CNPJ 33.592.510/0001-54
NIRE 33.300.019.766
EXTRACT OF THE MINUTES OF THE ORDINARY BOARD
OF DIRECTORS MEETING OF VALE S.A.
The Board of Directors ("Board") met on October 26, 2023, at 9:00 am, at Av. Dante Michelini nº 5500, Belesa Building, 2º floor, room 5, Jardim Camburi, Vitória, Espírito Santo, and by videoconference, being present Messrs. Daniel André Stieler ("DS") - Chairman ("PCA"), Marcelo Gasparino da Silva - Vice-Chairmam ("MG"), André Viana Madeira ("AM"), Douglas James Upton ("DU"), Fernando Jorge Buso Gomes ("FB"), João Luiz Fukunaga ("JF") (by videoconference), José Luciano Duarte Penido ("JP"), Luis Henrique Cals de Beauclair Guimarães ("LHG"), Manuel Lino Silva de Sousa Oliveira ("OO"), Paulo Cesar Hartung Gomes ("PH"), Shunji Komai ("SK"), Rachel de Oliveira Maia ("RM"), and Vera Marie Inkster ("MI"). The works were secretariat by Luiz Gustavo Gouvêa, Corporate Governance Officer of Vale S.A. ("Vale"). Consequently, the Board deliberated the following subjects: "SHAREHOLDER REMUNERATION - With the favorable opinion of CACP and without any reservations from the Fiscal Council ("FC"), as informed by the Chairman of the FC Márcio de Souza, the Board unanimously approved the extraordinary remuneration to shareholders with payment, on 12.01.2023, of the total gross amount of R$10,032,800,000.00, corresponding to the total gross amount of R$2.331661567 per common share in circulation and per preferred share of the special issue class of Vale on 09.29.2023, being R$3,295,000,000.00 in the form of interest in shareholders' equity JCP"), subject to Income Tax at source at the current rate according to the
profile of each shareholder, and R$6,737,800,000.00 in the form of dividends. The value per share mentioned above may be changed depending on the number of shares in circulation at Vale onGouvea. 11.21.2023, the cut-off date for the purpose of calculating the value per share, depending on theGarioli Share Buyback Program approved in April 2022 and of the new Program to be submitted for approval. In this case, Vale will publish a new Notice to Shareholders informing the final value perGustavo share. Dividends and JCP will be declared based on the profit determined in the balance sheet drawnLuiz
and all holders of American Depositary Receipts ("ADRs") issued by Vale at the closing of trading
up on 09.30.2023 and refer to the anticipation of the allocation of the results for the year 2023. Allpor shareholders holding shares issued will be entitled to receive the total remuneration mentionedeletronicamente above of Vale at the closing of the business of B3 S.A. - Brasil, Bolsa, Balcão ("B3") on 11.21.2023
on the New York Stock Exchange ("NYSE") on 11.24.2023. Vale's shares and ADRs will be tradedassinado ex-rights on B3 and the NYSE as of 11.22.2023."; and "NEW SHARE BUYBACK PROGRAM - With
foi the favorable opinion of the CACP, the Board unanimously approved the (i) acquisition, by Vale and/or any of its subsidiaries, of up to 150,000,000 common shares issued by Vale, or depositarydocumento Este
Para verificar as assinaturas vá ao site https://vale.portaldeassinaturas.com.br e utilize o código 9B91-3F05-C493-8FF6. This document has been digitally signed by {signersNames}. This document has been electronically signed by Luiz Gustavo Garioli Gouvea.To verify the signatures, go to the site https://vale.portaldeassinaturas.com.br and use the code 9B91-3F05-C493-8FF6.
CNPJ 33.592.510/0001-54
NIRE 33.300.019.766
receipts representing the aforementioned shares (American Depositary Receipts - "ADRs"), corresponding to approximately 3.5% of Vale's capital, with the objective of cancellation, subject to the following conditions: (i.a) Maximum acquisition period: 18 months, counting from the date of the Board approval, being certain that the new Program will only come into force after the end of the Program approved in April 2022 and which is in progress; (i.b) Price: the acquisition must be carried out on the Stock Exchange (B3 S.A. - Brasil, Bolsa, Balcão and New York Stock Exchange - NYSE), at market values on the dates of the respective acquisitions; (i.c) Intermediary Financial Institutions: (i.c.1) Bradesco S.A. CTVM, with headquarters at Paulista Avenue 1450, 7th floor, São Paulo, SP, CEP: 01310-100; (i.c.2) Citigroup GM, with headquarters at Paulista Avenue, 1111, 14º floor (Parte), São Paulo, SP, CEP: 01311-920; (i.c.3) Goldman Sachs do Brasil CTVM S.A., with headquarters at Leopoldo Couto Magalhães Jr Street , 700, 16, São Paulo, SP, CEP: 04542-000; (i.c.4) Itaú CV S.A., with headquarters at Brigadeiro Faria Lima Avenue, 3400, 10° floor, São Paulo, SP, CEP: 04538- 132; (i.c.5) J. P. Morgan CCVM S.A., with headquarters at Brigadeiro Faria Lima Avenue, 3.729, 13º floor (Parte), São Paulo, SP, CEP: 04538-905; (i.c.6) Merrill Lynch S.A. CTVM, with headquarters at Brigadeiro Faria Lima Avenue, 3400 - 18º floor, São Paulo, SP, CEP 04538-132; (i.c.7) Morgan Stanley CTVM S.A., with headquarters at Brigadeiro Faria Lima Avenue, 3600 - 6º floor, São Paulo, SP, CEP 04538-132; (i.c.8) Santander CCVM S.A., with headquarters at Presidente Juscelino Kubitschek Avenue, 2041 e 2235, 24º floor, São Paulo, SP, CEP: 04543-011; (i.c.9) UBS Brasil CCTVM S.A., with headquarters at Brigadeiro Faria Lima Avenue, 4440 - 7º floor, São Paulo, SP,
CEP: 04538-132; e (i.c.10) XP Investimentos CCTVM S.A., with headquarters at Chedid Jafet
Avenue, 75 - Torre Sul, São Paulo, SP, CEP: 04551-060; beeing certain that the brokers of theGouvea.
