Vale S A : Extract Of The Minutes Of The Ordinary Board Of Directors Meeting Of Vale S.A

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 March 13, 2023, from 9:00 am to 11:30 am, by videoconference, being present Messrs. José Luciano Duarte Penido ("JP") - Chairman ("PCA"), Fernando Jorge Buso Gomes - Vice-Chairman ("FB"), Daniel André Stieler ("DS"), Eduardo de Oliveira Rodrigues Filho ("ER"), Ken Yasuhara ("KY"), Manuel Lino Silva de Sousa Oliveira ("OO"), Marcelo Gasparino da Silva ("MG"), Mauro Rodrigues da Cunha ("MRC"), Murilo Cesar Lemos dos Santos Passos ("MP"), Rachel de Oliveira Maia ("RM"), Roberto da Cunha Castello Branco ("RCB"), Roger Allan Downey ("RD") and the alternate member André Viana Madeira ("AM"). The works were secretariat by Luiz Gustavo Gouvêa, General Secretary for Corporate Governance of Vale S.A. ("Vale"). Consequently, the Board deliberated the following subjects: "ASSESSMENT OF DIRECTORS' INDEPENDENCE - Based on the reports of external legal advisors, the Board evaluated the adherence to independence criteria of the candidates to the Board of Directors for the 2023-2025 term and approved, by majority, with the abstention of the Director MRC, the inclusion of the following Directors as independent members: Douglas James Upton, José Luciano Duarte Penido, Luis Henrique Cals Beauclair Guimarães, Manuel Lino Silva de Sousa Oliveira, Marcelo Gasparino da Silva, Paulo Cesar Hartung Gomes, Rachel de Oliveira Maia and Vera Marie Inkster."

"CALL AGOE: CALL NOTICE / REMOTE VOTING BALLOT / MANAGEMENT PROPOSAL / PROXY STATEMENT - The Board approved, unanimously, the call of the Ordinary and Extraordinary General Meetings to be held, cumulatively, on 04.28.2023, at 10:00 am, exclusively digitally through the Zoom platform, as well the documents related to the agenda that will be disclosed to the market: call notice, Management Proposal and its annexes, Participation Manual, including the Board of Directors voting recommendation, Remote Voting Ballot, Voting Card and notice, the latter two for holders of American Depositary Receipts."; and "DELIBERATE ON THE PUBLICATION OF THE CIG FINAL REPORT - The Board approved, by majority, registered the contrary vote of the Director MC, attached, and the abstention of the Director RCB, the publication of the Final Nomination Report for the Ordinary General Meeting of 2023, prepared by the Nomination and Governance Committee." I hereby attest that the items above reflects the decision taken by the Board of Directors.

Rio de Janeiro, March 13, 2023.

LUIZ GUSTAVO

GARIOLI

GOUVEA:00486298710

Assinado digitalmente por LUIZ GUSTAVO GARIOLI GOUVEA:00486298710

DN: cn=LUIZ GUSTAVO GARIOLI GOUVEA:00486298710, c=BR, o=ICP- Brasil, ou=Certificado PF A3, email=[e-mail] Data: 2023.03.13 17:39:34 -03'00'

Luiz Gustavo Gouvêa

Secretary

EXHIBIT II TO THE MINUTES OF THE MEETING OF THE BOARD OF DIRECTORS HELD ON

MARCH 13, 2023

PRONOUNCEMENT OF VOTE BY DIRECTOR MAURO RODRIGUES DA CUNHA FOR ITEM 3.1 (I)

First, I record my protest at the way in which the voting was conducted, considering that the chairman conditioned the vote to the entirety of the report, irrespective of the pronouncement by six members of the board at the meeting held on March 2 for a smaller renewal. I vote against the CIG report, and the list of candidates, for the following reasons:

1. Incoherence between the Chairman's Message in the Annual Report, which indicated a positive evolution of the board, and the proposal that implies the renewal of 50% of the board, for the second consecutive cycle (turnover)
2. Noncompliance with practically all the working assumptions agreed between the CIG and the Board of Directors, such as the creation of a succession plan, consideration of the tenure as a renewal parameter, individual contribution by directors, and conditions of independence in essence;
3. Maintenance of an overly large board;
4. Inclusion of candidates who have never served on boards of directors;
5. Excessive focus on "check the boxes" and in an attempt to avoid cumulative vote, instead of recommending the best board for Vale;
6. Environment conducive to capture and groupthink, excluding members who challenge the management and the board, as opposed to the Key Behavior of Open and Transparent Dialogue;

pgi/332872.doc

03/09/23