Vale Investor Conference Presentation Deck

2022 BofA Securities Global Metals, Mining & Steel Conference We are walking the talk to close the gap, but industry is also materially underrated EV/EBITDA¹ 11 10 9 8 7 6 5 4 3 2 Mony при 2005 2007 2009 2011 2013 2015 Industry (ex-Vale) Industry avg. (ex-Vale) SD + 1 2017 SD-1 Vale 2019 2021 امرا Progress of the de- risking, reshaping and re-rating agenda Unlock Base Metals value achieving sector- specific multiples Maintenance of solid return to shareholders Source: Bloomberg. Includes data from Vale, Anglo American, Antofagasta, Barrick Gold, BHP, FMG, Freeport-McMoRan, Glencore, Nornickel (until end of 2021), Rio Tinto, South 32, Teck and Xstrata (former). 1 Consensus analysts median 12M forecast EBITDA. VALE

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