<SEC-DOCUMENT>0001104659-21-031110.txt : 20210303
<SEC-HEADER>0001104659-21-031110.hdr.sgml : 20210303
<ACCEPTANCE-DATETIME>20210303072817
ACCESSION NUMBER:		0001104659-21-031110
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		3
CONFORMED PERIOD OF REPORT:	20210302
FILED AS OF DATE:		20210303
DATE AS OF CHANGE:		20210303

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			Vale S.A.
		CENTRAL INDEX KEY:			0000917851
		STANDARD INDUSTRIAL CLASSIFICATION:	METAL MINING [1000]
		IRS NUMBER:				000000000
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-15030
		FILM NUMBER:		21707225

	BUSINESS ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145
		BUSINESS PHONE:		55 21 3485-3900

	MAIL ADDRESS:	
		STREET 1:		PRAIA DE BOTAFOGO, 186
		CITY:			RIO DE JANEIRO
		STATE:			D5
		ZIP:			22250-145

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	Companhia Vale do Rio Doce
		DATE OF NAME CHANGE:	20051108

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE RIO DOCE CO
		DATE OF NAME CHANGE:	20020129

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	VALLEY OF THE DOCE RIVER CO
		DATE OF NAME CHANGE:	19950602
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>tm218534d4_6k.htm
<DESCRIPTION>FORM 6-K
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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities and Exchange Commission</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif">Washington</FONT>,
D.C. 20549</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>FORM 6-K</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 13a-16 or 15d-16</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of the</P>

<P STYLE="font: 14.5pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">For the month of</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">March 2021</P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 20pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><B>Vale S.A.</B></P>

<P STYLE="font: bold 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Praia de Botafogo n&ordm; 186, 18&ordm;
andar, Botafogo<BR>
22250-145 Rio de Janeiro, RJ, Brazil</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">(Address of principal executive office)</P>

