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.

The expected economic effect is the percentage increase in shareholder participation and the change in the caput of Article 5th of the Bylaws to adjust the number of shares issued by Vale.
As of September 30, 2023, the Company had:
(i) 4.302.854.300 outstanding shares and
(ii) 236.153.280 treasury shares
The share buyback program, at current prices, constitutes an opportunity to acquire shares and is also a lever for generating value for the shareholder, as it allows the company to allocate capital efficiently in the profitability potential of its shares, in order to enhance future returns for shareholders who keep their position. Additionally, the repurchase signals to the market management's trust in the company's performance.

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.

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of

  1. Indicate the destination of the proceeds received, if applicable;
  2. Indicate the maximum deadline for the settlement of authorized operations;

11. Identify the institutions that will act as intermediaries, if applicable;

  1. Specify the available resources to be used, in accordance with Article 8th, Paragraph 1, of Resolution CVM No. 77, dated March 29, 2022; and
  2. 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

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Hash do Documento

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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

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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.