Vale Results Presentation Deck

Three 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

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