Vale S A : 01/23/2021 Vale reports on the Swiss Criminal Conviction of Beny Steinmetz

Press Release

Vale reports on the Swiss Criminal Conviction of Beny Steinmetz

Rio de Janeiro, January 23rd, 2021 - In light of the recent public attention concerning Vale's former joint venture in the Simandou region of the Republic of Guinea, Vale wishes to report that a Swiss court yesterday convicted Beny Steinmetz on criminal charges of bribery and forgery in connection with his company BSG Resources Limited's ("BSGR") procurement of valuable mining rights in Simandou. Two Steinmetz's associates were also found guilty, one was found guilty of bribery and forgery and the other of bribery. The court sentenced Steinmetz to 5 years of imprisonment and ordered forfeiture of CHF 50 million.

The decision of the Swiss court to hold Steinmetz personally accountable for his corrupt acts follows the April 2019 award of the London Court of International Arbitration, which found that BSGR defrauded Vale by concealing its bribery and corruption from Vale in order to secure Vale's investment in Simandou and awarded Vale more than US$2 billion in damages. That award was subsequently confirmed by courts in the United States and England, the latter of which described BSGR's appeal as "hopeless". Vale continues to pursue collection from BSGR and Steinmetz personally, including through litigation in the High Court in London, which has entered a worldwide freezing order on the assets of Steinmetz, his foundation and other defendants.

Vale is confident that the Brazilian authorities will likewise not be misled by Steinmetz's continued efforts to shift blame and attention away from his corrupt acts.

Luciano Siani Pires

Executive Officer of Investor Relations

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This press release may include statements that present Vale's expectations about future events or results. All statements, when based upon expectations about the future, involve various risks and uncertainties. Vale cannot guarantee that such statements will prove correct. These risks and uncertainties include factors related to the following: (a) the countries where we operate, especially Brazil and Canada; (b) the global economy;

1. the capital markets; (d) the mining and metals prices and their dependence on global industrial production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. To obtain further information on factors that may lead to results different from those forecast by Vale, please consult the reports Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comissão de
   Valores Mobiliários (CVM) and in particular the factors discussed under "Forward-Looking Statements" and "Risk Factors" in Vale's annual report on Form 20-F.