Vale Investor Day Presentation Deck

The equity story for Vale A robust cash flow generation and a disciplined capital allocation 2021 Expected Cash Flow, based on sell-side analyst's EBITDA estimate US$ billion 37 - 43 2.7-3.2 Analyst's EBITDA range 2021E 0.8-1.1 5.4 Brumadinho Financial expenditures1 expenses, net 3.8-4.2 CAPEX 0.6 - 0.9 Income tax & REFIS 23% -32% FCF yield 5 Others 2 Dividends and buybacks already paid & committed 4 ¹Includes agreements, donations, decharaterizarion and incurred expenses. 2 Includes working capital, derivatives, dividends paid to non controlling interest, Samarco and Renova and others. Includes US$ 2.5 billion of project finance repayment, US$ 1.1 billion of debt amortization, net, and US$ 0.5 billion for the divestment of VNC. 4 Includes US$ 6.2 billion of dividends paid, US$ 4.0 billion of the buyback program disbursed as of Aug 31st, US$ 5.3 billion of the minimum dividend according to 1H21 and US$ 1.5 billion estimated to buyback the 80 million shares remaining of the program, considering the share price as of Aug 31st for this simulation purpose. 5 Considering the share price as of Aug 31st. 22 - 30 4,2 Cash Flow 2021E 17.0 Cash management as of June 30, 2021 3 1-9 Extra cash to be allocated

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