<P STYLE="font: 10pt s10pt; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">(Indicate by check mark whether the registrant
files or will file annual reports under cover of Form 20-F or Form 40-F.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: 0">(Check One) Form 20-F <FONT STYLE="font-family: Wingdings">&#120;</FONT>
Form 40-F <FONT STYLE="font-family: Wingdings">&#168;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark if the registrant is submitting the
Form&nbsp;6-K in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1))</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: 0">(Check One) Yes <FONT STYLE="font-family: Wingdings">&#168;</FONT>
No <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 1.5in; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark if the registrant is submitting the
Form&nbsp;6-K in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7))</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: 0">(Check One) Yes <FONT STYLE="font-family: Wingdings">&#168;</FONT>
No <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Arial Unicode MS; margin: 0pt 0 0pt 1.5in; text-indent: 31.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark whether the registrant by furnishing
the information contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 2.25in; text-indent: 0">(Check One) Yes <FONT STYLE="font-family: Wingdings">&#168;</FONT>
No <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 139.5pt">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">(If &ldquo;Yes&rdquo; is marked, indicate below the file number
assigned to the registrant in connection with Rule 12g3-2(b). 82-<U>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</U>.)</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><IMG SRC="tm218534d4_6kimg01.jpg" ALT="">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>VALE S.A.</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">PUBICLY-HELD COMPANY</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">CNPJ 33.592.510/0001-54</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">NIRE 33.300.019.766</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>MANAGEMENT PROPOSAL</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>GENERAL MEETING OF DEBENTURE HOLDERS OF THE 6<FONT STYLE="font-size: 13.5pt"><SUP>th</SUP></FONT>
ISSUANCE OF DEBENTURES</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>TO BE HELD EXCLUSIVELY IN DIGITAL FORMAT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 10pt">Vale S.A.
(&ldquo;<U>Vale</U>&rdquo; or &ldquo;<U>Issuer</U>&rdquo;) hereby presents to the debenture holders (&ldquo;<U>Debenture Holders</U>&rdquo;)
of the 6</FONT><FONT STYLE="font-size: 13pt"><SUP>th</SUP></FONT> <FONT STYLE="font-size: 10pt">Issuance of Debentures of Vale
(&ldquo;<U>Debentures</U>&rdquo; and &ldquo;<U>Issuance</U>&rdquo;, respectively) pursuant to the &ldquo;Private Instrument of
Indenture for Issuance of Debentures of Vale do Rio Doce&rdquo; (<I>Instrumento Particular de Escritura de Emiss&atilde;o de Deb&ecirc;ntures
da Companhia Vale do Rio Doce</I>) entered into on June 24, 1997, as amended on August 28, 2002, September 24, 2002 and July 28,
2011 (&ldquo;<U>Indenture</U>&rdquo;), with GDC Partners Servi&ccedil;os Fiduci&aacute;rios D.T.V.M. Ltda., as trustee (&ldquo;<U>Trustee</U>&rdquo;),
this management proposal (&ldquo;<U>Management Proposal</U>&rdquo;), in order to discuss the matters described below, which will
be resolved in the General Meeting of Debenture Holders (&ldquo;<U>Meeting</U>&rdquo;) to be held, <B>on a first call, on March
19, 2021, at 10 am, exclusively in digital format</B> through the electronic system Zoom.</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Agenda</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>1.</B></TD><TD STYLE="text-align: justify">Amendment of the wording of Section&nbsp;III, item (j), <I>caput</I> of the Indenture, in order
to clarify that the calculation of the remuneration will be divided by the number of Debentures originally issued and that it will
not be changed in the case of (i)&nbsp;acquisition of Debentures by the Issuer (with such Debentures being held in the Issuer&rsquo;s
treasury), or (ii)&nbsp;cancellation of Debentures held in the Issuer&rsquo;s treasury, or (iii)&nbsp;acquisition of Debentures
by companies controlled by the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>2.</B></TD><TD STYLE="text-align: justify">Amendment of the wording of Section&nbsp;III, item (m), of the Indenture, in order to allow the
Issuer to purchase Debentures of its own issuance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>3.</B></TD><TD STYLE="text-align: justify">Amendment of the wording of Section&nbsp;III, item (r), of the Indenture, in order to allow that,
in case of any changes in legislation currently in force, the disclosure of acts and decisions related to the Issuance shall follow
the same format used for the disclosure of the Issuer&rsquo;s corporate acts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>4.</B></TD><TD STYLE="text-align: justify">Amendment of the wording of Section&nbsp;IV, item (a), of the Indenture, in order to (i)&nbsp;allow
the Issuer to comply with its obligation to deliver to the Trustee the financial statements and periodic and occasional information
by making such documents available on the Issuer&rsquo;s website; and (ii)&nbsp;update the reference to the applicable regulation
related to the disclosure of periodic and occasional information (CVM Instruction No.&nbsp;480/09).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.25in"></TD><TD STYLE="width: 0.25in"><B>5.</B></TD><TD STYLE="text-align: justify">Authorization for the Trustee and the Issuer to perform all acts and to take all measures necessary
for the delivery, consummation and administration of the resolutions approved at the Meeting, including the execution of an amendment
to the Indenture to reflect the approved changes thereto.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Matters to be Resolved in the Meeting and Respective Justifications</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0"><B><I>Regardind itens 1 to 4 of the Agenda contained
in the Call Notice: </I></B>the Issuer proposes to the Debenture Holders that they approve the amendment to the Indenture, in order
to implement the following adjustments:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.55pt"></TD><TD STYLE="width: 35.45pt"><B>(i)</B></TD><TD STYLE="text-align: justify; padding-right: 1pt">Amendment of the wording of Section III, item (j), <I>caput</I>, of the Indenture,
in order to clarify that the calculation of the remuneration will be divided by the number of Debentures originally issued and
that it will not be changed in the case of (i) acquisition of Debentures by the Issuer (with such Debentures being held in the
Issuer&rsquo;s treasury), or (ii) cancellation of Debentures held in the Issuer&rsquo;s treasury, or (iii) acquisition of Debentures
by companies controlled by the Issuer.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.55pt"></TD><TD STYLE="width: 35.45pt"><B>(ii)</B></TD><TD STYLE="text-align: justify; padding-right: 1pt">Amendment of the wording of Section III, item (m), of the Indenture, in order
to allow the Issuer to purchase Debentures of its own issuance.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.55pt"></TD><TD STYLE="width: 35.45pt"><B>(iii)</B></TD><TD STYLE="text-align: justify; padding-right: 1pt">Amendment of the wording of Section III, item (r), of the Indenture, in order
to allow that, in case of any changes in legislation currently in force, the disclosure of acts and decisions related to the Issuance
shall follow the same format used for the disclosure of the Issuer&rsquo;s corporate acts.</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>&nbsp;</B></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 35.55pt"></TD><TD STYLE="width: 35.45pt"><B>(iv)</B></TD><TD STYLE="text-align: justify; padding-right: 1pt">Amendment of the wording of Section IV, item (a), of the Indenture, in order
to (i) allow the Issuer to comply with its obligation to deliver to the Trustee the financial statements and periodic and occasional
information by making such documents available on the Issuer&rsquo;s website; and (ii) update the reference to the applicable regulation
related to the disclosure of periodic and occasional information (CVM Instruction No. 480/09).</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 0.5in; text-align: justify">In order to deliberate on this
matters, a schedule detailing each proposed change and the respective justification for such change is provided in <B><U>Exhibit
I</U></B> of this Management Proposal, and the draft of the Amendment to the Indenture through which such adjustments will be formalized
is provided in <B><U>Exhibit II </U></B>of this Management Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt">The full content of the proposed changes is available
