<SEC-DOCUMENT>0001292814-22-001801.txt : 20220427
<SEC-HEADER>0001292814-22-001801.hdr.sgml : 20220427
<ACCEPTANCE-DATETIME>20220427171459
ACCESSION NUMBER:		0001292814-22-001801
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220331
FILED AS OF DATE:		20220427
DATE AS OF CHANGE:		20220427

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:		22860926

	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>valedfifrs1q22_6k.htm
<DESCRIPTION>6-K
<TEXT>
<HTML>
<HEAD>
     <TITLE></TITLE>
</HEAD>
<BODY STYLE="font: 10pt Times New Roman, Times, Serif">

                           <P STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin: 0pt"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Rule-Page --><DIV STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; border-top: Black 2pt solid; border-bottom: Black 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">United States</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Securities and Exchange Commission</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Washington, D.C. 20549</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">FORM 6-K</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Report of Foreign Private Issuer</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Pursuant to Rule 13a-16 or 15d-16</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">of the</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Securities Exchange Act of 1934</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">For the month of</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"> April 2022</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: bold 18pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">Vale S.A.</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-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: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 0in">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 2in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">(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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 31.7pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-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: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 2in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">(Check One)
Yes <FONT STYLE="font-family: Wingdings">&#168;</FONT> No <FONT STYLE="font-family: Wingdings">&#120;</FONT>&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: -1.75in; text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-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: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 2in; text-align: left; margin-top: 0pt; margin-bottom: 0pt"><FONT STYLE="font-family: Times New Roman, Times, Serif">(Check
One) Yes </FONT><FONT STYLE="font-family: Wingdings">&#168;</FONT> <FONT STYLE="font-family: Times New Roman, Times, Serif">No
</FONT><FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-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: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin-left: 2in; text-align: left; margin-top: 0pt; margin-bottom: 0pt">(Check One)
Yes <FONT STYLE="font-family: Wingdings">&#168;</FONT> No <FONT STYLE="font-family: Wingdings">&#120;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-indent: 139.5pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">(If &#8220;Yes&#8221; is marked, indicate below the file number assigned
to the registrant in connection with Rule 12g3-2(b). 82-&nbsp;<U>&nbsp;&nbsp;&nbsp;&nbsp;</U>.)</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0"></P>

<!-- Field: Rule-Page --><DIV STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin-top: 3pt; margin-bottom: 3pt; width: 100%"><DIV STYLE="font: 1pt Calibri, Helvetica, Sans-Serif; border-top: Black 1pt solid; border-bottom: Black 2pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin: 0pt"></P>

<!-- Field: Page; Sequence: 1; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0pt; margin-bottom: 0pt"><IMG SRC="valedfifrs1q226k_001.jpg" ALT="">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 2; Options: NewSection -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="text-align: right; font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: center; color: #007E7A"><B>Vale S.A. Financial Statements</B></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: center; color: #007E7A"><B>Contents</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><B>Page</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_001">Report of Independent Registered Public Accounting Firm</A></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_001">3</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_002">Consolidated Income Statement</A></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_002">4</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_003">Consolidated Statement of Comprehensive Income</A></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_003">5</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_004">Consolidated Statement of Cash Flows</A>&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_004">6</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_005">Consolidated Statement of Financial Position</A></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_005">7</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_006">Consolidated Statement of Changes in Equity</A></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_006">8</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_007">Notes to the Interim Financial Statements</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_007">9</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_007">1. &nbsp;&nbsp;&nbsp;Corporate information</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_007">9</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_008">2. &nbsp;&nbsp;&nbsp;Basis of preparation of the interim financial statements</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_008">9</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_009">3. &nbsp;&nbsp;&nbsp;Significant events in the current period</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_009">10</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_010">4.&nbsp;&nbsp;&nbsp;Information by business segment and by geographic area</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_010">10</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_011">5.&nbsp;&nbsp;&nbsp;Costs and expenses by nature</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_011">13</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_012">6.&nbsp;&nbsp;&nbsp;Financial results</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_012">14</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_013">7.&nbsp;&nbsp;&nbsp;Taxes</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_013">15</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_014">8.&nbsp;&nbsp;&nbsp;Basic and diluted earnings per share</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_014">16</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_015">9.&nbsp;&nbsp;&nbsp;Accounts receivable</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_015">16</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_016">10.&nbsp;&nbsp;Inventories</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_016">17</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_017">11.&nbsp;&nbsp;Suppliers and contractors</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_017">17</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_018">12.&nbsp;&nbsp;Other financial assets and liabilities</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_018">17</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_019">13.&nbsp;&nbsp;Investments in subsidiaries, associates and joint ventures</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_019">18</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_020">14.&nbsp;&nbsp;Non-current assets and liabilities held for sales and discontinued operations</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_020">19</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_021">15.&nbsp;&nbsp;Intangibles</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_021">22</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_022">16.&nbsp;&nbsp;Property, plant and equipment</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_022">22</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_023">17.&nbsp;&nbsp;Financial and capital risk management</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_023">23</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_024">18.&nbsp;&nbsp;Financial assets and liabilities</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_024">29</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_025">19.&nbsp;&nbsp;Participative stockholders&rsquo; debentures</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_025">30</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_035">20.&nbsp;&nbsp;Loans, borrowings, leases, cash and cash equivalents and short-term investments</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_035">30</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_026">21.&nbsp;&nbsp;Brumadinho&rsquo;s dam failure</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_026">33</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_027">22.&nbsp;&nbsp;Liabilities related to associates and joint ventures</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_027">35</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_028">23.&nbsp;&nbsp;Provision for de-characterization of dam structures and asset retirement obligations</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_028">37</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_029">24.&nbsp;&nbsp;Provisions</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_029">38</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_030">25.&nbsp;&nbsp;Litigations</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_030">38</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_031">26.&nbsp;&nbsp;Employee post-retirement obligations</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_031">40</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: White">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_032">27.&nbsp;&nbsp;Stockholders&rsquo; equity</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_032">41</A></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: rgb(234,241,221)">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_033">28.&nbsp;&nbsp;Related parties</A></FONT></TD>
    <TD STYLE="text-align: center; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; line-height: 115%"><FONT STYLE="font-size: 10pt; line-height: 115%"><A HREF="#a_033">41</A></FONT></TD>
    </TR>
  </TABLE>
<!-- Field: Page; Sequence: 3; Options: NewSection; Value: 2 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->2<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;<IMG SRC="valedfifrs1q226k_003.jpg" ALT=""></P>

