Vale Investor Day Presentation Deck

45 3 Maximize flight-to-quality in Iron Ore ...reducing C1 cash cost level Vale's iron ore fines C1 cash cost (ex. 3rd party purchase) US$/t ~17 2021E -0.7 -1.0 Cost Dilution of fixed costs efficiency¹ 0.5 New way to operate² 15.5-16 2023 -1.0 Dilution of fixed costs -1.0 14-15 Cost 400 Mtpy efficiency¹ production ¹ Includes the removal of inefficiencies in operations and productivity gains. 2 Tailings filtration plants, dry concentration, geotechnical analysis, drilling and others. 14-15 2-3 10.5-12 • Inflation ● VALE Drilling/ geotechnical analysis Depletion/others Main changes from previous guidance

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