in the abovementioned exhibit.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>Regardind item 5 of the Agenda contained
in the Call Notice: </I></B>the Issuer proposes to the Debenture Holders that they approve the authorization for the Trustee and
the Issuer to perform all acts and to take all measures necessary for the delivery, consummation and administration of the resolutions
approved at the Meeting, including the execution of an amendment to the Indenture to reflect the approved changes. If the Debenture
Holders decide to approve such matter, the Indenture will be amended in accordance with the wording provided in <B><U>Exhibit II</U></B>
of this Management Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Documents and Information Necessary for the Analysis of this
Management Proposal</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The documents and information necessary
for the analysis of this Management Proposal, which is the Indenture, including the amendments thereto, are available for consultation
on the Issuer&rsquo;s website (<U>www.vale.com</U>), CVM&acute;s website (<U>www.cvm.gov.br</U>) and the Trustee&rsquo;s website
(<U>www.gdcdtvm.com.br</U>) and at the Issuer&rsquo;s headquarters.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">This Management Proposal may later be supplemented
by the Issuer&rsquo;s management up to the date of the Meeting, if necessary, including if additional clarifications are necessary
or if there is a need to improve any points covered by this Management Proposal.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>General Instructions for Participation in the Meeting</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">As provided in article 2, item I, of CVM
Instruction No. 625, of May 14, 2020 (&ldquo;<U>CVM Instruction 625</U>&rdquo;), the Debenture Holders may exercise their right
to vote exclusively through participation via the Zoom electronic system during the Meeting. Participation via the Zoom system
is restricted to Debenture Holders, their representatives or attorneys-in-fact, as the case may be, who <B>are accredited under
the terms described in the Management Proposal, and who enter the system until the opening of the Meeting</B>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Accreditation for digital participation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The accreditation must be made <B>until 11:59 pm of March 17,
2021</B>, through the link <U>www.vale.com/agd</U>, and the debenture holder must provide the following information and documents:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Personal Participation</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD ROWSPAN="5" STYLE="text-align: left; font-size: 10pt; width: 10%; vertical-align: middle"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Natural
    Person</FONT></TD>
    <TD STYLE="text-align: left; font-size: 10pt; width: 4%; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></FONT></TD>
    <TD STYLE="font-size: 10pt; width: 86%; text-align: justify"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Indication
    of e-mail address to which the individual invitation for you to attend to the Meeting will be sent.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Evidence
    of ownership of Debentures issued on the date of accreditation for participation by the bookkeeping financial institution.</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-size: 10pt">&nbsp;</FONT></TD></TR>
<TR STYLE="font-size: 10pt; vertical-align: top">
    <TD STYLE="text-align: left; font-size: 10pt; vertical-align: middle"><FONT STYLE="font-size: 10pt">&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></FONT></TD>
    <TD STYLE="text-align: justify; font-size: 10pt"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Valid
    identity document with photograph. The following documents can be submitted: (i)&nbsp;General Registry Identity Card (RG);
    (ii)&nbsp;Foreign Person Identity Card (RNE); (iii)&nbsp;Passport; (iv)&nbsp;Professional Identity Cards which are valid as
    civil identification identity for legal purposes (ex. OAB, CRM, CRC, CREA); or (v)&nbsp;National Drivers License (CNH).</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="9" STYLE="width: 10%">Legal Entity</TD>
    <TD STYLE="width: 3%">&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; width: 87%; text-align: justify">Indication of e-mail address to which the individual invitation for you to attend to the Meeting will be sent.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Evidence of&nbsp;ownership of&nbsp;&nbsp;Debentures issued on the date of&nbsp;&nbsp;accreditation for participation by the bookkeeping financial institution.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Most recent consolidated organizational document, duly registered with the competent commercial registry.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Corporate documents evidencing its legal representation.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">Valid identity document with photograph of the legal representative. The following documents can be submitted: (i)&nbsp;General Registry Identity Card (RG); (ii)&nbsp;Foreign Person Identity Card (RNE); (iii) Passport; (iv)&nbsp;Professional Identity Cards which are valid as civil identification identity for legal purposes (ex. OAB, CRM, CRC, CREA); or (v)&nbsp;National Drivers License (CNH).</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 10pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
<TR>
    <TD ROWSPAN="9" STYLE="width: 10%">Investment Fund&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom; width: 87%">Indication of e-mail address to which the individual invitation for you to attend to the Meeting will be sent.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">Evidence of ownership of Debentures issued on the date of accreditation for participation by the bookkeeping financial institution.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">The most recent consolidated regulations of the investment fund.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">The by-laws or articles of association of its administrator or manager, as the case may be, provided that the investment fund&rsquo;s voting policy is observed, as well as corporate documents evidencing the powers of representation.</TD></TR>
<TR>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD>&nbsp;<IMG SRC="tm218534d4_6kimg02.jpg" ALT=""></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">Valid identity document with photograph of the legal representative. The following documents can be submitted: (i)&nbsp;General Registry Identity Card (RG); (ii)&nbsp;Foreign Person Identity Card (RNE); (iii)&nbsp;Passport; (iv)&nbsp;Professional Identity Cards which are valid as civil identification identity for legal purposes (ex. OAB, CRM, CRC, CREA); or (v)&nbsp;National Drivers License (CNH).</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">If such documents are in a foreign language, they must be presented
together with the corresponding Portuguese versions, duly translated by a sworn translator, with no need for notarization and consularization
or apostille. It should be noted that documents in English and Spanish are exempted from translation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 241pt"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Participation by Power of Attorney</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">If any of the Debenture Holders is to be
represented by an attorney-in-fact, in addition to the relevant documents indicated above, they must present (a) a power of attorney
granting specific powers to the relevant attorney-in-fact to act on behalf of the Debenture Holder at the Meeting, pursuant to
article 126, paragraph 1, of Law No. 6,404/1976; and (b) a valid identity document with photograph of the attorney-in-fact. The
following documents can be submitted: (i) General Registry Identity Card (RG); (ii) Foreign Person Identity Card (RNE); (iii) Passport;
(iv) Professional Identity Cards which are valid as civil identification identity for legal purposes (ex. OAB, CRM, CRC, CREA);
or (v) National Drivers License (CNH).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">If such documents are in a foreign
language, they must be presented together with the corresponding Portuguese versions, duly translated by a sworn translator, with
no need for notarization and consularization or apostille. It should be noted that documents in English and Spanish are exempted
from translation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Below is a model of power of attorney
for mere reference. Debenture Holders may also use powers of attorney other than the one suggested in this Management Proposal,
as long as it is in accordance with the provisions of Law n.&ordm; 6.404/1976 and of the Brazilian Civil Code.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">&nbsp;</P>

