Vale S A : announces shareholders remuneration and cancellation of treasury shares

Press Release

Vale announces shareholders remuneration and cancellation of treasury shares

Rio de Janeiro, July 28th, 2022 - Vale S.A. ("Vale" or "Company") informs that its Board of Directors approved the distribution to shareholders in the gross amount of R$ 3.572056566 per share, of which R$ 2.032680337 per share as dividends and R$ 1.539376229 per share as interest on equity. The distribution is aligned with Vale's Shareholder Dividend Policy and refers to the first half of 2022, calculated based on the balance sheet dated June 30, 2022. Merely as a reference, the total distribution would be equivalent to a gross amount of approximately US$ 0.66 per share.

The remuneration payment will take place on September 1st, 2022, and the shareholders will be entitled to the remuneration as follows:

1. The record date for holders of Vale's shares traded on B3 will be on August 11th, 2022, and for holders of American Depositary Receipts ("ADRs") traded on the New York Stock Exchange ("NYSE") will be on August 15th, 2022.
2. Vale shares will start trading ex-dividend on the B3 and NYSE from August 12th, 2022.
3. The holders of ADRs will receive the payment through Citibank N.A., the depositary agent for the ADRs, as of September 9th, 2022.
4. According to the Brazilian law, the distribution of interest on capital is subject to the deduction of withholding income tax, except for the exempt beneficiaries that prove compliance with the legal conditions for the exemption. Any change in the shareholder register regarding tax residence and profile shall be completed by August 8th, 2022, to ensure the accurate withholding tax related to the interest on capital announced today.

The dividends per share may vary slightly until the record date due to the ongoing share buyback program, which impacts the number of outstanding shares. In this case, the Company will publish a new Notice to Shareholders informing the final amount per share.

Vale also informs that the Board of Directors has approved the cancellation of 220,150,800 common shares of the Company without reducing its capital stock. As a result of the cancellation, Vale's capital stock will be comprised of 4,778,889,251 common shares, and 12 special class preferred shares, all without nominal value. Vale's bylaws will be adjusted to reflect the new number of shares in due course.

Gustavo Duarte Pimenta

Executive Officer of Investor Relations

For further information, please contact:

[e-mail]

Ivan Fadel: [e-mail]

Andre Werner: [e-mail]

Mariana Rocha: [e-mail]

Samir Bassil: [e-mail]

This press release may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future, 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;

1. 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.