Vale Investor Day Presentation Deck

46 3 Maximize flight-to-quality in Iron Ore Vale has a winning shipping strategy 1 Long-term affreightment contracts Majority of fleet under LTC¹ with increase potential Efficient vessels 65+Valemaxes 1G+2G/45+ Guaibamaxes Scrubbers installed on dedicated fleet Lower bunker costs Ecoshipping program R&D portfolio including rotor sails and air lubrication Freight costs US$/t ~27 Spot freight 2021E² ~13 ~19 Valemax 2G/ Vale's average Guaibamax freight cost 2021E 2021 E3 ¹ Long term contract. 2 C3 Route (Tubarão-Qingdao). 3 Iron ore fines freight. 4 Includes ~US$ 2.4/t reduction related to market assumptions for spot freight and bunker fuel costs. ~16 Vale's medium term freight cost34 VALE

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