<DIV STYLE="padding-right: 5pt; padding-left: 5pt; border: Black 1pt solid; width: 98%"><P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">POWER OF ATTORNEY MODEL</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">[<B>DEBENTURE HOLDER</B>],
[Qualification] (&ldquo;Grantor&rdquo;), hereby appoints and constitutes as its attorney-in-fact Mr(s) [<B>NAME</B>], [NATIONALITY],
[MARITAL STATUS], [PROFESSION], with identity card No. [_______] and enrolled with the CPF/MF under No. [______], resident e domiciled
at [ADRESS], in the City [_______], State [_______] (&ldquo;Grantee&rdquo;), granting the Grantee powers to represent the Grantor
in the General Meeting of Debenture Holders of the 6<SUP>th</SUP> Issuance of Participative Debentures of Vale S.A. (&ldquo;Debentures&rdquo;,
&ldquo;Issuance&rdquo; and &ldquo;Issuer&rdquo;, respectively), to be held, on first call, on March 19, 2021, at 10am, and, if
necessary, on a second call on a date to be informed in due course, to review, discuss and vote on the matters included in the
respective agenda, in accordance with the guidelines set out below:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">Agenda:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">1. Amendment of the wording
of Section III, item (j), caput of the Indenture, in order to clarify that the calculation of the remuneration will be divided
by the number of Debentures originally issued and that it will not be changed in the case of (i) acquisition of Debentures by
the Issuer (with such Debentures being held in the Issuer&rsquo;s treasury), or (ii) cancellation of Debentures held in the Issuer&rsquo;s
treasury, or (iii) acquisition of Debentures by companies controlled by the Issuer.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT>(</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT>)
In favor &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Against &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Abstention</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">2. Amendment of the wording
of Section III, item (m), of the Indenture, in order to allow the Issuer to purchase Debentures of its own issuance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT>(</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT>)
In favor &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Against &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Abstention</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">3. Amendment of the wording
of Section III, item (r), of the Indenture, in order to allow that, in case of any changes in legislation currently in force,
the disclosure of acts and decisions related to the Issuance shall follow the same format used for the disclosure of the Issuer&rsquo;s
corporate acts.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT>(</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT>)
In favor &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Against &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Abstention</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">4. Amendment of the wording
of Section IV, item (a), of the Indenture, in order to (i) allow the Issuer to comply with its obligation to deliver to the Trustee
the financial statements and periodic and occasional information by making such documents available on the Issuer&rsquo;s website;
and (ii) update the reference to the applicable regulation related to the disclosure of periodic and occasional information (CVM
Instruction No. 480/09).</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT>(</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT>)
In favor &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Against &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Abstention</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0; text-align: justify">5. Authorization for the
Trustee and the Issuer to perform all acts and to take all measures necessary for the delivery, consummation and administration
of the resolutions approved at the Meeting, including the execution of an amendment to the Indenture to reflect the approved changes
thereto.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT>(</FONT>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;<FONT>)
In favor &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Against &nbsp;&nbsp;&nbsp;&nbsp;( &nbsp;&nbsp;&nbsp;&nbsp;) Abstention</FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">This instrument is be valid for [____],
from the date hereof.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-indent: 0; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; width: 34%">[Place], [Date].</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 33%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; text-align: center; font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">[Debenture Holder]</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
</TABLE>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0"><FONT STYLE="font-size: 1pt">&nbsp;</FONT></P>

