PT Vale Indonesia Tbk A largeaaaaaAAAAA & low cost producer

For Investor Meeting 2021 PT Vale Cautionary Note & Disclaimer

Cautionary Note on Forward-looking Statements • This presentation may contain statements regarding the business of PT Vale Indonesia Tbk (the “Company”) that are of a forward- looking nature and are therefore based on management's assumptions about future developments. • Such forward-looking statements are intended to be identified by words such as 'believe', 'estimate', 'intend', 'may', 'will', 'expect', and 'project' and similar expressions as they relate to the Company. Forward-looking statements involve certain risks and uncertainties because they relate to future events. Actual results may vary materially from those targeted, expected or projected due to several factors. • Potential risks and uncertainties includes such factors as general economic conditions, foreign exchange fluctuations, interest rate changes, commodity price fluctuations and regulatory developments. The reader and/or listener is cautioned to not unduly rely on these forward-looking statements. We do not undertake any duty to publish any update or revision of any forward-looking statements. Disclaimer • This report has been prepared by PT Vale Indonesia Tbk (the “Company”) independently and is circulated for the purpose of general information only. It is not intended for the specific person who may receive this report. The information in this report has been obtained from sources which we deem reliable. No warranty (expressed or implied) is made to the accuracy or completeness of the information. All opinions and estimations included in this report constitute our judgment as of this date and are subject to change without prior notice. • We disclaim any responsibility or liability which may be brought against or suffered by any person as a result of acting in reliance upon the whole or any part of the contents of this report and neither the Company and/or its respective employees and/or agents accepts liability for any errors, omissions, negligent or otherwise, in this report and any inaccuracy herein or omission here from which might otherwise arise.

2 PT Vale Agenda

1. Meet PT Vale 2. Q4 2020 Results 3. Nickel Market Update 4. PT Vale Future Plan

3 PT Vale

Meet PT Vale

4 Mission Vision Values

To transform natural To be the number one • Life matters most resources into prosperity global natural resources • Value our people and sustainable company in creating long development term value, through • Prize our planet excellence and passion • Do what is right for people and the planet • Improve together • Make it happen

5 PT Vale Our History

1968 1996 Initial COW signed COW renewal signed.

1988 1990 Inco sells 20% GO PUBLIC shares to Inco sells 20% of its SMM. shares on the Indonesian stock 80-20 long term off- exchange take agreements 1973 1978 Construction Commercial 2020 started in production 2014 Sorowako Closing of Divestment Renegotiation & COW Transaction amendment •right to apply to extend up to 2045 •new investment undertakings •1st major company to renegotiate 6 PT Vale Shareholders, Management and People

Nico Kanter VCL Inalum SMM President Director Public Others

0.69% 20.49% Adriansyah Chaniago Dani Widjaja Vice President Director Director 43.79% 15.03% Febriany Eddy Agus Superiadi Director Director 20%

Bernardus Irmanto Vinicius Ferreira Ultimate controlling shareholder is Vale S.A. Director Director (NYSE:VALE) which owns 44.34%

Our shareholders are: Our Employees • Vale Canada Limited – 43.79% • PT Indonesia Asahan Aluminium (Persero) – 20.00% • Sumitomo Co., Ltd. – 15.03% • Public – 20.49% • Vale Japan Limited – 0.55% • Sumitomo Corporation – 0.14% 3,006 Employees* > 99.7% Indonesian > 6,000 Contractors

7 * Permanent and non-permanent employees as of Dec 31, 2020 PT Vale Concenssions, Reserves and Production records

Concession Areas Reserves As of Dec 31, 2020 (in million metric Province Block Hectares tons) Mt % Grade South Sulawesi Sorowako - Towuti 70,566 Proven 61.9 1.73

Central Sulawesi Bahodopi 22,699 Probable 42.1 1.74

Southeast Pomalaa 20,286 Total Reserves 104.0 1.73 Sulawesi Suasua 4,466

Total 118,017 Record production in 2015 100,000

81,177 80,000

60,000

40,000

20,000

8 0 PT Vale From Ore to Nickel in Matte

Nickel matte that consists of: ≈ 78 % Nickel in matte ≈ 1%-2% ≈ 20%-21% Sulfur

Export with Long-Term Sales Contract Agreement

Since Jan-2020 we have modernized our Sales Contract Agreement to our Customers.

Previously, nickel and cobalt content are priced at 78% of previous month average LME nickel cash price.

Currently, nickel content will be priced at 78% of LME nickel cash price, while cobalt content will be priced at 35% of Fast Market cobalt price. 9 For over 52 years, Vale has operated safely on the shores of the sensitive Malili Lakes.

