Vale S A : MANAGEMENT REPORT 2022

One of two 100% electric trucks delivered to iron ore mines.

MANAGEMENT REPORT 2022

1

Index
A letter from the Chairman	3
A message from the CEO	6
Highlights of the year	8
Sustainability	11
People management	16
Comments on operational and economic-financial performance	19
Economic-financial performance	20
Accounting information	21
Operating and economic-financial performance	24
Net earnings	25
Investments	27
Debt indicators	28
Shareholding structure and capital markets	29
Shareholder remuneration	30
Business outlook for 2023	31
Policy for hiring independent auditors	32

INFORMATION ON WEBCAST AND CONFERENCE CALL

Vale S.A. ("Vale" or the "Company") will host a webcast on Friday, February 17, 2023 at 11:00 am, Brasília time (9:00 am New York time; 2:00 pm London time). Internet access to the webcast and presentation materials will be available on Vale's website at www.vale.com/investidores. The conference call will be in English, simultaneously translated into Portuguese and broadcast live on the Company's website. A recorded copy of the webcast will be available shortly after the end of the conference call. Interested parties can listen to the conference call by calling:

Brazil: [phone] / 3181-8565

United Kingdom: [phone]

USA (toll free): [phone]

USA: [phone]

The Access Code for this call is VALE.

More information on Vale can be found at: vale.com

Investor Relations

[e-mail]

Ivan Fadel:[e-mail]

Luciana Oliveti:[e-mail]

Mariana Rocha:[e-mail]

Samir Bassil:[e-mail]

2

A Letter from the Chairman of the Board of Directors

Dear Shareholders,

Vale advances in its ambition to become a leader in sustainable mining and a reference in creating and sharing value with its shareholders, stakeholders, and society. In the global energy transition, Vale plays a fundamental role, with its portfolio of high-quality iron ore products and solutions, essential for the decarbonization of the steel industry, and as a producer of essential metals for global electrification.

In 2022, with clear goals for its long-term environmental and social activities, Vale intensified dialogue with shareholders, communities, and society, and evolved with greater information transparency. The Board of Directors continues to act with enthusiasm and diligence in building the Vale of the future.

Effective Board performance

The Board of Directors, reappointed at the 2022 Annual General Meeting, played an effective role in defining the Company's future. At 80 years of Vale's operations in Brazil and planning Vale for the next 20 years, the Board approved the Vale 100 Strategy, which supports Vale's centenary journey. The Board's performance in long-term strategic planning benefited from the broad and diverse background of its members, with very rich and plural discussions.

The Board's dynamics gained more efficiency, with a reduction in the number of meetings and better dynamics in discussions. In 2022, 21 Board meetings and 86 Advisory Committee meetings were held, a 42% and 21% reduction, respectively, compared to 2021, the first year of the current Board's mandate.

Oversight of critical issues

The Board of Directors highlights the efficient oversight of issues critical to Vale's short and long-term performance as one of its priorities. In 2022, the Board maintained close monitoring on the following matters:

• Periodic monitoring of Vale's Integrated Global Risk Map.
• The evolution of tailings dam management, structures in critical safety conditions and the progress of the Upstream Dam Decharacterization Program.
• Brumadinho reparation and the execution of Brumadinho's Integral Reparation Agreement, according to established timeframes.
• The reparation in Mariana, led by the Renova Foundation, with attention to accelerating the housing rights restoration and individual compensation processes. The Board monitors the negotiations with authorities for higher-speed reparation programs.
• The progress of cultural transformation, to make Vale a reliable operator, a leader in sustainable mining, a benchmark in safety, innovative, talent-driven, diverse, and inclusive.
• The launch of Vale's first public report on its Ethics & Compliance Program, referring to the previous year.
• Details of actions required to achieve the long-term social goal - lifting 500,000 people out of extreme poverty by 20301.
• Actions for the stability of Iron Solutions and Energy Transition Materials operations with safety and competitiveness.
• Expansion of the high-quality iron ore products and solutions portfolio, in partnership with clients.
• The reorganization of the Energy Transition Materials business and the search for a minority investor for the business, to accelerate the value creation agenda in the energy transition.