</DIV>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-indent: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">After verifying the documentation
and effecting the accreditation, the Issuer will send by e-mail, preferably, within up to 1 (one) day before the date of the Meeting,
instructions for accessing the electronic system and respective passwords for Debenture Holders who have made their registration,
as indicated above (&ldquo;<U>Accredited Debenture Holders</U>&rdquo;). A single individual invitation will be sent out to each
Accredited Debenture Holder.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In case a certain Accredited Debenture
Holder does not receive the individual invitation to attend to the Meeting within up to 3 (three) hours in advance of the Meeting&rsquo;s
starting time, he should contact the Issuer&rsquo;s Investor Relations department by e-mail <U>vale.ri@vale.com</U> with, at least,
1 (one) hour in advance in relation to the starting time of the Meeting so that the appropriate support is provided and, as the
case may be, the access of the Debenture Holder is granted by sending him a new individual invitation.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Accredited Debenture Holders undertake:
<B>(i)</B> to use their individual invitations solely and exclusively for the purpose of remote attendance to the Meeting; <B>(ii)</B>
not to transfer or disclose to any third party, debenture holder or not, in whole or in part, the individual invitations, as such
invitation is non-transferable; and <B>(iii)</B> not to record or reproduce, in whole or in part, nor to transfer, to any third
party, debenture holder or not, the content or any information transmitted by virtual means during the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>Participation and/or Voting in the Digital Platform</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">The Issuer emphasizes that <B>only the debenture holder
who performs the accreditation until 11:59 pm of March 17, 2021 and joins the Zoom system on the date of the Meeting, until
the time of the opening of the Meeting, will be considered present at the Meeting (&ldquo;<U>Present Debenture
Holder</U>&rdquo;).</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">The Zoom platform meets the requirements
set out in article 7 of the CVM Instruction 625, which are the following: <B>(i)</B> the Debenture Holders&rsquo; attendance record
and records of the respective votes; <B>(ii)</B> the possibility of manifestation and simultaneous access to documents presented
during the Meeting that have not been previously made available; (iii) the complete recording, by the Company, of the Meeting;
and (iii) the possibility of communication between the Present Debenture Holders. The Present Debenture Holders hereby authorize
the Company to use any information contained in the recording of the Meeting for (i) registration of the possibility of manifestation
and view of the documents presented during the Meeting; (ii) registration of the authenticity and security of communications during
the Meeting; (iii) registration of attendance and vote cast; (iv) compliance with legal orders issued by competent authorities;
and (v) defense of the Company, its administrators and hired third parties, in any judicial, arbitration, regulatory or administrative
circumstance.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">During the Meeting, Debenture Holders Present
must keep their microphones muted and their cameras turned off, in order to avoid instability in the connection and improve the
sound quality. After the presentation on each matter on the Agenda, the Present Debenture Holder who wishes to speak up must use
the option &ldquo;Raise a hand&rdquo; in the Zoom system to be eligible for such request, in a way that, in the order in which
they are received by the board, the Debentureholder is given the word, through the opening of the audio. In order to keep the Meeting
running well, a maximum time for the manifestation of each Present Debenture Holder may be established. The Present Debenture Holder
who wishes to speak in order to make a statement on any matter unrelated to the Agenda of the Meeting must use the usual channels
of contact with the Company, through the Investor Relations area.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">In addition to the possibility of watching
from a computer, the Zoom platform is also available via application for Apple and Android phones, and it is necessary to download
the application.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify">Vale recommends that Debenture Holders
run tests and familiarize themselves with the Zoom service in advance, and access the Zoom electronic system at least 30 (thirty)
minutes before the beginning of the Meeting in order to avoid any operational problems with its use on the day of the Meeting.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>Vale is not responsible for connection
problems that the Accredited Debenture Holders may face and other situations that are not under the Issuer&rsquo;s control, such
as instability in the internet connection or incompatibility of Zoom with the equipment of the Accredited Debenture Holder.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">The Present Debenture Holders who
participate via Zoom will be considered present at the Meeting and sign the respective minutes, under the terms of article 8, paragraph
2 of CVM Instruction 625.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: justify; font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Any doubts or clarifications may be resolved
or obtained, as the case may be, by contacting the Investor Relations Department, by electronic message to <U>vale.ri@vale.com</U>.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Rio de Janeiro, March 3<FONT STYLE="font-size: 13.5pt"><SUP>rd</SUP></FONT>,
2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Luciano Siani Pires</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>Executive Director of Finance and Investor Relations</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 235.45pt 0pt 232.8pt; text-align: center; background-color: white"><B>EXHIBIT
I</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 235.45pt 0pt 232.8pt; text-align: center; background-color: white"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center; background-color: white"><B>PROPOSALS
FOR CHANGES TO THE INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>