10 Place image in Place image in this space this space

Malili Lakes Endemic Species

Place image in The MaliliPlacelakes image have ina remarkably high level this space of endemism.this space Many species live only in this system. Some only live in one of the three lakes. PT Vale Toward Carbon Neutral

• We build and operate 3 hydropower plants capable of producing 365MW, 10.7MW of • sdfg which is donated to community through PLN.

• We commits to reduce 30% of our carbon emissions by 2030 and reaching carbon neutral by 2050.

• As part of this commitment, this year we decided to cancel CCP2 projects.

• We will have to reduce our cost but not by adding more carbons.

12 PT Vale ESG

• We integrates mining activities with reclamation and rehabilitation activities on post-mining land. Until 2019, a total of 4,250 Ha of post-mining land has been reclaimed in the Sorowako Block, East Luwu Regency.

• Starting this year, PT Vale is carrying out cross-border reforestation activities. We have commitment to reforest 10,000Ha outside our COW concessions in next 5 years.

• Community development program is built through active participation between company, community and government. Among our successful program is organic rice and herbal garden business.

13 PT Vale Green PROPER and Awards

Early 2020, we received Green PROPER (beyond compliance) award from the Ministry of Environment and Forestry.

This is first time in our history to receive such recognition. We are also grateful to be the first integrated nickel mine in Indonesia to received such recognition.

We received Aditama award for mining environmental management and mineral conservation.

14 PT Vale

Q4 2020 Results

15 PT Vale Safety statistics

3.00 TRIF Rate – Employees and Contractors 2.56 (For 1 million man-hours) 2.50 2.39

2.00 1.81 LWCFR 1.62 TRIFR 1.50 1.50 TRIFR target 1.28 1.24

0.95 1.00 0.80 0.67 0.58 0.51 0.51 0.51 0.51 0.50 0.25 0.22 0.17 0.19 0.11 0.12 0.11 0.13 0.10 0.06 0.09 0.06 2.25 2.17 1.62 1.25 1.38 0.81 0.62 0.98 0.79 0.50 0.53 0.000.00 0.66 0.52 0.51 0.00 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 1Q20 2Q20 3Q20 4Q20

• TRIFR : Total Recordable Injury Frequency Rate • LWCFR : Lost Work Case Frequency Rate

16 PT Vale Closing of Divestment Transaction

On October 7, 2020, VCL and SMM have completed the sale and transfer of an aggregate of 20% of their shareholding in PT Vale, through IDX, to PT Indonesia Asahan Aluminium (Persero) (“Inalum”), in compliance with PT Vale’s divestment obligation under the 2014 COW amendment. 17 Higher production levels in 2020 due to delay of PT Vale Furnace #4 rebuild to 2021

72,237 71,025

16,445 20,494

19,477

19,820

Ni production (t) production Ni 18,701

17,631

17,614 13,080

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 18 PT Vale Higher EBITDA in 2020 due to lower cash cost of revenue

4Q20 3Q20 Variance 2020 2019 Variance Description Actual Actual Amount % Actual Actual Amount %

Shipment – Ni + Co (MT) 16,291 19,954 (3,663) (18) 72,846 72,044 802 1

Average LME Ni Price ($/MT) 15,245 13,523 1,722 13 13,459 13,916 (457) (3)

Revenue ($ 000) 193,724 210,643 (16,919) (8) 764,744 782,012 (17,268) (2)

Cost of Revenue ($ 000) 154,334 166,229 (11,895) (7) 640,365 664,323 (23,958) (4)

EBITDA ($ 000) 74,054 84,742 (10,688) (13) 273,050 232,367 40,683 18

Profit ($ 000) 6,179 23,514 (17,335) (74) 82,819 57,400 25,419 44

Capex ($ 000) 47,661 34,844 12,817 37 152,149 166,560 (14,411) (9)

19 PT Vale Continued maintain positive margin $ Average realized price Cash cost of revenue / unit sales 22000

19500

17000

14500

11,891

12000 US$ per metric ton metric per US$ 9500

7,109 7000

4500

1Q11 2Q11 3Q11 4Q11 1Q12 2Q12 3Q12 4Q12 1Q13 2Q13 3Q13 4Q13 1Q14 2Q14 3Q14 4Q14 1Q15 2Q15 3Q15 4Q15 1Q16 2Q16 3Q16 3Q16 4Q16 1Q17 2Q17 3Q17 4Q17 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 4Q19 1Q20 2Q20 3Q20 4Q20 3Q19