<P STYLE="font: bold 13pt Calibri, Helvetica, Sans-Serif; margin: 0"><A NAME="a_001"></A>Report of Independent Registered Public Accounting Firm</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">To the stockholders and Board of Directors of</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">Vale S.A.</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><B>&nbsp;</B></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><B><I>Results of Review of Interim Financial Statements</I></B></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">We have reviewed the accompanying consolidated statement of financial
position of Vale S.A. and its subsidiaries (the &ldquo;Company&rdquo;) as of March 31, 2022, and the related consolidated income statement
and statements of comprehensive income, changes in equity and cash flows for the three-month periods ended March 31, 2022 and 2021, including
the related notes (collectively referred to as the &ldquo;interim financial statements&rdquo;). Based on our reviews, we are not aware
of any material modifications that should be made to the accompanying interim financial statements for them to be in conformity with IAS
34 - Interim Financial Reporting, as issued by the International Accounting Standards Board (IASB).</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">We have previously audited, in accordance with the standards of the
Public Company Accounting Oversight Board (United States), the consolidated statement of financial position of the Company as of December
31, 2021, and the related consolidated income statement and statements of comprehensive income, changes in equity and cash flows (not
presented herein), and in our report dated February 24, 2022, we expressed an unqualified opinion on those consolidated financial statements.
In our opinion, the information set forth in the accompanying consolidated statement of financial position as of December 31, 2021, is
fairly stated, in all material respects, in relation to the consolidated statement of financial position from which it has been derived.</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0"><B><I>Basis for Review Results</I></B></P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">These interim financial statements are the responsibility of the Company&rsquo;s
management. We are a public accounting firm registered with the Public Company Accounting Oversight Board (United States) (PCAOB) and
are required to be independent with respect to the Company in accordance with the U.S. federal securities laws and the applicable rules
and regulations of the Securities and Exchange Commission and the PCAOB. We conducted our review in accordance with the standards of the
PCAOB. A review of interim financial statements consists principally of applying analytical procedures and making inquiries of persons
responsible for financial and accounting matters. It is substantially less in scope than an audit conducted in accordance with the standards
of the PCAOB, the objective of which is the expression of an opinion regarding the financial statements taken as a whole. Accordingly,
we do not express such an opinion.</P>

<P STYLE="font: 10pt/97% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-indent: -0.5pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">/s/ PricewaterhouseCoopers Auditores Independentes Ltda.</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">Rio de Janeiro, RJ, Brazil</P>

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">April 27, 2022</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; color: red; margin: 12pt 0 0"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 4; Options: NewSection; Value: 3 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->3<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B><A NAME="a_002"></A>Consolidated Income Statement</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>In millions of United States dollars, except earnings
per share data</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: rgb(0,114,122) 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P>



<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 59%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Notes</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: rgb(0,126,122) 1pt solid; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4(d) </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">10,812</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,553</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5(a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4,622)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4,298)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,190</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8,255</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating expenses</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Selling and administrative</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5(b)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(121)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(104)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Research and development</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(121)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(98)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(154)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(145)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brumadinho event and de-characterization of dams </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">21 and 23</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(160)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(115)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other operating expenses, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5(c) </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(106)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(15)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(662)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(477)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Impairment reversal (impairment and disposals) of non-current assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,072</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(117)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,600</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7,661</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial income</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">150</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">58</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(445)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,364)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial items, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">53</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,228</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">13, 14 and 22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">211</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,569</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7,582</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current tax</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(253)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,515)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Deferred tax</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,838)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(295)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,091)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,810)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income from continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,478</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,772</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,456</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,760</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14(a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net income (loss) from discontinued operations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(295)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Loss attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(81)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss) from discontinued operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(214)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,480</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(69)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,458</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,546</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Basic and diluted earnings per share attributable to Vale's stockholders:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">0.93</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1.08</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As described in note 14, the coal segment is presented
in these interim financial statements as discontinued operation, therefore, the comparative balances in the income statement were also
reclassified.</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim financial statements.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->4<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B><A NAME="a_003"></A>Consolidated Statement of Comprehensive Income</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>In millions of United States dollars</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: rgb(0,114,122) 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P>



