Vale's Performance in 3Q21

Vale's iron ore briquettes

VALE'S PERFORMANCE

IN 3Q21

www.vale.com

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Investor Relations Department

Ivan Fadel

André Werner

Mariana Rocha

Samir Bassil

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Except where otherwise indicated, the operational and financial information in this release is based on the consolidated figures in accordance with IFRS. Our quarterly financial statements are reviewed by the company's independent auditors. The main subsidiaries that are consolidated are the following: Companhia Portuária da Baía de Sepetiba, Mineração Corumbaense Reunida S.A., Minerações Brasileiras Reunidas S.A. PT Vale Indonesia Tbk, Salobo Metais S.A, Vale Holdings B.V., Vale Canada Limited, Vale International S.A., Vale Manganês S.A., Vale Malaysia Minerals Sdn. Bhd., Vale Moçambique S.A., Vale Nouvelle- Calédonie SAS, Vale Oman Pelletizing Company LLC and Vale Oman Distribution Center LLC.

This press release may include statements about Vale's current expectations about future events or results (forward-looking statements). Many of those forward- looking statements can be identified by the use of forward-looking words such as "anticipate," "believe," "could," "expect," "should," "plan," "intend," "estimate" "will" and "potential," among others. All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, 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

1. global competition in the markets in which Vale operates. Vale cautions you that actual results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale undertakes no obligation to publicly update or revise anyforward-looking statement, whether as a result of new information or future events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports that 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 - Vale currently complies with SEC Industry Guide 7 in its reporting of mineral reserves in SEC filings. SEC Industry Guide 7 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 report that are not based upon information or documentation of a qualified person (as defined in Subpart 1300 of Regulation S-K). The stated production target is based on the company's current expectations of future results or events and should not be solely relied upon by investors when making investment decisions. Further evaluation work and appropriate studies are required to establish sufficient confidence that this target will be met. Investors should consider closely the disclosure in our Annual Report on Form 20-F, which may be obtained from us, from our website or at http://http://us.sec.gov/edgar.shtml.
   The information contained in this press release includes financial measures that are not prepared in accordance with IFRS. These non-IFRS measures differ from the most directly comparable measures determined under IFRS, but we have not presented a reconciliation to the most directly comparable IFRS measures, because the non-IFRS measures are forward-looking, and a reconciliation cannot be prepared without unreasonable effort.

Vale's 3Q21 performance

Rio de Janeiro, October 28th, 2021 -"In this third quarter, our iron ore production was close to 90 million tons, with meaningful progress in the operational resumption of the Vargem Grande Complex. We continue to work towards improving operational reliability, especially in the Base Metals business. Our cash generation remains robust, surpassing last quarter by 18%, a pace that allowed the payment of historic dividends in 2021. We now announce a new buyback program, which demonstrates our confidence in Vale's potential. By maintaining our value-over- volume strategy and optimizing costs, we will continue to create and share value with our shareholders.", commented Eduardo Bartolomeo, Chief Executive Officer.

In 3Q21, Vale reported a proforma adjusted EBITDA of US$ 7.109 billion, US$ 4.130 billion lower than 2Q21, mainly due to lower revenues in Ferrous Minerals and Base Metals business, following the lower iron ore realized prices and the lower nickel byproducts revenues, the later impacted by the labor disruption in Sudbury. Cash generation in the quarter reached US$ 7.765 billion, US$ 1.238 billion higher than 2Q21.

Reparation of Brumadinho

The compensation and reparation currently reach over 11,400 people through individual and labor indemnification agreements, with a total of R$ 2.7 billion committed, out of which R$ 2.5 already paid1.

We are also evolving and working with the authorities on the implementation of the Integral Reparation Agreement. Up to September, we paid R$ 3.9 billion in relation to our commitments, such as the water safety program and the first instalments in the urban mobility and reinforcement of public service programs. For 4Q21 we expect to pay approximately R$ 9.2 billion, out of which R$ 4.4 billion related to the income transfer program.

For further details on the reparation progress, an overview of ongoing works and projects, and the terms of the Integral Reparation Agreement, please visit www.vale.com/esg.

Advancements in the ESG agenda

In September, we relinquished all our mineral rights in Indigenous Lands in Brazil, which includes applications for exploration permits and mining concessions. Between 2020 and 2021, Vale relinquished 104 mining processes interfering with Indigenous Lands in Brazil.

We believe that mining activities in Indigenous Lands in Brazil can only be carried out through Free, Prior and Informed Consent (FPIC) of the indigenous people themselves.

In 3Q21, we also made concrete progress in our Climate Agenda.