<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="background-color: rgb(191,191,191); vertical-align: top">
    <TD STYLE="padding: 2pt 3pt 5pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 10%"><FONT STYLE="font-size: 10pt"><B>Clause </B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 35%"><FONT STYLE="font-size: 10pt"><B>Wording Currently Provided in the Indenture </B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; white-space: nowrap; border-top: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid; text-align: center; width: 35%"><FONT STYLE="font-size: 10pt"><B>Proposed Wording </B></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; white-space: nowrap; border: Black 1pt solid; text-align: center; width: 20%"><FONT STYLE="font-size: 10pt"><B>Justification </B></FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>III (j) Remuneration, caput </I></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">(j)
    <U>Remuneration</U>: The debentures will be entitled to a premium obtained according to the following criteria and parameters:
    </FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">(j)
    <U>Remuneration</U>: The debentures will be entitled to a premium obtained according to the following criteria and parameters<FONT STYLE="color: red"><B><U>,
    to be divided among the debentures in equal fractions corresponding to 1/388,559,056 of the total premium to be paid for each
    debenture, and such fractions shall not be changed in the event of (i) acquisition of debentures by the Issuer (with such
    debentures being held in the Issuer&rsquo;s treasury), or (ii) cancellation of debentures held in the Issuer&rsquo;s treasury,
    or, further, (iii) acquisition of debentures by companies controlled by the Issuer</U></B></FONT>: </FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Amendment in order to clarify that the calculation of the remuneration will be divided by the number of Debentures originally issued and that it will not be changed in the case of (i) acquisition of Debentures by the Issuer (with such Debentures being held in the Issuer&rsquo;s treasury), or (ii) cancellation of Debentures held in the Issuer&rsquo;s treasury, or (iii) acquisition of Debentures by companies controlled by the Issuer. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>III (m) Acquisition </I></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">(m)
    <U>Acquisition</U>. The Issuer undertakes not to acquire the debentures of this issuance. However, the companies controlled
    by the Issuer may acquire the debentures in the market. </FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">(m)
    <U>Acquisition</U>. <FONT STYLE="color: #4471C4"><B><STRIKE>The Issuer undertakes not to acquire the debentures of this issue.
    However, the</STRIKE></B></FONT><B><FONT STYLE="color: red"><U>The Issuer may, at any time, acquire debentures, provided that
    it complies with the provisions of article 55, paragraph 3, of Law 6,404/76 and the applicable CVM regulations. The debentures
    acquired by the Issuer may, at the Issuer&rsquo;s discretion, be cancelled, remain in treasury or be placed in the market
    again. Debentures held in treasury by the Issuer under the terms of this Section are not entitled to vote at general debenture
    holders&rsquo; meetings, nor to cash earnings, provided that, if and when placed back in the market, they will be entitled
    to the same economic and political rights applicable to the other debentures. The</U></FONT></B> companies controlled by the
    Issuer may acquire the debentures on the market. </FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Amendment in order to allow the Issuer to purchase Debentures of its own issuance. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>III (r) Publicity </I></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">(r)
    <U>Publicity</U>. All acts and decisions related to the issuance provided under this indenture involving the interests of
    debenture holders will be disclosed, in the form of notices, in the Official Gazette of the State of Rio de Janeiro, and in
    the other newspapers ordinarily used by the Issuer, as determined by article 289 of Law No. 6,404/76. </FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">(r)
    <U>Publicity</U>. All acts and decisions related to the issuance provided under this indenture involving the interests of
    debenture holders will be disclosed, in the form of notices, in the Official Gazette of the State of Rio de Janeiro, and in
    the other newspapers ordinarily used by the Issuer, as determined by article 289 of Law No. 6,404/76. <FONT STYLE="color: red"><B><U>In
    the event of a change in the legislation currently in force allowing other means of disclosure of corporate acts, the acts
    and decisions related to the issuance provided under this indenture involving the interests of the debenture holders will
    be disclosed in the same way the Issuer&rsquo;s corporate acts are disclosed</U></B></FONT></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Amendment in order to allow that, in case of any changes in legislation currently in force, the disclosure of acts and decisions related to the Issuance shall follow the same format used for the disclosure of the Issuer&rsquo;s corporate acts. </FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt"><I>IV (a) Periodic Information </I></FONT></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) deliver to the Trustee:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. within up to 120 (one hundred and twenty) days after the
        end of each semester, copies of its audited financial statements relating to such semester;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. within up to 10 (ten) days after delivery to the CVM, copies
        of the periodic and occasional information required by CVM Instruction No. 202, or by those that may replace it;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. on March 31 and September 30 of each year, a report which
        must contain, in a complete and detailed form, at least, information on the monthly Net Revenue calculated in relation to each
        mining right provided for in Section III (j) of this indenture, as well as disposals of mining rights, which have been considered
        for the purpose of calculating the premium due to the debenture holders and the respective percentages applied to calculate such
        premium;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. on March 31 of each year, a report which must contain, in
        a complete and detailed form, information on any losses of mining rights and substitutions of mining rights occurred in the fiscal
        year considered in the form of Clause III (j) (3) of this indenture.</P></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-bottom: Black 1pt solid; border-left: Black 1pt solid">
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(a) deliver to the Trustee <FONT STYLE="color: red"><B><U>(with
        respect to items (a)1 and (a)2 below, by making such documents available on the Issuer&rsquo;s website)</U></B></FONT>:</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">1. within a maximum period of 120 (one hundred and twenty) days
        after the end of each semester, copies of its audited financial statements relating to such semester;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">2. within up to 10 (ten) days after delivery to the
        CVM, copies of the periodic and occasional information required by CVM Instruction No. <FONT STYLE="color: #4471C4"><B><Strike>202</Strike></B></FONT><B><FONT STYLE="color: red"><U>480/09,
        as amended</U></FONT></B>, or by those that may replace it;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">3. on March 31 and September 30 of each year, a report which
        must contain, in a complete and detailed form, at least, information on the monthly Net Revenue calculated in relation to each
        mining right provided for in Section III (j) of this indenture, as well as disposals of mining rights, which have been considered
        for the purpose of calculating the premium due to the debenture holders and the respective percentages applied to calculate such
        premium;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>
        <P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">4. on March 31 of each year, a report which must contain, in
        a complete and detailed form, information on any losses of mining rights and substitutions of mining rights occurred in the fiscal
        year considered in the form of Clause III (j) (3) of this indenture.</P></TD>
    <TD STYLE="padding: 2pt 3pt 5pt; border-right: Black 1pt solid; border-bottom: Black 1pt solid; border-left: Black 1pt solid"><FONT STYLE="font-size: 10pt">Amendment in order to (i) allow the Issuer to comply with its obligation to deliver to the Trustee the financial statements and periodic and occasional information by making such documents available on the Issuer&rsquo;s website, considering that the Issuer is registered with the CVM as issuer of securities; and (ii) update the reference to the applicable regulation related to the disclosure of periodic and occasional information (CVM Instruction No. 480/09 </FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><B>EXHIBIT II</B></P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>DRAFT OF THE AMENDMENT TO THE INDENTURE</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
<TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="text-align: justify; font: bold 10pt Times New Roman, Times, Serif; width: 50%">AMENDMENT No. 4 TO THE PRIVATE INSTRUMENT OF INDENTURE FOR THE 6TH ISSUANCE OF PARTICIPATIVE DEBENTURES OF VALE S.A.</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">This &ldquo;Amendment No. 4 to
the Private Instrument of Indenture for the 6<SUP>th</SUP> Issuance of Participative Debentures of Vale S.A.&rdquo; (&ldquo;<U>Fourth
Amendment</U>&rdquo;) is entered into by and between:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>VALE S.A.</B>, a corporation headquartered
in the city of Rio de Janeiro, State of Rio de Janeiro, at Praia de Botafogo, 186, suites 701 to 1901, enrolled with the CNPJ under
No. 33.592.510/0001-54, represented herein in accordance with its by-laws (&ldquo;<U>Issuer</U>&rdquo;); and</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>GDC PARTNERS SERVI&Ccedil;OS FIDUCI&Aacute;RIOS
