Vale Investor Day Presentation Deck

76 5 Discipline in capital allocation | Re-rating ... which should remain our focus as we resume capacity and manage cash use EBITDA 2023 - Sensitive analysis (US$ billion) Iron ore price (US$/t) mid-point based on analysts' forecast 80 90 100 Iron ore sales volumes (Mt) 340 ~16.5 ~19.5 ~23.0 350 ~17.0 ~20.0 ~23.5 360 ~17.5 ~20.5 ~24.0 Cash Flow Drivers EBITDA CAPEX US$ 5.8 bn (2022) US$ 5.0-6.0bn (avg. next years) Transitory expenditures Brumadinho Dam de-characterization Renova Capacity resumption to drive volume growth Controlled sustaining capex Accretive growth opportunities Substantial progress on reparation process Increased knowledge with diluted annual payments Indemnifications accelerating and skewed towards short term Note: Volumes and price ranges for sensitivity purpose only and do not constitute any guidance by Vale. Average BRL/USD exchange rate in 2023 of 5.00, average copper price (LME) of US$ 10,000/t and average nickel price (LME) of US$ 17,500/t. VALE

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