aforementioned institutions will be used to purchase ADRs on the New York Stock Exchange; (ii)Garioli use of derivatives to potentially accelerate the Share Buyback Program and/or in case of shortage of reserves; and (iii) terms of Annex G of CVM Resolution No. 80/2022, which is an integral part ofGustavo
these minutes." I hereby attest that the items above reflect the decision taken by the Board ofLuiz
Directors. | por | |
assinado eletronicamente | ||
Vitória, ES, October 26, 2023. | ||
Luiz Gustavo Gouvêa | ||
foi | ||
Secretary | Este documento | |
Para verificar as assinaturas vá ao site https://vale.portaldeassinaturas.com.br e utilize o código 9B91-3F05-C493-8FF6. This document has been digitally signed by {signersNames}. This document has been electronically signed by Luiz Gustavo Garioli Gouvea.To verify the signatures, go to the site https://vale.portaldeassinaturas.com.br and use the code 9B91-3F05-C493-8FF6.
Attachment G of Resolution CVM No. 80/2022, as amended
1. Justify in detail the purpose and | ||
expected economic effects of the | ||
operation; | ||
2. Inform the number of (i) outstanding | ||
shares and (ii) treasury shares; | ||
3. Inform the number of shares that may | Up to 150 million of shares may be repurchased or | |
be acquired or sold; | depositary receipts representing the shares. | |
4. Describe the main characteristics of the | Possibility of using derivatives in the execution of the | |
derivative instruments that the company | buyback program, aiming to obtain a discount related to | |
may use, if applicable; | the average share price during a specified period. | |
5. Describe any existing agreements or | ||
voting guidelines, if applicable, between | Not applicable | |
the company and the counterparty to the | ||
operations; | ||
6. In the case of operations conducted | ||
outside organized securities markets, | Not applicable | |
inform: | ||
a. the maximum (minimum) price at which | Not applicable | |
the shares will be acquired (sold); and | Gouvea. | |
b. if applicable, the reasons that justify the | ||
execution of the operation at prices more | ||
than 10% (ten percent) higher, in the case | Garioli | |
of acquisition, or more than 10% (ten | Not applicable | |
percent) lower, in the case of sale, than the | Gustavo | |
average price, weighted by volume, over | ||
the previous 10 (ten) trading sessions; | ||
7. Inform, if applicable, the impacts that the | Luiz | |
negotiation will have on the composition of | There is no expected material impact on the composition | |
shareholding control or the administrative structure of thepor | ||
shareholding control or the administrative | ||
company. | eletronicamente | |
structure of the company; | ||
8. Identify the counterparties, if known, | ||
and, in the case of a related party to the | ||
company, as defined by the accounting | ||
rules that deal with this matter, also | Not applicable | |
assinado | ||
provide the information required by Article | ||
9th of Resolution CVM No. 81, dated March | ||
29, 2022; | ||
Este documento foi | ||
utilize o código 9B91-3F05-C493-8FF6. | electronically signed by Luiz Gustavo Garioli Gouvea.To verify the signatures, go to the site | |
e | digitallybeenhasdocumentThis signed by {signersNames}. This documentbeenhas | https://vale.portaldeassinaturas.com.brand use the code 9B91-3F05-C493-8FF6. |
assinaturasasverificarParavá ao site https://vale.portaldeassinaturas.com.br | ||
of |
- Indicate the destination of the proceeds received, if applicable;
- Indicate the maximum deadline for the settlement of authorized operations;
11. Identify the institutions that will act as intermediaries, if applicable;
- Specify the available resources to be used, in accordance with Article 8th, Paragraph 1, of Resolution CVM No. 77, dated March 29, 2022; and
- Specify the reasons why the members of the board of directors are comfortable that the share buyback will not impair the fulfillment of obligations to creditors or the payment of mandatory, fixed, or minimum dividends.
