinho provisions, De-characterization provisions, Samarco & Renova Foudation provisions. Liability management initiatives VALE 21#22Closing remarks Remain laser-focused on delivering on our strategic & financial objectives Uniquely positioned to lead the sector towards higher ESG standards Confident on achieving our production targets for the year Capital discipline and superior return to shareholders to remain a priority VALE