Vale Investor Day Presentation Deck

38 3 Maximize flight-to-quality in Iron Ore ... and value over volume approach will continue defining production and sales strategy Iron ore production Mt Iron ore sales Fe content (%)¹ 63.6% 300 2020 62.9% 315-320 2021E 1 Considers sales in the seaborne market and in Brazil, including iron ore pellets 63.5% 320-335 2022E Value over volume strategy Higher Fe content VALE

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