Not applicable
The maximum period for the acquisition of shares will be 18 months from the approval by the Board of Directors. This new program will only come into effect at the end of the program approved in Apr/22 and which is currently ongoing.
a) BRADESCO S.A. CTVM, headquartered at Av. Paulista 1450, 7th floor, in the City and State of São Paulo, CEP: 01310-100,
b) CITIGROUP GM, headquartered at Av. Paulista 1111,
14th floor (Part), in the City and State of São Paulo, CEP: 01311-920;
c) Goldman Sachs do Brasil CTVM S.A, headquartered at rua Leopoldo Couto Magalhães Jr 700, 16 in the City and State of São Paulo, CEP: 04542-000
d) ITAU CV S.A, headquartered at Av. Brigadeiro Faria Lima 3400, 10th floor, in the City and State of São Paulo, CEP: 04538-132;
e) J. P. MORGAN CCVM S.A., headquartered at Av. Brigadeiro Faria Lima 3.729, 13th floor (Part), in the City and State of São Paulo, CEP: 04538-905;
f) Merrill Lynch S/A CTVM, Avenida Brigadeiro Faria Lima, 3400 - 18th floor, in the City and State of São Paulo, CEP
04538-132; | -8FF6. | ||
g) Morgan Stanley CTVM S.A., Avenida Brigadeiro Faria | |||
CEP 04538-132; | C493- | ||
Lima, 3600 - 6th floor, in the City and State of São Paulo, | 3F05 | ||
h) SANTANDER CCVM S.A, headquartered at Av. | |||
floor, | |||
Presidente Juscelino Kubitschek 2041 and 2235, 24 | th | ||
- | |||
in the City and State of São Paulo, CEP: 04543-011; | 9B91 | ||
i) UBS Brasil CCTVM, Av. Brigadeiro Faria Lima, 4440 - | código | ||
7th floor in the City and State of São Paulo, CEP: 04538- | |||
132 and, | o | ||
j) XP Investimentos CCTVM, Av. Chedid Jafet, 75 - Torre | |||
utilizee | |||
Sul in the City and State of São Paulo, CEP: 04551-060. | |||
To purchase the ADRs on the New York Stock Exchange, | ||
It will be used the resources available in profit reservesGouvea.or | ||
the brokers of the mentioned institutions will be used. | https://vale.portaldeassinaturas.com.br | |
capital reserves determined in the Financial Statements | ||
disclosed by the Company for the fiscal year ended on | Garioli | |
December 31, 2022, in accordance with Article 7th, 1st
paragraph of ICVM 567.Gustavo The members of the Board of Directors are comfortable
due to the cash generation and low leverage expected forLuiz the years 2023 and 2024. The total amount of the program
is compatible with Vale's financial situation and does notpor affect the company's ability to comply with its obligationseletronicamente to creditors or the payment of mandatory, fixed, or minimum
dividends.site
aová
foi assinado | assinaturas |
documento | verificar as |
Este | Para |
{signersNames}. This document has been electronically signed by Luiz Gustavo Garioli Gouvea.To verify the signatures, go to the site | use the code 9B91-3F05-C493-8FF6. |
signedby | and |
This document has been digitally | https://vale.portaldeassinaturas.com.br |
PROTOCOLO DE ASSINATURA(S)
O documento acima foi proposto para assinatura digital na plataforma Portal de Assinaturas Vale. Para verificar as assinaturas clique no link: https://vale.portaldeassinaturas.com.br/Verificar/9B91-3F05-C493- 8FF6 ou vá até o site https://vale.portaldeassinaturas.com.br e utilize o código abaixo para verificar se este documento é válido.
The above document was proposed for digital signature on the platform Portal de Assinaturas Vale. To check the signatures click on the link: https://vale.portaldeassinaturas.com.br/Verificar/9B91-3F05-C493- 8FF6 or go to the Website https://vale.portaldeassinaturas.com.brand use the code below to verify that this document is valid.
Código para verificação: 9B91-3F05-C493-8FF6
Hash do Documento
02D9B1B1C21C431004F492CA2B77360203638528074C3AC5BFC367031C1DDDE3
O(s) nome(s) indicado(s) para assinatura, bem como seu(s) status em 26/10/2023 é(são) :
Luiz Gustavo Garioli Gouvêa (Secretary) - 004.862.987-10 em 26/10/2023 15:59 UTC-03:00Tipo: Assinatura Eletrônica
Identificaçao: Por email: luiz.gustavo.gouvea@vale.com; Código de acesso: 123
Evidências
Client Timestamp Thu Oct 26 2023 15:59:26 GMT-0300 (Horário Padrão de Brasília) Geolocation Latitude: -20.26011847971969 Longitude: -40.25606154239284 Accuracy: 35 IP 200.6.35.110
Hash Evidências:
E67F36553DBD036FF2230FF83B45CB3BF83AA0DD252BF18327E62A7D45870E36
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
Vale SA published this content on 26 October 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 October 2023 08:20:49 UTC.