1 In line with the Sustainable Development Goals of the United Nations, particularly item 1 - Poverty Eradication.

3

• The divestment of non-core assets, with the completion of transactions related to the California Steel Industries - CSI, the Moatize coal mine and the Nacala Logistics Corridor, and the iron ore, manganese, and logistics assets of the Midwestern System, in addition to entering into a binding agreement for the sale of the Companhia Siderúrgica do Pecém - CSP.

Capital allocation and return on value

Vale's Board sustains its commitment to return value to shareholders and understands that the dividend distribution and share buyback programs are important tools in this regard. The Board approved the payment of dividends and interest on equity that represented, in 2022, R$ 5.69 /share, generating a return (dividend yield) of 7.3% on the share value at the end of 20212.

In 2022, the Board also approved a new share buyback program, which reached 43% of its totality, with approximately 213 million shares repurchased for a total of US$ 3.4 billion, representing more than 5% of outstanding shares as of the date of this report. Altogether, the three buyback programs executed since 2021 have accumulated a total of 683 million shares repurchased and earnings and dividends on a per share basis have increased 15%.

Governance improvements

The Board simplified and modernized the Company's policy framework, which included a comprehensive review of the attributions of Vale's governance bodies, in line with best global practices. To reinforce the role of the Board of Directors in the Company's strategic direction, the powers of the body were revised, and the levels of delegation to the Executive Committee were increased with the Authority Policy review. The composition of the statutory committees became exclusive to elected members and the number of permanent committees was reduced from 7 to 5, with the scope of the remaining committees being adjusted to ensure full coverage of critical issues.

The new design of the top leadership, established in December 2022, aims to accelerate the achievement of the Company's strategic objectives. The adjustments favor, among other items, the acceleration of the development of products and innovative solutions in iron ore and the improvement of the marketing strategy for Vale's portfolio, the wide implementation of Vale's management model in the Iron Ore business, the support for the development and longevity of the Company's portfolio and the reinforcement of Vale's second line of defense and risk management model.

ESG Commitments

The implementation of Vale's climate strategy reached important milestones in 2022, such as the operational start-up of Sol do Cerrado solar park, the largest project of its kind in Latin America. The Board monitors the maturity and development of projects and technologies that are critical to achieving the Company's carbon emissions reduction targets, in line with the Paris Agreement and in pursuit of carbon neutrality by 2050.

As a circular mining approach, the Board encourages the development of co-products from the reuse of mining tailings. In the preservation and recovery of forests, about 50 thousand hectares were protected in 2022, totaling more than 170 thousand hectares protected and/or recovered since 2019, which add up to about 1 million hectares of forest protected by Vale, mostly in the Amazon3.

On the social front, the Board encourages building positive relationships with communities surrounding operations, with special attention to ESG controversies, indigenous peoples, and traditional communities. In 2022, Eduardo Bartolomeo had the honor of being the first and only Vale CEO, in 40 years of operations in the region, to visit the indigenous land and celebrate a historic agreement with the Xikrin do Cateté Indigenous People, ending 15-year controversies and starting a positive phase in the relationship model.

1. Considering earnings distributed per share (R$ 5.69), divided by the closing share price (R$ 77.96) on 12/30/2021 (excluding dividends paid in 2022). The starting share value considered was defined within the period related to the dividend (year 2022) for a better yield measurement in the referred period.
2. Directly or through partnerships.

4

Perspectives for the evolution of Vale's Board of Directors

At the next Annual General Meeting, shareholders will have the opportunity to elect Vale's Board of Directors for the 2023- 2025 term. To structure the process of nominating candidates, in June 2022, the Board of Directors installed the Nominating Committee, composed mostly of independent directors. In tune with the challenges faced by society and by Vale, the Board to be elected will guide the Company on its centenary journey, with operational excellence, towards leadership in sustainable mining.

On behalf of Vale's Board of Directors, I thank you for your support and renew our commitment to building a better Vale. We will continue to act energetically and attentively to make Vale one of the safest and most reliable mining companies in the world.

Jose Luciano Penido

Chairman of the Board of Directors

5