Vale S A : Investor Tour 2020 Presentation

20th Analyst & Investor Tour

September 16th, 2020

Construction works of a filtration plant at the Vargem Grande Complex

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"This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future and not on historical facts, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de Valores Mobiliários (CVM) and in particular the factors discussed under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report on Form 20-F."

"Cautionary Note to U.S. Investors - The SEC permits mining companies, in their filings with the SEC, to disclose only those mineral deposits that a company can economically and legally extract or produce. We present certain information in this presentation, including 'measured resources,' 'indicated resources,' 'inferred resources,' 'geologic resources', which would not be permitted in an SEC filing. These materials are not proven or probable reserves, as defined by the SEC, and we cannot assure you that these materials will be converted into proven or probable reserves, as defined by the SEC. U.S. Investors should consider closely the disclosure in our Annual Report on Form 20-K, which may be obtained from us, from our website or at http://http://us.sec.gov/edgar.shtml."

Disclaimer

20th Analyst & Investor Tour

Presenters:

Marcello Spinelli

Vagner Loyola	3

Enhancing safety, flexibility and quality

Overcoming challenges and designing a new future

What we are

doing

What are the

targets?

Reviewing and	Reviewing
implementing new
production plan
safety standards
Ensuring supply	Developing new
to customers	flowsheet solutions

400	400 Mtpy production	De-characterization of
level with capacity
upstream structures
	buffers
	Quality	Alternatives to
	improvements in	reduce dependence
	portfolio	on dams

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Enhancing safety, flexibility and quality

Stabilization of production adds quality to Vale's portfolio

Profile of iron ore products

		Seaborne		Vale		Vale
		average¹		Today		Future
Fe%		60.8		63.5		64.0
	5.0		4.0		3.8
SiO2%
Al2O3%		2.1		1.4		1.4

Share of premium products² (%)

				~90%
		85%	84%	IOCJ
	81%			BRBF
53%				Pellets
				Pellet feed
				GF88
2015	2018	2019	2020E	Future

1 Current seaborne supply (excluding Vale). 2 Composed of pellets, Carajás (IOCJ), Brazilian Blend Fines (BRBF), pellet feed and GF88.

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Enhancing safety, flexibility and quality

Vale reinforces its flexibility by creating capacity buffer

PA

MS

Nueva

Palmira

Ponta da

Madeira

EFC

MG

EFVM

MRSTubarão

Itaguaí

TIG

	Production (Mt)		Capacity (Mtpy)
		2018			Today1	Path to	Future
				400Mtpy²
Northern				194			202	230	260
System
Southeastern			104			63	101	106
System
Southern				84			51	67	82
System
Midwestern				2			2	2	2
System
							318	400	450
				385

1 Assumes actual capacity of the current operating assets. ² Minimum capacity to achieve 400 Mtpy.

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The Northern System is a high-quality and low-cost growth platform

IOCJ, the world's high-grade benchmark

EFC

Eastern

Range

Northern

CarajásRange

National Forest

S11D

Capacity (Mt)

	2018¹		Today		Path to
			400 Mtpy
Mine/	194		202		230
Plant
Port 197			230
	230

Main products

IOCJ, BRBF input and GF88

Challenges

Opening of new pits and licensing

Ramp-up of operations

Future Bottleneck today

260 Permitting

of new

mining

260 fronts

1 Mine/Plant refers to production and Port refers to shipments.

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The Northern System is a high-quality and low-cost growth platform

Northern and Eastern Ranges entail the opening of new mining fronts and licensing

Site capacity (Mt)

136	114	140	140
2018¹	Today	Path to	Future
		400 Mtpy

Ongoing solutions

4Q20

2020

2023

2021

2023

2022

2023

Resumption of Eastern Range operation (6 Mtpy capacity) after receiving licenses and completing maintenance works

Applying for new licenses and opening of new mining fronts such as Morro 1 and N3

Usina 1 shift to 100% dry processing temporarily impacting production

Start-up of (i) Gelado project, producing high quality pellet feed and (ii) Eastern Range expansion to 10 Mtpy capacity

1 Production in 2018.

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