<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B></B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 68%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,480</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other comprehensive income:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Items that will not be reclassified to income statement</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5,944</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,348)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Retirement benefit obligations (note 26)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">32</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">291</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Fair value adjustment to investment in equity securities (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">275</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,976</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,782)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Items that may be reclassified to income statement</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,752)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,006</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net investment hedge (note 17)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">219</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(160)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash flow hedge (note 17)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(304)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Reclassification of cumulative translation adjustment to income statement (note 14)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(150)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,118)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,987)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>737</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total comprehensive income</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8,469</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,432</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Comprehensive income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(69)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Comprehensive income attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8,447</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,501</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Refers to the fair value adjustment of the shares
the Company has received as part of the consideration for the sale of Vale&rsquo;s fertilizer business to The Mosaic Company in 2016.
In November 2021, the Company sold all these shares for US$1,259 in a block trade.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Items above are stated net of tax and the related
taxes are disclosed in note 7.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim financial statements.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->5<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B><A NAME="a_004"></A>Consolidated Statement of Cash Flows</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>In millions of United States dollars</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: rgb(0,114,122) 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P>



<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B></B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 68%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash flow from operations (a)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,531</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9,071</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Interest on loans and borrowings paid (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(179)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(288)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash paid on settlement of derivatives, net (note 17)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(76)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(199)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Payments related to Brumadinho event (note 21)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(64)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(65)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Payments related to de-characterization of dams (note 23)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(69)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(84)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Income taxes (including settlement program)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2,577)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,164)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash provided by operating activities from continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,566</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7,271</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net cash provided (used) in operating activities from discontinued operations (note 14a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(249)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash provided by operating activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,607</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7,022</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash flow from investing activities:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Capital expenditures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,136)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(980)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Additions to investments (note 13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(42)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Disbursement related to VNC sale (note 14d)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(555)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from disposal of CSI (note 14d)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">437</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends received from associates and joint ventures (note 13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Short-term investment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(716)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other investments activities, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(93)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash used in investing activities from continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(632)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,386)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net cash provided (used) in investing activities from discontinued operations (note 14a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(38)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">40</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash used in investing activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(670)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,346)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash flow from financing activities:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Loans and borrowings from third parties (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">425</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">290</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Payments of loans and borrowings from third parties (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(395)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,233)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Payments of leasing (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(41)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(51)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends and interest on capital paid to stockholders (note 27c)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,480)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,884)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Share buyback program (note 27d)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,788)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash used in financing activities from continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,282)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,881)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net cash used in financing activities from discontinued operations (note 14a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(5,293)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(4,885)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Reduction in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,356)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(209)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents at the beginning of the period</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11,721</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">13,487</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">707</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(395)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents from subsidiaries sold, net (note 14b)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash and cash equivalents at end of the period</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9,061</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>12,883</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash flow from operating activities:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Income before income taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6,569</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7,582</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Equity results and other results in associates and joint ventures (note 13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(211)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Impairment reversal (impairment and disposals) of non-current assets (note 14)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,072)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">117</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Provision for de-characterization of dams (note 23)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">686</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">731</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial results, net (note 6)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">242</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">78</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Changes in assets and liabilities:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Accounts receivable (note 9)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">877</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,402</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Inventories (note 10)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(304)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(191)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Suppliers and contractors (note 11) (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(672)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(302)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Payroll, related charges and other remunerations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(328)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(283)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(293)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(64)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash flow from operations (a)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,531</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9,071</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Additions to property, plant and equipment - capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Includes variable lease payments.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim financial statements.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->6<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B><A NAME="a_005"></A>Consolidated Statement of Financial Position</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>In millions of United States dollars</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: rgb(0,114,122) 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P>



