Vale S A : BRGAAP 1Q21

Interim Financial Statements

March 31, 2022

BRGAAP in R$ (English)

Vale S.A. Financial Statements
Contents
Page
Independent auditor's report on review of quarterly information	3
Consolidated and Parent Company Income Statement	5
Consolidated and Parent Company Statement of Comprehensive Income	6
Consolidated and Parent Company Statement of Cash Flows	7
Consolidated and Parent Company Statement of Financial Position	8
Consolidated Statement of Changes in Equity	9
Consolidated and Parent Company Value Added Statement	10
Notes to the Interim Financial Statements	11
1. Corporate information
2. Basis of preparation of the interim financial statements
3. Significant events in the current period
4. Information by business segment and by geographic area
5. Costs and expenses by nature
6. Financial results
7. Taxes
8. Basic and diluted earnings per share
9. Accounts receivable

• 10. Inventories

• 11. Suppliers and contractors

• 12. Other financial assets and liabilities

• 13. Investments in subsidiaries, associates and joint ventures

• 14. Non-current assets and liabilities held for sales and discontinued operations

• 15. Intangibles

• 16. Property, plant and equipment

• 17. Financial and capital risk management

• 18. Financial assets and liabilities

• 19. Participative stockholders' debentures

• 20. Loans, borrowings, leases, cash and cash equivalents and short-term investments

• 21. Brumadinho's dam failure

• 22. Liabilities related to associates and joint ventures

• 23. Provision for de-characterization of dam structures and asset retirement obligations

• 24. Provisions

• 25. Litigations

• 26. Employee post-retirement obligations

• 27. Stockholders' equity

• 28. Related parties

• 29. Parent Company information (individual interim information)

Report on review of quarterly information

To the Board of Directors and Stockholders

Vale S.A.

Introduction

We have reviewed the accompanying parent company and consolidated interim accounting information of Vale S.A.

("Company"), included in the Quarterly Information Form (ITR) for the quarter ended March 31, 2022, comprising the statement of financial position at that date and the income statement and the statements of comprehensive income, changes in equity and cash flows for the quarter then ended, and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of the parent company and consolidated interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34, Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly

Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently did not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the interim information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying parent company and consolidated interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the quarterly information, and presented in accordance with the standards issued by the CVM.

Other matters

Value added statements

The quarterly information referred to above includes the parent company and consolidated statements of value added for the quarter ended March 31, 2022. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the quarterly information for the purpose of concluding whether they are reconciled with the interim accounting information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated interim accounting information taken as a whole.

Rio de Janeiro, April 27, 2022

PricewaterhouseCoopers

Patricio Marques Roche

Auditores Independentes Ltda.

Contador CRC 1RJ081115/O-4

CRC 2SP000160/O-5

Income Statement

In millions of Brazilian reais, except earnings per share data

Consolidated Parent Company

Three-month period ended March 31,Notes

2022

2021

2022

2021

Continuing operations
Net operating revenue	4(d)	56,719 68,792	31,244	46,075
Cost of goods sold and services rendered	5(a)	(24,174) (23,587)	(12,468)	(12,439)
Gross profit	32,545 45,205	18,776	33,636
Operating expenses
Selling and administrative	5(b)	(629) (572)	(301)	(323)
Research and development	(631) (541)	(309)	(252)
Pre-operating and operational stoppage	23	(800) (792)	(788)	(748)
Equity results and others results from subsidiaries	29	- -	15,483	13,820
Brumadinho event and de-characterization of dams	21 and 23	(832) (637)	(832)	(637)
Other operating expenses, net	5(c)	(581) (54)	(551)	(487)
(3,473) (2,596)	12,702	11,373
Impairment reversal (impairment and disposals) of non-current assets	14	5,328 (654)	(264)	(8)
Operating income	34,400 41,955	31,214	45,001
Financial income	6	788 312	608	93
Financial expenses	6	(2,358) (7,416)	(2,039)	(7,442)
Other financial items, net	6	194 6,919	(252)	652
Equity results and other results in associates and joint ventures	13,14 and 22	1,119 (12)	1,119	(12)
Income before income taxes	34,143 41,758	30,650	38,292
Income taxes	7
Current tax	(1,284) (8,270)	(981)	(7,489)
Deferred tax	(9,702) (1,680)	(6,623)	(239)
(10,986) (9,950)	(7,604)	(7,728)
Net income of continuing operations	23,157 31,808	23,046	30,564
Net income attributable to noncontrolling interests	117 73	-	-
Net income from continuing operations attributable to Vale's stockholders	23,040 31,735	23,046	30,564
Discontinued operations	14(a)
Net income (loss) from discontinued operations	6 (1,619)	-	-
Loss attributable to noncontrolling interests	- (448)	-	-
Net income (Loss) from discontinued operations attributable to Vale's stockholders	6 (1,171)	-	-
Net income	23,163 30,189	23,046	30,564
Net income (loss) attributable to noncontrolling interests	117 (375)	-	-
Net income attributable to Vale's stockholders	23,046 30,564	23,046	30,564
Basic and diluted earnings per share attributable to Vale's stockholders:	8
Common share (R$)	4.79 5.96	4.79	5.96

As described in note 14, the coal segment is presented in these interim financial statements as discontinued operation, therefore, the comparative balances in the income statement were also reclassified.

The accompanying notes are an integral part of these interim financial statements.