D.T.V.M. LTDA.</B>, a financial institution headquartered in the city of Rio de Janeiro, State of Rio de Janeiro, at Avenida Ayrton
Senna, 3000, part 3, Bloco Itanhang&aacute;, suite 3105, enrolled with the CNPJ under No. 10.749.264/0001-04, represented herein
in accordance with its by-laws (&ldquo;<U>Trustee</U>&rdquo;, and, together with the Issuer, the &ldquo;<U>Parties</U>&rdquo;);</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>WHEREAS:</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(A)</TD><TD STYLE="text-align: justify; padding-right: 1pt">on June 24, 1997, the Issuer and SLW Corretora de Valores e C&acirc;mbio Ltda.
entered into the &ldquo;Private Instrument of Indenture for Issuance of Debentures of Companhia Vale do Rio Doce&rdquo;, as amended
by (i) the &ldquo;First Amendment to the Private Instrument of Indenture for Issuance of Participative Debentures of Companhia
Vale do Rio Doce&rdquo;, entered into on August 28, 2002, by and between the Issuer and SLW Corretora de Valores e C&acirc;mbio Ltda.; (ii) the &ldquo;Second Amendment to the Private Instrument of Indenture for the 6th Issuance of Participative
Debentures of Companhia Vale do Rio Doce&rdquo;, entered into on September 24, 2002, by and between the Issuer and SLW Corretora de Valores
e C&acirc;mbio Ltda.; and (iii) the &ldquo;Third Amendment to the Private Instrument of Indenture for the 6th Issuance of Participative
Debentures of Companhia Vale do Rio Doce&rdquo;, entered into on July 28, 2011, by and between the Issuer and the Trustee (&ldquo;Indenture&rdquo;);
and</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 0.5in">(B)</TD><TD STYLE="text-align: justify; padding-right: 1pt">the Parties wish to amend the Indenture in accordance with the terms provided
in this Fourth Amendment;</TD></TR></TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0">The Parties decide to amend the Indenture, by means
of this Fourth Amendment, in accordance with the following terms and conditions:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AUTHORIZATIONS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101pt 0pt 0; text-align: justify"><B><I>The execution of this Amendment
is based on the following resolutions:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101pt 0pt 0; text-align: justify"><B><I>the Issuer&rsquo;s board of directors meeting held on February 25, 2021; and</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 101pt 0pt 0; text-align: justify"><B><I>the general
meeting of debenture holders held on March 19, 2021.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>AMENDMENT</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Section III, item (j), </I>caput<I>, of the Indenture
shall read as follows:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; text-align: justify; text-indent: 0.25pt">&ldquo;<I>(j)
<U>Remuneration</U>. The debentures will be entitled to a premium obtained according to the following criteria and parameters,
to be divided among the debentures in equal fractions corresponding to 1/388,559,056 of the total premium to be paid for each debenture,
and such fractions shall not be changed in the event of (i) acquisition of debentures by the Issuer (with such debentures being
held in the Issuer&rsquo;s treasury), or (ii) cancellation of debentures held in the Issuer&rsquo;s treasury, or, further, (iii)
acquisition of debentures by companies controlled by the Issuer:</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Section III, item (m) of the Indenture shall read as follows:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; text-align: justify; text-indent: 0.25pt">&ldquo;<I>(m)
<U>Acquisition</U>. The Issuer may, at any time, acquire debentures, provided that it complies with the provisions of article 55,
paragraph 3, of Law 6,404/76 and the applicable CVM regulations. The debentures acquired by the Issuer may, at the Issuer&rsquo;s
discretion, be cancelled, remain in treasury or be placed in the market again. Debentures held in treasury by the Issuer under
the terms of this Section are not entitled to vote at general debenture holders&rsquo; meetings, nor to cash earnings, provided
that, if and when placed back in the market, they will be entitled to the same economic and political rights applicable to the
other debentures. The companies controlled by the Issuer may acquire the debentures in the market.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Section III, item (r) of the Indenture shall read as follows:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; text-align: justify; text-indent: 0.25pt">&ldquo;<I>(r)
<U>Publicity</U>. All acts and decisions related to the issuance provided under this indenture involving the interests of debenture
holders will be disclosed, in the form of notices, in the Official Gazette of the State of Rio de Janeiro, and in the other newspapers
ordinarily used by the Issuer, as determined by article 289 of Law No. 6,404/76. In the event of a change in the legislation currently
in force allowing other means of disclosure of corporate acts, the acts and decisions related to the issuance provided under this
indenture involving the interests of the debenture holders will be disclosed in the same way as the Issuer&rsquo;s corporate acts
are disclosed.</I>&rdquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>Section IV, item (a) of the Indenture shall read as follows:</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; text-align: justify; text-indent: 0.25pt">&ldquo;<I>(a)
deliver to the trustee (with respect to items (a)1 and (a)2 below, by making such documents available on the Issuer&rsquo;s website):</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0 0pt 35pt; text-align: justify; text-indent: 0.55pt"><I>1. within
up to 120 (one hundred and twenty) days after the end of each semester, copies of its audited financial statements relating to
such semester; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; text-align: justify; text-indent: 0.55pt"><I>2.<FONT STYLE="font-size: 10pt">&nbsp;
</FONT>within up to 10 (ten) days after delivery to the CVM, copies of the periodic and occasional information required by CVM
Instruction 480/09, as amended, or by those that may replace it; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; text-align: justify; text-indent: 0.55pt"><I>3. on
March 31 and September 30 of each year, a report which must contain, in a complete and detailed form, at least, information on
the monthly Net Revenue calculated in relation to each mining right provided for in Section III (j) of this indenture, as well
as disposals of mining rights, which have been considered for the purpose of calculating the premium due to the debenture holders
and the respective percentages applied to calculate such premium; </I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 35pt; text-align: justify; text-indent: 0.55pt"><I>4.
on March 31 of each year, a report which must contain, in a complete and detailed form, information on any losses of mining rights
and substitutions of mining rights occurred in the fiscal year considered in the form of Clause III (j) (3) of this indenture.</I>&ldquo;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>RATIFICATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0"><B><I>All other clauses and conditions of the Indenture
which have not been expressly amended by this Fourth Amendment are hereby ratified.</I></B></P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>REGISTRATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>This Fourth Amendment shall be registered with the competent
legal registries.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>MISCELLANEOUS</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B><I>This Fourth Amendment is entered
into on an irrevocable and irreversible basis and shall be binding upon the parties and their successors.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify"><B><I>In case any of the provisions
of this Fourth Amendment is deemed illegal, invalid or ineffective, all other provisions not affected by such judgment shall prevail,
and the Parties undertake, in good faith, to replace the affected provision with another provision that, to the extent possible,
produces the same effect.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B>JURISDICTION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><B><I>The provisions of Section X of the Indenture shall apply
to this Fourth Amendment.</I></B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 1pt 0pt 0; text-align: justify">In witness whereof, the Parties,
bound by themselves and their successors, have caused the execution of this Fourth Amendment in 3 (three) identical counterparts,
together with the 2 (two) undersigned witnesses.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">Rio de Janeiro, March 19, 2021.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt">(Signatures
follow on the next 3 (three) pages.)</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt">(Remainder of this page intentionally left in blank.)</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Signature Page of the &ldquo;Amendment No. 4 to the Private
Instrument of Indenture for the 6th Issuance of Participative Debentures of Vale S.A.&quot;, entered into by and between Vale
S.A. and GDC Partners Servi&ccedil;os Fiduci&aacute;rios D.T.V.M. Ltda.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt"><B>VALE S.A.&nbsp;</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 49%">Name:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">Name:</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Title:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Signature Page of the &ldquo;Amendment No. 4 to the
Private Instrument of Indenture for the 6th Issuance of Participative Debentures of Vale S.A.&quot;, entered into by and
between Vale S.A. and GDC Partners Servi&ccedil;os Fiduci&aacute;rios D.T.V.M. Ltda.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%">
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: bold 10pt Times New Roman, Times, Serif">GDC PARTNERS SERVI&Ccedil;OS FIDUCI&Aacute;RIOS D.T.V.M. LTDA.</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 50%">&nbsp;</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Name:</TD></TR>
<TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">Title:</TD></TR>
</TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>