<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B></B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 67%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Notes</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 12%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Current assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9,061</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11,721</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Short-term investments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">184</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,123</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,914</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">268</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">111</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5,038</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,377</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7(d)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">832</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">862</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">291</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">215</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>18,656</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>21,384</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Non-current assets held for sale</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">809</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">976</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>19,465</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>22,360</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Judicial deposits</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">25(c)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,455</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,220</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">390</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">143</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7(d)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,157</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">935</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7(a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11,192</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11,441</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">987</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">650</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>15,181</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14,389</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Investments in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,927</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,751</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Intangible</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">10,267</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9,011</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Property, plant, and equipment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">46,309</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">41,931</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>73,684</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>67,082</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>93,149</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>89,442</B></FONT></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 67%; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 6%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 12%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 12%">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,446</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,475</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Loans, borrowings, and leases</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,103</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,204</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,362</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,962</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Taxes payable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7(d)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">927</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,177</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7(c)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">387</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">324</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,361</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,785</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">750</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,045</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,385</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,156</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">646</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">621</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">845</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,094</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14,212</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14,843</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">456</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">355</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14,668</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>15,198</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Loans, borrowings, and leases</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,912</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,578</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Participative stockholders' debentures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,299</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,348</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,571</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7(c)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,247</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,964</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Deferred income taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7(a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,830</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,881</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">24</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,782</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,807</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,381</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7,610</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7,482</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,288</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,327</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Streaming transactions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,683</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,779</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">186</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">137</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>39,992</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>38,938</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>54,660</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>54,136</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Stockholders' equity</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Equity attributable to Vale's stockholders</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">37,635</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">34,472</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Equity attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">854</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">834</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total stockholders' equity</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>38,489</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>35,306</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total liabilities and stockholders' equity</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>93,149</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>89,442</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim financial statements.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->7<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="width: 50%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B><A NAME="a_006"></A>Consolidated Statement of Changes in Equity</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>In millions of United States dollars</B></P>

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: rgb(0,114,122) 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P>



<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B></B></P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 26%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Share capital</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Treasury stocks</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Other reserves</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Equity attributable to Vale&rsquo;s stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 6%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Total stockholders' equity</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>15,702</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(5,579)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(1,960)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(36,444)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>34,472</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>834</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>35,306</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Net income</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>4,458</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>4,458</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>22</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>4,480</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Other comprehensive income</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">2,246</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(319)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">2,062</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">3,989</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">3,989</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Dividends and interest on capital of Vale's stockholders (note 27c)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(3,500)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(3,500)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(3,500)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Dividends of noncontrolling interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Share buyback