20 PT Vale

Nickel Market Update 21 Demand Stainless Nickel Market • Chinese SS production relatively strong. Global production is finished the year 5% lower than 2019, however, production 4Q20 was increasing 8% compared to 3Q20 • Visible Chinese stainless stocks however increased 39% MoM in Feb • Because of the shift to 300 series production in China, total nickel consumption in stainless didn’t decline, ending 2020 flat YoY Auto / Battery • Total EV sales for 2020 were 3.1M unit, up 45% compared to 2019. Jan 21 sales LME Stocks SHFE Stocks Nickel Cash ($/t) Tonnes dropped 40% MoM as expected given the seasonality nature of auto sales. $22,000 400,000 • Global auto production was strong in 4Q20, increasing ~14% compared to 3Q20. Full year production however declined by ~16% 350,000 $20,000 High-value 300,000 • The aerospace industry looks to be on the rebound as aircraft deliveries from $18,000 Boeing and Airbus increased in 4Q20 and air passenger traffic numbers improved 250,000 • The oil and gas sector has rebounded with demand and price increases, rig counts $16,000 are still depressed, however they continue to creep higher 200,000 $14,000 3/11/2021, $16,191 Supply 150,000 • Indonesian NPI output has grown ~63% YoY, while Chinese NPI output has declined $12,000 by ~15% YoY first couple of months 100,000 • Facing green pressure, Indonesia has halted deep-sea mining disposal $10,000 50,000 • China's Tsingshan Holding Group announced it has signed agreements to provide nickel matte, which is used to make batteries for electric vehicles (EVs), to Huayou $8,000 0 Cobalt and battery materials maker CNGR Advanced Material • Russia’s Nornickel partially suspended output at Oktyabrsky mine and interconnected Taimyrsky opr in the Arctic after inflows. The company aims to stabilize water inflows by March 9. Impact on nickel prod. hasn’t been disclosed. • Market balance expected to be in surplus in 2021; albeit thinner than 2020

Price & Macro • February average price $18,568/t vs. $17,847/t in January • Nickel prices hit fresh 6-year highs in February reaching $19,661 following a 12% WoW decline trigged by various simultaneous events, including; Tsingshan’s announcement to provide matte to a Chinese battery manufacturer which threatens to pull Class 1 and Class 2 prices closer in long-term, a 4% increase in w- o-w LME inventories, Norilsk reporting progress in restoring their suspended mine, 22 and a general decline in the stock market (with corresponding increases in bond 22 yields), as inflation worries trigger risks of a pullback in stimulus support. 22 PT Vale COVID-19 updates are mostly determining 2020 price movement

US$/metric ton

30,000 US$/mt Nickel US$/mt Cooper US$/mt Tin 25,000

20,000

15,000

10,000

5,000

0 3-Jan-12 3-Jan-13 3-Jan-14 3-Jan-15 3-Jan-16 3-Jan-17 3-Jan-18 3-Jan-19 3-Jan-20 3-Jan-21

Source: LME 23 PT Vale

Future Plan PT Vale PT Vale Ore Bodies compare well against others

PT Vale Operating / Past Producer 400 400

SAPROLITE LIMONITE

300 300

) tonnes Sorowako 200 200

Pomalaa (limonite) Ore tonnage (million tonnageOre

100 Pomalaa (saprolite) 100 Sorowako (limonite) Bahodopi (Blocks 2 & 3)

0 0 0.5% 1.0% 1.5% 2.0% 0.5%2.5% 1.0% 1.5% 2.0% 2.5%

Bubble size based on contained nickel 25 PT Vale Future Plans and Partnership Structure

• Increase nickel output in Sorowako to 90kt with a multi-year investment program • Develop a new RKEF processing facility with China partner in Bahodopi, Central Sulawesi • Develop a new HPAL processing facility with SMM in Pomalaa,

Sorowako, South Sulawesi   Bahodopi, South East Sulawesi Central Sulawesi • Evaluate options to develop Pomalaa saprolite

Pomalaa, South • Evaluate options to develop Sorowako limonite East Sulawesi 

N i

26 PT Vale Development project for 2020

• Development plans for the Bahodopi Block, Central Sulawesi, and the Pomalaa Block, Southeast Sulawesi are still continuing. We are still in the process to acquire some key permits for both projects. • At Pomalaa we have acquired port required for HPAL projects, Industrial Business License and Environmental License (AMDAL), and continuing with early works and land acquisition. We are finalizing mine plan and commercial discussion with partner. • These, together with COVID-19 issue, is expected to delay the final investment decision from original plan. The next step is to obtain projects approval and to start the financing process. • At Bahodopi, we are still in negotiation with partner to align the bankable feasibility standard, project governance and power source option. We are also looking for alternative in Bahodopi, while continuing the mining feasibility study. 27 Contact us

Investor Relations PT Vale Indonesia Tbk

Phone: +62 21 524 9000 Web: www.vale.com/indonesia Email: [email protected]