Vale Investor Day Presentation Deck

47 3 Maximize flight-to-quality in Iron Ore Decarbonization and portfolio improvements lead to higher premiums for Vale All-in premiums¹ Market environment Vale's portfolio I ■ I 2018 US$ ~10/t Chinese supply side reform High steel margins High availability of pellet feed and pellets ▪ Flexibility to produce close to 400 Mtpy ■ ■ I 2021 US$ ~6/t Volatile iron ore price High-availability of low alumina products High coke prices Production of high-silica products ▪ Low pellet feed availability to produce pellets ■ Healthy steel margins ▪ Lower availability of low alumina products ■ ■ 2023-26 I US$ 8-12/t Higher volumes from Northern System Resumption of pelletizing capacity Ramp-up of briquette plants 2029+ US$ 12-18/t ▪ Carbon pricing ▪ Transition to more direct reduction demand I ▪ Green briquettes over 50 Mtpy Dry concentration improving quality Note: Considering different scenarios of steel production with steel margins ranging between US$25-100/t and carbon price ranging between US$0-60/t of CO₂eq. 1 Vale's iron ore weighted average premiums for the current and future portfolio, including IOCJ, BRBF, pellets, briquettes and others, on top of 62% Fe benchmark index. VALE

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