program (note 27d)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(1,788)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(1,788)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(1,788)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Share-based payment program</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(14)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(14)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(14)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Treasury shares utilized and canceled (note 27b)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2,801)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">2,819</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">18</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">18</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Balance at March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>11,647</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(4,548)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(2,293)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(34,382)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>4,458</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>37,635</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>854</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>38,489</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Share capital</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Treasury stocks</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Other reserves</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Equity attributable to Vale&rsquo;s stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Total stockholders' equity</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>7,042</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(2,441)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(2,056)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(29,554)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>35,744</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(923)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>34,821</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>5,546</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>5,546</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(69)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>5,477</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Other comprehensive income</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(501)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">591</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2,135)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2,045)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2,045)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Dividends and interest on capital of Vale's stockholders</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2,843)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2,843)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2,843)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Dividends of noncontrolling interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">(2)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Acquisitions and disposal of noncontrolling interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">14</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">Treasury shares utilized (note 27b)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;- &nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt">7</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>Balance at March 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>61,614</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>1,139</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>3,698</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(2,434)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(1,465)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(31,689)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>5,546</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>36,409</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>(980)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7pt"><B>35,429</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The accompanying notes are an integral part of these
interim financial statements.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 9; Options: NewSection; Value: 8 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->8<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-size: 11pt"><A NAME="a_007"></A>1.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 11pt">Corporate information</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="letter-spacing: -0.15pt">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vale S.A. and its subsidiaries (&ldquo;Vale&rdquo;
or the &ldquo;Company&rdquo;) are global producers of: (i) iron ore and iron ore pellets, which are key raw materials for steelmaking,
(ii) nickel, that is used to produce stainless steel, electric vehicle manufacturing and metal alloys employed in the production process
of several products, and (iii) copper, used in the construction sector to produce pipes and electrical wires. Vale also produces platinum
group metals, gold, silver, and cobalt as by-products and operates a railroad and port logistics system in Brazil to outflow its production.
Additionally, Vale produces thermal and metallurgical coal, which has been considered as a discontinued operation since December 31, 2021
(note 14a).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Most of the Company&rsquo;s products are sold to
international markets by Vale International S.A. (&ldquo;VISA&rdquo;), a trading company located in Switzerland.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company also has investments and assets to meet
self-consumption of electric energy, with the objective of reducing energy costs, minimizing the risk of shortages and meeting its consumption
needs through renewable sources.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vale S.A. (the &ldquo;Parent Company&rdquo;) is a
public company headquartered in the city of Rio de Janeiro, Brazil with securities traded on the stock exchanges of S&atilde;o Paulo &ndash;
B3 S.A. (VALE3), New York - NYSE (VALE) and Madrid &ndash; LATIBEX (XVALO).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_008"></A>2. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basis
of preparation of interim financial statements</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The consolidated interim financial statements of
the Company (&ldquo;interim financial statements&rdquo;) have been prepared and are being</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">presented in accordance with IAS 34 Interim Financial
Reporting of the International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">by the International Accounting Standards Board (&ldquo;IASB&rdquo;).
All relevant information for the interim financial statements, and only this information, are presented and consistent to those used by
the Company's Management.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The interim financial statements have been prepared
to update users on the relevant events and transactions that occurred in the period and must be analyzed together with the financial statements
for the year ended December 31, 2021. Accounting policies, accounting estimates and judgments, management of risk and measurement methods
are the same as those adopted in the preparation of the latest annual financial statements.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">These interim financial statements were authorized
for issue by the Executive Committee on April 27, 2022.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>a) Functional currency and presentation
currency</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The interim financial statements of the Company and
its associates and joint ventures are measured using the currency of the primary economic environment in which the entity operates (&ldquo;functional
currency&rdquo;), in the case of the Parent Company is the Brazilian real (&ldquo;R$&rdquo;). For presentation purposes, these financial
statements are presented in United States dollar (&ldquo;US$&rdquo;) as the Company believes that this is how international investors
analyze the financial statements.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The main exchange rates used by the Company to translate
its foreign operations are as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Average rate</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Closing rate</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 32%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 16%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 16%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 16%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 16%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">US Dollar (&quot;US$&quot;)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4.7378</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.5805</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.2299</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.4833</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Canadian dollar (&quot;CAD&quot;)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3.7960</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4.3882</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4.1302</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4.3323</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Euro (&quot;EUR&quot;)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.2561</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6.3210</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.8726</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6.6033</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: teal; margin: 0; text-align: justify">b) Russia-Ukraine conflict</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The Company&rsquo;s business is subject to
external risk factors related to our global operations and the global profile of our client portfolio and supply chains. Global markets
are experiencing volatility and disruption following the escalation of geopolitical tensions in connection with the military conflict
between Russia and Ukraine.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The resulting economic sanctions imposed by
the United States, the European Union, the UK and other countries as a direct consequence of this conflict may continue to significantly
impact supply chains, lead to market disruptions including significant volatility in commodities&rsquo; prices and
bring heightened near-term uncertainty to the global financial system, including through instability of credit and of capital markets.</P>