• In July, the first large ore carrier equipped with rotor sails arrived at the Tubarão port.The systemwill allow an energy efficiency increase of up to 8% per vessel per year.

1Includes agreements signed by affected people, including those pending court verifications, and paid and payable amounts as of October 21, 2021.

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• In August, the first ore carrier withair-lubrication technology, which we estimate could reduce fuel consumption by around 5 to 8%, arrived at Ponta da Madeira port, and we announced our partnership with Ternium to develop solutions to decarbonize the steel industry.
• In September, we announced the iron ore briquette, a new product, developed by the company over almost 20 years, which is able to reduce by up to 10%2of the greenhouse gases (GHG) emissions in the steel production (Vale's scope 3) and is 80% less intensive than pelletizing process (Vale's scope 1 and 2).

Increasing transparency about Vale's resilience to climate change risks and opportunities and also further detailing our climate-related commitments, Vale released in October 2021 its Climate Change Report, which followed guidelines provided by the Task Force on Climate- Related Financial Disclosures (TCFD).

In the Diversity & Inclusion front, the company also released a dedicated report on the subject, which introduces our initiatives and progress, challenges and opportunities in this long journey.

We invite you to access both reports, as well as further information on our ESG initiatives and practices, at www.vale.com/esg.

Capacity resumption and value-over-volume in iron ore

We remain committed to our capacity resumption plan, which is associated with eliminating restrictions, optimizing costs and focusing on margin preservation. In this sense, in 3Q21, we had some significant achievements:

• In the Vargem Grande complex, we started the Maravilhas III dam operation and thelong-distance conveyor belt commissioning. At the end of commissioning, an increase of 6 Mtpy is expected in the production capacity of the site.
• In the Fábrica site, we reached full capacity after the resumption of beneficiation plants in 2Q21.
• In the Mariana complex, we received the Regional Superintendence of Labor (SRT) authorization to resume regular operation of the Vitória a Minas Railroad (EFVM) on the Fábrica Nova branch, improving the logistics of the production from the Timbopeba plant.

An essential feature of our value chain is the capacity to adapt our production and sales strategy according to market conditions, therefore prioritizing value over volume. We actively take market opportunities to manage our portfolio of products, logistics and inventories, supplying clients under any market condition. Such is the case of the high-silicalow-margin products, which we will reduce its offer by 4Mt for the fourth quarter this year after the strong price correction that happened in 3Q21, adjusting for the softer demand we are seeing for this product. If this scenario persists, we should also reduce the offer of low-margin products in 2022 by around 12-15 Mt.

For additional information on Vale's production in 3Q21, please see our Production and Sales report published on October 19, 2021 here.

2Iron ore briquettes can replace sinter and thus allow a reduction of over 10% in carbon emissions in the BF-BOF steelmaking route.

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An eventful quarter in Base Metals

In August, Vale has concluded a new five-year collective bargaining agreement with the United Steelworkers Local 6500, ending the labor disruption that began in June and affected production in Sudbury of nickel and its byproducts and of which impacts we will discuss in this report.

In September, we had an incident in the shaft of Totten mine, Sudbury, while moving mining equipment, rendering it inoperant. The rescue team safely brought to the surface the thirty-nine underground employees through a system of secondary ladders as part of the emergency plans and procedures. The scoop bucket that blocked the shaft has been removed and we continue with the investigation of the incident. Production is currently halted at the site.

In October, a fire partially affected the conveyor belt at Salobo mine, with no injuries and no environmental damage. Operation and production at the site have resumed after being halted for 18 days.

Also, in October, Onça Puma mine operation was halted for a total of 13 days, following the suspension of the operating license by the Environmental and Sustainability office of the Pará State (Secretaria de Estado de Meio Ambiente e Sustentabilidade, SEMAS). Vale resumed the activities at the Onça Puma nickel mine after the reestablishment of the operating license, following a decision by the Minister President of the Superior Court of Justice to suspend the effects of previous decision rendered in the process.

Sharing value creation

Cash generation in 3Q21 reached US$ 7.765 billion, US$ 1.238 billion higher than 2Q21, following the collection of the accounts receivable built in the record proforma EBITDA of 2Q21.

In September, we distributed a dividend of approximately US$ 7.4 billion based on the results of the first half of 2021. Considering the dividends distributed in March and June, US$ 13.5 billion has been returned directly to shareholders.

In continuity with the concluding 270 million shares buyback, the Board of Directors approved a new share buyback program of up to 200 million shares, equivalent to 4.1% of the currently outstanding shares of the company. The new program reflects the confidence of the company's management in Vale's potential to create and share value in a consistent way.

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