Vale Investor Conference Presentation Deck

16 BMO 31st Global Metals & Mining Conference Base Metals business: up to US$ 40 billion value potential Mid-term Base Metals EBITDA¹ Nickel price (US$/t) in US$ billion 16,000 19,000 22,000 6,500 -3.0 -3.9 ~ 4.8 Copper price (US$/t) 8,000 -3.7 -4.6 ~5.5 9,500 -4.3 ~5.2 ~6.1 Base metals value potential EV/EBITDA @ Cu-Ni current multiple (7x)² @Cu-Ni 2023e multiple (6x)² @Vale's current multiple (3,4x)³ 10 15 20 25 30 Value potential - in US$ billion 35 ¹ Assuming -220ktpy Ni production and ~420 ktpy of copper production. 2 Average multiple for Copper and Nickel companies in the last 30 days as of February 21, 2022. 3 Average multiple for Vale in the last 30 days as of February 21, 2022. 40 Reshaping 45 VALE

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