<!-- Field: Page; Sequence: 10 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">At this time, the effects of the of the Russia-Ukraine
conflict have not caused significant impacts on the Company&rsquo;s operations nor on the fair value of its assets and liabilities. However,
escalation of the Russia-Ukraine conflict may adversely affect the Company&rsquo;s business, such as disruption of international trade
flows, extreme market pricing volatility, with particular impact on the energy sector, industrial and agricultural supply chains, shipping,
and regulatory and contractual uncertainty, and increased geopolitical tensions around the world.</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0"><A NAME="a_009"></A>3.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Significant
events in the current period</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Financial Position,
Cash Flows and Income Statement for the period ended March 31, 2022 were particularly affected by the following events and transactions:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 12pt; text-align: justify"><FONT STYLE="color: teal"><B>Sale of Midwestern
System assets (note 14c).</B></FONT> In April 2022, the Company entered into a binding agreement with
J&amp;F Minera&ccedil;&atilde;o Ltda. (&ldquo;J&amp;F&rdquo;) for the sale of all interests held on Vale&rsquo;s iron ore, manganese ore
and logistics assets in the Midwestern System. At closing, the Company expects to receive approximately US$150, in addition to transferring
to J&amp;F the obligations related to the take-or-pay logistics contracts. These assets were classified
as held for sale during the reporting period, which resulted in a gain in the amount of US$1,134 recorded in the three-month period ended
March 31, 2022, due to the reversal of the impairment of property, plant and equipment and the provision related to take-or-pay logistics
contracts.</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: teal">Sale
of ownership in California Steel Industries (&ldquo;CSI&rdquo;) (note 14d).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In
February 2022, the Company sold its 50% ownership interest in CSI to Nucor Corporation, for US$437. Upon completion of the transaction,
Vale recorded a gain of US$297 in the three-month period ended March 31, 2022, mainly due to the reclassification of cumulative translation
adjustment to income statement during the period.</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: teal; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: teal">Discontinued
operation (note 14a). </FONT><FONT STYLE="font-weight: normal; color: windowtext">In April 2022 (subsequent event), the Company concluded
the sale of its equity interest in coal and logistics operations to Vulcan Minerals and received US$270 for the net assets of these operations.
Following the completion of the transaction, the Company will recognize a gain of approximately US$2,427 in the second quarter of 2022,
which is mainly due to the reclassification of the cumulative translation adjustments from equity to net income.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: teal">Remuneration
to stockholders (note 27c)</FONT><FONT STYLE="font-weight: normal; color: windowtext">. In March 2022, the Company paid dividends and
interest on equity to its shareholders in the amount of US$3,480.</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: teal; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: teal">Share
buyback (note 27d).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Following the common share buyback programs, of up to
470,000,000 shares, as approved in 2021, the Company had repurchased 100,156,362 common shares and their respective ADRs as of March 31,
2022, corresponding to the total amount of US$1,788.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: teal">Railroad
Concession (note 12a). </FONT><FONT STYLE="font-weight: normal; color: windowtext">In April 2022 (subsequent event), the Company paid
in advance US$168 of its concession grant obligation related to the Estrada de Ferro Caraj&aacute;s (&ldquo;EFC&rdquo;).</FONT></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: teal">Cancellation
of common shares held in treasury (note 27b).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In February 2022, the Company
approved the cancellation of 133,418,347 common shares held in treasury, with the effect of US$2,801 recorded as a reclassification in
the shareholders' equity presented as &ldquo;Treasury shares used and cancelled&rdquo;.</FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_010"></A>4.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Information
by business segment and geographic area</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company operates the following reportable segments:
Ferrous Minerals, Base Metals and Coal (presented as discontinued operations). The segments are aligned with products and reflect the
structure used by Management to evaluate the Company&rsquo;s performance. The responsible bodies for making operational decisions, allocating
resources and evaluating performance are the Executive Boards and Board of Directors. Accordingly, the performance of the operating segments
is assessed based on a measure of adjusted EBITDA, among other measures.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company allocates to &ldquo;Other&rdquo; the
revenues and cost of other products, services, research and development, investments in joint ventures and associates of other business
and unallocated corporate expenses. Costs related to the Brumadinho event are allocated to &quot;Other&quot; as well.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 11 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->10<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the current period, the Company has allocated
the financial information of the Midwestern System to &ldquo;Other&rdquo; as this operation is no longer analyzed by the chief operating
decision maker as part of to the performance of the Ferrous Minerals business segment due to the binding agreement to sell this operation.
The comparative periods were revised to reflect this change in the allocation criteria.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>a) Adjusted EBITDA</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The definition of Adjusted EBITDA for the Company
is the operating income or loss plus dividends received and interest from associates and joint ventures, and excluding the amounts charged
as (i) depreciation, depletion and amortization and (ii) Impairment reversal (impairment and disposals) of non-current assets.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="13" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 30%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Cost of goods sold and services rendered</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Sales, administrative and other operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Research and evaluation</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Pre operating and operational stoppage</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Dividends received and interest from associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Adjusted EBITDA </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Ferrous minerals</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Iron ore</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">7,255</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(2,119)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(55)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(34)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(113)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">4,934</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Iron ore pellets</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">1,364</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(526)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">5</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(5)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">837</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Ferroalloys and manganese</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">15</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(15)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Other ferrous products and services</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">100</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(63)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">36</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>8,734</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(2,723)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(52)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(36)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(121)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>5,802</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Base metals</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Nickel and other products</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">1,458</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(909)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(8)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(16)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">525</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Copper</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">474</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(227)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">6</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(25)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">226</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,932</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(1,136)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(2)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(41)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(2)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>751</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Brumadinho event and de-characterization of dams</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(160)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(160)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">COVID-19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">146</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(118)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(162)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(44)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(179)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total of continuing operations</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>10,812</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(3,977)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(376)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(121)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(124)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>6,214</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Discontinued operations - Coal</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>448</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(264)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(12)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(1)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>171</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>11,260</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(4,241)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(388)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(122)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(124)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>6,385</B></FONT></TD></TR>
  </TABLE>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="13" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Three-month period ended March 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 30%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Cost of goods sold and services rendered</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Sales, administrative and other operating expenses</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Research and evaluation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Pre operating and operational stoppage</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Dividends received and interest from associates and joint ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Adjusted EBITDA </B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Iron ore</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">9,060</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(2,027)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(23)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(33)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(91)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">6,886</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Iron ore pellets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">1,208</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(383)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">29</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">840</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Ferroalloys and manganese</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">46</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(23)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(4)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">18</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Other ferrous products and services</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">97</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(66)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">33</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>10,411</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(2,499)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>7</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(34)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(108)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>7,777</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Nickel and other products</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">1,434</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(771)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(10)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">642</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Copper</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">554</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(166)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(18)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">369</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,988</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(937)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(10)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(29)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(1)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>1,011</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Brumadinho event and de-characterization of dams</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(115)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(115)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">COVID-19</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(2)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Other (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">154</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(174)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(105)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(35)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(162)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>12,553</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(3,610)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(225)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(98)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(111)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>8,509</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Discontinued operations - Coal</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>92</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(329)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(2)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>78</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(159)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Total </B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>12,645</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(3,939)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(223)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(100)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(111)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>78</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>8,350</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Includes the reclassification of the EBITDA of
Midwestern System in the amount of US$34.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Adjusted EBITDA is reconciled to net income as follows:</P>


