BRGAAP 3Q21 (EN)

Interim Financial Statements

September 30, 2021

BRGAAP in R$ (English)

Vale S.A. Interim Financial Statements

Contents

			Page
Report on review of quartely information	3
Consolidated and Parent Company Income Statement	5
Consolidated and Parent Company Statement of Comprehensive Income	6
Consolidated and Parent Company Statement of Cash Flows	7
Consolidated and Parent Company Statement of Financial Position	8
Consolidated Statement of Changes in Equity	9
Consolidated and Parent Company Value Added Statement	10
Notes to the Interim Financial Statements	11
1.	Corporate information
2.	Basis of preparation of the interim financial statements
3.	Significant events in the current period
4.	Information by business segment and by geographic area
5.	Costs and expenses by nature
6.	Financial results
7.	Income taxes
8.	Basic and diluted earnings per share
9.	Accounts receivable
10.	Inventories
11.	Other financial assets and liabilities
12.	Acquisitions and divestitures
13.	Investments in subsidiaries, associates and joint ventures
14.	Intangible
15.	Property, plant and equipment
16.	Financial and capital risk management
17.	Financial assets and liabilities

18. Participative stockholders' debentures

19. Loans, borrowings, leases, cash and cash equivalents and short-term investments

20. Brumadinho's dam failure

21. Liabilities related to associates and joint ventures

22. Provisions

23. Litigations

24. Employee benefits

25. Stockholders' equity

26. Related parties

27. Parent Company information (individual interim information)

2

Report on review of quarterly information

To the Board of Directors and Stockholders

Vale S.A.

Introduction

We have reviewed the accompanying consolidated and parent company interim accounting information of Vale S.A. ("Company"), included in the Quarterly Information Form (ITR) for the quarter ended September 30, 2021, which comprises the parent company and consolidated statements of financial position as of September 30, 2021 and the respective parent company and consolidated income statements and the statements of comprehensive income for the three and nine-month periods then ended, the statement of changes in equity for the nine-month period then ended, the parent company statement of cash flows for the nine-month period then ended and the consolidated statements of cash flows for the three and nine-month periods then ended, and a summary of significant accounting policies and other explanatory information.

Management is responsible for the preparation of the consolidated and parent company interim accounting information in accordance with the accounting standard CPC 21, Interim Financial Reporting, of the Brazilian Accounting Pronouncements Committee (CPC) and International Accounting Standard (IAS) 34, Interim Financial Reporting issued by the International Accounting Standards Board (IASB), as well as the presentation of this information in accordance with the standards issued by the Brazilian Securities Commission (CVM), applicable to the preparation of the Quarterly Information (ITR). Our responsibility is to express a conclusion on this interim accounting information based on our review.

Scope of review

We conducted our review in accordance with Brazilian and International Standards on Reviews of Interim Financial Information (NBC TR 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity and ISRE 2410 - Review of Interim Financial Information Performed by the Independent Auditor of the Entity, respectively). A review of interim information consists of making inquiries, primarily of persons responsible for financial and accounting matters, and applying analytical and other review procedures. A review is substantially less in scope than an audit conducted in accordance with Brazilian and International Standards on Auditing and consequently does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion.

Conclusion on the interim information

Based on our review, nothing has come to our attention that causes us to believe that the accompanying consolidated and parent company interim accounting information included in the quarterly information referred to above has not been prepared, in all material respects, in accordance with CPC 21 and IAS 34 applicable to the preparation of the Quarterly Information, and presented in accordance with the standards issued by the CVM.

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Other matters

Value added statements

The quarterly information referred to above includes the parent company and consolidated statements of value added for the nine-month period ended September 30, 2021. These statements are the responsibility of the Company's management and are presented as supplementary information under IAS 34. These statements have been subjected to review procedures performed together with the review of the interim accounting information for the purpose of concluding whether they are reconciled with the interim accounting information and accounting records, as applicable, and if their form and content are in accordance with the criteria defined in the accounting standard CPC 09 - "Statement of Value Added". Based on our review, nothing has come to our attention that causes us to believe that these statements of value added have not been properly prepared, in all material respects, in accordance with the criteria established in this accounting standard, and consistent with the parent company and consolidated interim accounting information taken as a whole.

Rio de Janeiro, October 28, 2021
PricewaterhouseCoopers	Patricio Marques Roche
Auditores Independentes Ltda.	Contador CRC 1RJ081115/O-4
CRC 2SP000160/O-5

4

Income Statement

In millions of Brazilian reais, except earnings per share data

										Consolidated
				Three-month period ended		Nine-month period ended
					September 30,			September 30,
		Notes	2021	2020	2021	2020
Net operating revenue		4(c)		66,261		57,906		223,409		129,591
Cost of goods sold and services rendered		5(a)	(30,533)	(25,893)	(86,505)	(67,775)
Gross profit				35,728		32,013		136,904		61,816
Operating expenses
Selling and administrative expenses		5(b)	(603)	(684)	(1,889)	(1,864)
Research and evaluation expenses				(708)		(563)		(2,003)		(1,476)
Pre-operating and operational stoppage		3 and 20	(858)	(1,011)	(2,648)	(3,480)
Brumadinho event		20		(847)		(613)		(2,437)		(2,014)
Other operating expenses, net		5(c)	(162)	(612)	(638)	(2,161)
				(3,178)		(3,483)		(9,615)		(10,995)
Impairment and disposals of non-current assets		12 and 15	(12,622)	(1,608)	(15,700)	(4,004)
Operating income				19,928		26,922		111,589		46,817
Financial income		6		475		370		1,331		1,576
Financial expenses	6		(678)	(6,571)	(9,178)	(11,993)
Other financial items, net		6		(1,736)		(1,179)		7,594		(10,040)
Equity results and other results in associates and joint ventures		13 and 21	670	(211)	(1,688)	(3,763)
Income before income taxes				18,659		19,331		109,648		22,597
Income taxes		7(b)
Current tax				(12,867)	(4,018)	(27,409)	(7,352)
Deferred tax				14,782		(241)		8,356		5,341
				1,915	(4,259)	(19,053)	(2,011)
Net income				20,574	15,072	90,595	20,586
Net income (loss) attributable to non-controlling interests				371		(543)		(267)		(1,302)
Net income attributable to Vale's stockholders				20,203	15,615	90,862	21,888
Earnings per share attributable to Vale's stockholders:
Basic and diluted earnings per share:
Common share (R$)	8		3.98	3.04	17.94	4.27

The accompanying notes are an integral part of these interim financial statements.

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