Vale Investor Conference Presentation Deck

2022 BofA Securities Global Metals, Mining & Steel Conference Underestimated supply restrictions lead to a stronger-for-longer commodities cycle 美 M Mines depletion ● Volume replacement needs + grades lowering Complex licensing process Stringent ESG standards ● Industry capital discipline Lessons learned from last super-cycle and incentives misaligned Source: Vale analysis and PWC Mine 2021 Report. 1 Considers Top 40 Metals & Mining companies. Capex adjusted by US PPI ($2021 real). Iron ore volumes depletion (2021-2030) - Mt -30% of current seaborne supply 473 Total 118 2011 12 277 Australia 13 Mining industry Capex - US$ bn¹ 149 152 121 14 83 83 15 Brazil 58 55 16 17 66 China 62 18 68 19 47 Others 68 81 20 21E VALE

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