<!-- Field: Page; Sequence: 12 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Continuing operations</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 64%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 17%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 17%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,456</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,760</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,478</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,772</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">686</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">731</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Income taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,091</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,810</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Financial results</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">242</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">78</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(211)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Impairment reversal (impairment and disposals) of non-current assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,072)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">117</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>6,214</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,509</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Discontinued operations (Coal)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 50%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 24%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 24%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income (loss) from discontinued operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(214)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Loss attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(81)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net income (loss)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(295)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Income taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Financial results</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Dividends received and interest from associates and joint ventures (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">78</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Impairment of non-current assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">160</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">44</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Adjusted EBITDA from discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>171</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(159)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Includes the remuneration of the financial instrument
of the Coal segment.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Assets
by segment</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 22%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Product inventory</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Property, plant and equipment and intangible</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Product inventory</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Property, plant and equipment and intangible</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Ferrous minerals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,564</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,345</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">33,665</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,186</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,113</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">28,988</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Base metals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,560</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">20,550</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,384</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">20,127</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">564</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,361</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">621</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,827</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,124</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,927</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>56,576</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,591</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,751</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>50,942</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Capital expenditures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Sustaining capital (i)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Project execution</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Depreciation, depletion and amortization</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Sustaining capital (i)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Project execution</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 15%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Depreciation, depletion and amortization</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Ferrous minerals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">499</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">182</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">416</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">525</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">82</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">392</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Base metals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">270</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">67</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">256</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">291</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">68</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">317</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">88</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>799</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>337</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>686</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>828</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>152</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>731</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) According to the Company's remuneration policy,
the sustaining capital investments are deducted from the 30% of the adjusted EBITDA. The calculation also considers the current investment
of discontinued coal operations, which was US$38 in the three-month period ended March 31, 2022.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 13 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>c) Assets by geographic area</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Intangible</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Intangible</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Property, plant and equipment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,905</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,271</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">28,537</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">38,713</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,730</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,050</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">23,793</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">32,573</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Canada</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,989</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12,137</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">14,126</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,958</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12,441</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">14,399</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Americas, except Brazil and Canada</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Europe</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">724</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">724</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">739</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">739</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Indonesia</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,710</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,715</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,723</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,724</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Asia, except Indonesia and China</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">855</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">877</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">874</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">895</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">China</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">24</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">24</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">23</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Oman</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,319</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,321</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,337</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,337</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,927</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>10,267</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>46,309</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>58,503</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,751</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9,011</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>41,931</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>52,693</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 19%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 9%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Net operating revenue by geographic
area</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">130</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">166</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">49</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">345</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">286</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">313</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">129</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">379</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">508</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">536</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">418</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">954</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">494</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">497</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">670</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">191</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">861</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5,099</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">290</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5,389</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">633</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">184</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">817</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,016</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">97</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,128</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8,734</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,932</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>146</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>10,812</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Americas, except United States and Brazil</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">180</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">94</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">317</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">United States of America</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">98</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">285</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">383</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">169</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">466</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">635</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">591</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">706</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,297</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Middle East, Africa, and Oceania</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">271</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">271</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">527</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">96</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">623</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6,793</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6,953</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Asia, except Japan and China</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">782</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">940</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,000</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,134</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>10,411</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,988</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>154</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>12,553</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_011"></A>5.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Costs
and expenses by nature</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #00807A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in; color: #00807A"><FONT STYLE="font-size: 10pt"><B>a)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Cost of goods sold, and services rendered</FONT></B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 20%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 20%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">381</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">383</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Materials and services</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">679</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">632</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Fuel oil and gas</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">284</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">188</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Maintenance</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">627</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">624</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Royalties</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">209</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">251</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Energy</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">142</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Acquisition of products</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">461</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">343</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">645</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">688</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Freight</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">827</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">782</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">357</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">265</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,622</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,298</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cost of goods sold</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,489</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,164</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cost of services rendered</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">133</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">134</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,622</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,298</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A">&nbsp;</P>


