Vale S A : FT Commodities Mining Summit 2020 - Presentation

FT Commodities Mining Summit 2020

Eduardo Bartolomeo

October 16th, 2020

Vale Natural Reserve in Linhares (ES)

"This presentation may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future and not on historical facts, 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; (c) 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."

"Cautionary Note to U.S. Investors - The SEC 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 presentation, including 'measured resources,' 'indicated resources,' 'inferred resources,' 'geologic resources', which would not be permitted in an SEC filing. These materials are not proven or probable reserves, as defined by the SEC, and we cannot assure you that these materials will be converted into proven or probable reserves, as defined by the SEC. U.S. Investors should consider closely the disclosure in our Annual Report on Form 20-K, which may be obtained from us, from our website or at http://http://us.sec.gov/edgar.shtml."

Disclaimer

Our commitments remain solid

People	Safety	Reparation

In 2019, we added two new pillars to our strategy

Safety and Operational Excellence

New pact with society

Maximize flight to quality in Iron Ore

Base Metals transformation

Discipline in capital allocation

4

We are improving with consistency our safety standards

• Safety and Operational Excellence Executive Officer independent from operations
• Strengthening of our 3- line model of defense

• VPS - 71,300+ trained employees
• Safe Work Permit standard
• Hazard Identification and Risk Analysis (HIRA)

Processes

System	Routine
Performance
	Risk

• New Tailings Management System under implementation
• 2 Geotechnical Monitoring Centers
• Engineer of Record

Dam

management

• New ICMM standard - Minor Gaps. Full implementation expected for 2021
• In line with international practices (such as ISO 14,001 and 45,001)

Our ambition

World-class

standards

Governance

5

We are keeping a fast pace and quality at Brumadinho's reparation, with over US$ 2.3 billion¹

	in individual
US$ 500 million
indemnifications²

+8,090 people indeminified²

in Environmental US$ 400 million Reparation³ (e.g.

Ground Zero)

Brumadinho's Master Plan

Built on extensive community consultation, submitted to the authorities' approval4

• Excludes dam de-characterization expenditure. ²Submitted to the municipality of Brumadinho. ²Approximate figures, referring to signed agreements (paid and payable, civil and labour), updated on October 8th, 2020. ³As of June 30th, 2020. 4 Submitted to the municipality of Brumadinho.

A new nursery and healthcare unit built in Parque da
Cachoeira, Brumadinho (MG)	6

Our stakeholder engagement has evolved through active listening

PUBLIC CONSULTATION		BOARD DIVERSITY		COMPENSATION
We heard that is best practice		We heard that our diversity		We heard that our C-level
to have public consultations on		should evolve		should be committed to our 2030
policies		We responded by adding six		goals
We responded by having		new members with different		We responded by adding 20%
public consultations on our Human		backgrounds		ESG factors to our long-term
Rights, Climate Change and				compensation
Sustainability policies

AUDIT COMMITTEE		BOARD NOMINATION		GENDER BALANCE
We heard that we should have		We heard that a board election		We heard that we should
an audit committee		should follow Nomination		increase the % of women in the
We responded by establishing		Committee		workforce
the committee in March 2020,		We responded by creating the		We responded by defining a
composed of experts		Nomination Committee and		goal to double female presence
		Nomination Policy		from 13% to 26% by 2030

ESG DISCLOSURE

We heard that our ESG disclosure could improve

We responded by launching a Portal to address the needs for greater ESG transparency

CLIMATE CHANGE

We heard that we should be bold in our climate change resolutions

We responded by aligning our goal with the Paris Agreement and targeting carbon neutrality by 2050 (scope 1 and 2)

7

We are advancing our ESG agenda towards best practices

Where we stand today¹

Scopes 1&2 emission targets set for 2030 (-33%), carbon neutral by 2050

1,000,000+ ha already protected; 800,000+ ha in the Amazon Forest

Vale Cultural Institute launched (one of the largest cultural sponsor in Brazil)

US$100M+ to tackle the new COVID-19

Creation of Chief Compliance Officer position ESG targets in long-term compensation (20%)

Next steps¹

Scope 3 emission target ambition by Dec, 2020

Recover and protect +500,000 ha by 2030

Double % of women in our workforce as per today by 2030

First Board election with Nomination Committee

Integrated Reporting by 2021

¹ Non-exhaustive measures	8