<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"><I>Signature Page of the &ldquo;Amendment No. 4 to the Private
Instrument of Indenture for the 6th Issuance of Participative Debentures of Vale S.A.&quot;, entered into by and between Vale
S.A. and GDC Partners Servi&ccedil;os Fiduci&aacute;rios D.T.V.M. Ltda.</I></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Witnesses:</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" BORDER="0" STYLE="width: 100%; margin-top: 0pt; margin-bottom: 0pt; font: 10pt Times New Roman, Times, Serif">
<TR STYLE="vertical-align: top">
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: Black 1pt solid; padding-left: 10pt; text-indent: -10pt">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 49%">Name:</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt; width: 50%">Name:</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Id.:<FONT STYLE="font-size: 10pt">&nbsp;&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">Id.:</TD></TR>

<TR STYLE="vertical-align: top">
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">CPF:</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-left: 10pt; text-indent: -10pt">CPF:</TD></TR>
</TABLE>


<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center"><FONT STYLE="text-decoration: none"><B>Signatures</B></FONT></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">Pursuant to the requirements of the Securities Exchange Act
of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Vale S.A.</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">(Registrant)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD>&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="width: 50%">&nbsp;</TD>
    <TD STYLE="width: 3%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">By: </FONT></TD>
    <TD STYLE="border-bottom: Black 1pt solid; width: 47%"><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">/s/ Ivan Fadel</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Date: March 02, 2021</FONT></TD>
    <TD>&nbsp;</TD>
    <TD><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 10pt">Head of Investor Relations</FONT></TD></TR>
</TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0"></P>

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