Vale S A : 2023 Vale's Inovation Committee Annual Report

Innovation Committee's Report of Vale S.A.

2023

The purpose of this report is to present the actions carried out by the Innovation Committee ("CINOV" or "Committee") in 2023 and the Committee's perspectives for next year based on the guidance of the Board of Directors ("BoD"), on Vale's regulations and on the results of its self- evaluation.

PRESENTATION

Committee creation date

CINOV was created on May 18, 2021, and, after Vale's Bylaws amendments in December 2022 and the restructuring and simplification of the Company's Committees, it now acts in a non- statutory and non-permanent manner.

Committee's composition and structure

CINOV is composed of José Luciano Duarte Penido, as Chair, Fernando Buso, Paulo Hartung, Shunji Komai, and Wagner Vasconcelos Xavier, as members.

The Committee further counts on Luis Carlos Affonso as external expert consultant.

Main attributions and responsibilities of the Committee

The main attributions and responsibilities of CINOV are to advise Vale's Board of Directors on matters related to innovation, digital transformation and new technologies, among other related topics pursuant to its Internal Regulations.

MAIN INDEX

Quantitative analysis of Committee's meetings

CINOV met 7 times in 2023 (8 times in 2022), all ordinary meetings. In 2023, the Committee made a technical visit to the CTSS - Vale's Technological Center for Sustainable Solutions, located in Xerém/RJ, with an onsite meeting.

Adherence rate of the Committee members

The attendance of members was 92% of the time of meetings during the year 2023, and 95% in 2022.

Average lasting of meetings

Throughout 2023, the Committee's meetings lasted approximately 26 hours total, with an average duration of 3h40min. The meetings were divided into 50 agendas, of which 45 were informative and 5 deliberative.

Quantitative analysis of the Committee's workplan and demands/recommendations

As in the previous year, the Committee meetings fully complied with the schedule of the agendas contained in its respective workplan, and the 21 additional demands/recommendations originating from the meetings were duly addressed.

HIGHLIGHTS OF THE YEAR

Summary of the main activities developed by the Committee in 2023

During 2023, the Committee performed its duties aligned with the best interests of the Company and with the authorities set forth in its internal regulations, and there was a strong evolution of innovation matters and processes at the Company, among which stands out the following:

• Assessment and recommendation of the Strategy and Budget of the Innovation, Research and Development for 2024;
• Discussion and monitoring of innovative projects of sustainable solutions for Vale, with the
  Committee's recommendation to accelerate the time to market;
• Recommendation of innovation strategies related to integration of the concept of Continued Improvement to Vale's Production System (VPS) and the main results obtained from the project and impact on the Company's cultural transformation;
• Monitoring of initiatives relating to the Mining of the Future, including portfolio of projects, autonomous operations programs, and decarbonization;
• Monitoring of the structure and governance of Vale's 6 research and innovation Centers;
• Contribution to the Safety Transformation Program, which brings innovation initiatives committed to the safety of the Company's operations, thus improving the occupational safety indices;
• Monitoring of the business strategy of the startups created within the scope of the Corporate Venture Capital program, such as Bionow, Circlua, Agera, and Dshbird, as well as the monitoring of new innovative initiatives;
• Discussion on decarbonization targets, considering alternative fuels for trucks, vessels, and trains;
• Discussion on topics related to initiatives, potential use and value of Artificial Intelligence at Vale, and actions that could be implemented to safely expand its use.

OUTLOOK FOR THE NEXT YEAR

Final considerations

In 2024, CINOV will continue to foster innovation at Vale, aligned with the Company's Global Strategy, prioritizing initiatives with the most significant business impact.. It should be noted, for example:

• To expand the content of the most strategic topics related to innovation in the Company in the agenda of the Committee and of the Board of Directors, to the extent that the Governance agenda is becoming stronger;

• Still in 2023, the Committee adopted a broader posture in relation to innovative project strategy and communication matters, monitoring projects in progress and discussing new fronts related to the strategy of the future, which will be expanded to 2024;
• To expand the debates related to the Mining of the Future, especially Vale's business priorities, such as production technologies, mineral exploitation, automation, autonomous equipment, and new materials;
• To deepen the discussions on innovation projects related to the Company's climate agenda, such as energy transition, alternative fuels, and decarbonization;
• Continuing education of the committee in subjects such as "Net Zero Steelmaking" and "Trends in Energy Transition Metals";
• To strengthen the Committee's expertise in innovation matters related to the Company's digital transformation and leverage Artificial Intelligence technology to increase operational efficiency, safety and business growth.