Vale Investor Presentation Deck

Credit rating agencies acknowledge our progress with de-risking MOODY'S INVESTORS SERVICE (2020) "(...) we upgraded Vale S.A.'s rating to Baa3 from Ba1, with a stable outlook. The upgrade reflects the improvements in Vale's environmental, social and governance (ESG) practices, which has enhanced risk management and governance oversight, supporting reparation of the population and areas affected by the tailings dam accident in Brumadinho in January 2019, and materially reduced the risk of a similar accident in the future. Accordingly, Vale has established a new Tailings Management System, aligned with best international practices, which includes new roles and responsibilities and three lines of defense to enhance safety of operations. Enhancements in corporate governance also support the upgrade." Fitch Ratings (2020) "(...)Fitch has also affirmed Vale S.A.'s national long-term rating at 'AAA(bra)'. The Rating Outlook remains Stable. These rating actions reflect steps taken by Vale over the past 18 months that have lowered the risk of future dam failures and the implications upon the environment and people in the surrounding community should they occur. The rating actions also take into consideration Vale's extremely low leverage and strong free cash flow, whic position it to withstand any sharp downturn in iron ore prices or unexpected legal liabilities that relate to the Brumadinho dam failure." VALE 22

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