Vale S A : Transcript Vale Day 2022

Vale Day

2022

New York, NY

December 7th, 2022

Fig Corporate Communications

[START RECORDING]

First Agenda Item

MR. IVAN FADEL: Hello. Can you hear me? I'm not sure if the mic is working. I think it is now, sorry. So we will try to start on time if you can all please take your seat. So thanks everyone for being here. I'm Ivan Fadel, Head of Investor Relations here at Vale. So we're very, very glad to be here with you today for the 2022 Vale Day presentation, where we will go over our equity story, where we will show you some strategic initiatives that are shaping Vale of the future.

So the way this is going to work, we will have a slide presentation here for about one hour and 20 minutes, one hour and a half. And after that, we will have a Q&A session. So of course, we will take as many questions as we can from you here and also online. So I want to thank you and the online audience for being with us today.

And so let me introduce to you the executives that will participate in this presentation. So we have here today Eduardo Bartolomeo, Vale's CEO. We also have our Executive Vice President for Iron Solution, Marcello Spinelli. We have Deshnee Naidoo, the Executive Vice President for Energy Transition Materials. And also Gustavo Pimenta, our CFO. Okay. So I'll come back later here to mediate Q&A. So for now, I hope you enjoy our event. And I'd like to invite Eduardo Bartolomeo to take the stage here. So thanks, everyone.

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Second Agenda Item

MR. EDUARDO BARTOLOMEO: Thank you, Ivan. Well, there's water here. So good morning, everyone. Great pleasure to be with you here again. I think last time and by the way, the others on the virtual as well, now we have the new normal, right? We have people everywhere. But last time we were here and I was trying to recap to give the context, was Omicron, I think was after Thanksgiving, I said every Vale Day has an emotion. And I said this one is Omicron. We thought the room is going to be empty. And everybody came, by the way, that time, I think we didn't expect it to be such a hectic year.

We saw Ukraine hitting us February, China decided to have its own COVID problem, the recession in the U.S. So, it's been a quite, very exciting, and hectic year. But what we want to do today is share with you a little bit of transition where we are going through Vale. And I want to bring you two anecdotes just to make you reflect a little bit. One is when I was Base Metals executive director, we had a projection for this year that we would have 3.8 million vehicles. This year we're going to produce 11 million EVs in the world. This is the first point.

And of course, Ukraine brought the attention to everyone about geopolitical tensions, about energy of the world. We're trying to bring to you that we are not in an energy transition. I don't think that it's an energy transition, it's an energy revolution. We are underestimating

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what we have in front of us. And that brings me to my second anecdote; if you get the 10 miners market cap and you add it, you get to $570 billion sorry, $670 billion. If you get Tesla market cap after the TechCrunch, it's $500, is $600, $570 billion.

So, all the miners together, they don't value what Tesla values. So what I'm trying to do here, and I think this is a mining issue, and Vale, of course, we will show its position within this space as a fundamental problem of position itself and rerating. So with that in mind, what we want to do is to recap this with you. And I promised my team that I'll do it in 20 minutes. I hope.You know this framework very well. People that follows Vale, this is as I mentioned, it's my fourth Vale Day.

I've been I took over after Brumadinho. Obviously, Brumadinho is a defining moment in Vale. And we did this derisking, reshaping, re-rating capital location. And I want to give you just a very quick overview of what we've achieved. We're going back to some of these elements later, so I won't go deeper on those. It's just a matter to understand what we were able to deliver in these last four years.

When you talk about Brumadinho, of course, I think it's something that we are really how can I say that in conscious of the importance and the impact that we caused , but at the same time, we are fully engaged on repairing it fairly and quickly. I think I'm going to go back to that. Mariana we accelerated a lot this year. Dam safety is one of the things

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I'm really, I would say, it's a bit hard to choose, even in English, the right words for that, but we are under control.

We know what we don't know. We know everything about the tailing's dams, so I'm coming back to that later. And capacity resumption, we were able to deliver the assets, Spinelli is going to cover this in a while, is the most I'm talking about specific about Minas Gerais, I'm not talking about the northern range. I think we did a lot of things. Everything that we promised, we delivered. We're facing much more difficulty than we anticipate. That will be the that's why if you look at the little balls, it's why we visual the thing.

I think here we checked the box; if you ask me what we did great in Vale in the last four years, we clean Vale, and that allowed us to come to the next chapter in a moment. We cleaned nine business in five countries. We left New Caledonia, we left Mozambique, we left steel. We left everything. We end up with Iron Solutions. If you've got the thing, now Spinelli is not Iron Ore. And we get energy transition materials. Then I think we will come back. Cost efficiency, one thing that is very important, we need to be cycle proof. When Gustavo arrived, we started a very strong program about that.

Rerating and the Brumadinho issue, I think Vale was one of the first companies to leave the station on the ESG Agenda because the ESG Agenda knock our door in a very awkward way, but Vale was and I would go, I'll guide you through these things in my presentation. But fundamentally, we

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