<!-- Field: Page; Sequence: 14 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Selling
and administrative expenses</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 20%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 20%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Selling</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Personnel</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">54</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">47</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Services</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">22</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Depreciation and amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">9</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">14</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>121</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>104</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
operating expenses, net</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 20%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 20%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Provision for litigations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Profit sharing program</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">48</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">23</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">42</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(24)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>106</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>15</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_012"></A>6. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
results</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 62%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial income</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Short&#45;term investments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">129</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>150</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>58</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Loans and borrowings gross interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(161)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(188)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Participative stockholders' debentures (note 19)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(249)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(983)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Interest on REFIS</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(32)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(7)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Interest on lease liabilities (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial guarantees</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">123</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(37)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Expenses with cash tender offer repurchased</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(63)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(124)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(84)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(445)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,364)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other financial items, net</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net foreign exchange gains (losses)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(817)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">327</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">861</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(439)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Reclassification of cumulative translation adjustments to the income statement (note 13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,118</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Indexation gains, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">222</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>53</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,228</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(242)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(78)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>a) Financial guarantees</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">As of March 31, 2022, the total guarantees
granted by the Company (within the limit of its direct or indirect interest) for certain associates and joint ventures totaled US$1,563
(December 31, 2021: US$1,513). The fair value of these financial guarantees was recorded under &ldquo;Other non-current liabilities&rdquo;
in the amount of US$509 (December 31, 2021: US$542).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 15 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_013"></A>7. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Taxes</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">a) Deferred income tax assets
and liabilities</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>11,441</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,881</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9,560</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Effect in income statement</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,804)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">34</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,838)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,590</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,539</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(35)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(108)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">73</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Sale of ownership in California Steel Industries (note 14d)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>11,192</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,830</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9,362</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>10,335</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,770</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8,565</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Effect in income statement</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(245)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(295)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(619)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(621)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(264)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">122</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(386)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at March 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9,207</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,944</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7,263</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; text-indent: 0in; color: #007E7A"><FONT STYLE="font-size: 10pt"><B>b)</B></FONT><B><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-size: 10pt">Income tax reconciliation &ndash; Income statement</FONT></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Income tax expense is recognized based on the estimate
of the weighted average effective tax rate expected for the full year, adjusted for the tax effect of certain items that are recognized
in full on the interim tax calculation. Therefore, the effective tax rate in the interim financial statements may differ from management&rsquo;s
estimate of the effective tax rate for the year.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Income tax expense is recognized based on the estimate
of the weighted average effective tax rate expected for the full year. The total amount presented as income taxes in the income statement
is reconciled to the statutory rate, as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 62%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,569</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7,582</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Income taxes at statutory rate &ndash; 34%</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,233)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,578)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjustments that affect the basis of taxes:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Tax incentives</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">494</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">455</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Equity results</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Foreign exchange variation on tax losses carryforward</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(655)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">295</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">319</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,091)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,810)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin-top: 0; margin-bottom: 0"><TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 14.2pt">c)</TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: justify">Income taxes - Settlement program (&ldquo;REFIS&rdquo;)</TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 62%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 18%; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">387</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">324</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,247</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,964</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>REFIS liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,634</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,288</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">SELIC rate</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11.75%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9.25%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">It mainly relates to the settlement program of claims
regarding the collection of income tax and social contribution on equity gains of foreign subsidiaries and affiliates from 2003 to 2012.
This amount bears SELIC interest rate (Special System for Settlement and Custody) and will be paid in monthly installments until October
2028.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Uncertain tax positions</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">There have been no developments on matters
related to the uncertain tax positions since the December 31, 2021 financial statements.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 16 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>e) Recoverable and payable taxes</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 47%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Value-added tax</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">202</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">30</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">217</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">162</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Brazilian federal contributions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">536</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">646</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">520</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">511</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Income taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">83</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">511</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">649</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">113</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">413</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,861</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Financial compensation for the exploration of mineral resources - CFEM</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">69</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">59</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">164</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">83</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>832</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,157</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>927</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>862</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>935</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,177</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: teal"><TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 28.35pt"><B><A NAME="a_014"></A>8.</B></TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: justify"><B>Basic and diluted earnings per share</B></TD></TR></TABLE>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The basic and diluted earnings per share are presented
below:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 72%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income attributable to Vale's stockholders:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net income from continuing operations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,456</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5,760</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net income (loss) from discontinued operations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(214)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,458</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,546</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Thousands of shares </B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Weighted average number of common shares outstanding</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,807,641</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5,130,188</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Weighted average number of common shares outstanding and potential ordinary shares</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,811,926</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5,134,612</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Basic and diluted earnings per share from continuing operations:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">0.93</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1.12</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Basic and diluted loss per share from discontinued operations:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(0.04)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Basic and diluted earnings per share:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">0.93</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1.08</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B><A NAME="a_015"></A>9.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Accounts
receivable</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 60%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Receivables from customer contracts</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Related parties (note 28)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">299</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">109</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Third parties</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 15.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Ferrous minerals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,011</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,023</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 15.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Base metals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">687</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">668</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 15.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">175</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">162</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,172</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,962</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Expected credit loss</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(49)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(48)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Accounts receivable, net</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,123</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,914</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">No customer individually represented 10% or more
of the Company&rsquo;s accounts receivable or revenues for both periods presented above.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A"><B>Provisionally priced
commodities sales &ndash; </B></FONT>The commodity price risk arises from volatility of iron ore, nickel, copper and coal prices. The
Company is mostly exposed to the fluctuations in the iron ore and copper price (note 17). The selling price of these products can be measured
reliably at each period since the price is quoted in an active market.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The sensitivity of the Company&rsquo;s risk on final
settlement of provisionally priced accounts receivables are presented below:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 36%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Thousand metric tons</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Provisional price (US$/ton)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Change</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Effect on Revenue</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Iron ore</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">15,431</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">150.3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">+/-10%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">+/- 232</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Copper</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">66</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,610.4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">+/-10%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">+/- 83</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; color: teal">&nbsp;</P>


<!-- Field: Page; Sequence: 17 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->16<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B><A NAME="a_016"></A>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 64%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Finished products</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,256</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,795</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Work in progress</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">895</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">820</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Consumable inventory</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">996</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">857</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Allowance to net realizable value (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(109)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(95)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,038</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,377</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) In the period ended March 31, 2022, the effect of provision for net realizable
value was US$10 (March 31, 2021: reversal of US$12).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Finished and work in progress products inventories
by segments are presented in note 4(b) and the cost of goods sold is presented in note 5(a).</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%; font: 11pt Calibri, Helvetica, Sans-Serif; margin-top: 0; margin-bottom: 0; color: teal"><TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">
<TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 0"></TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 21.3pt"><B><A NAME="a_017"></A>11.</B></TD><TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: justify"><B>Suppliers and contractors</B></TD></TR></TABLE>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 60%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 19%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Third parties - Brazil</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,571</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,766</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Third parties - Abroad</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,717</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,620</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Related parties (note 28)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">158</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">89</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,446</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,475</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B><A NAME="a_018"></A>12. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
financial assets and liabilities</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-Current</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 44%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other financial assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">117</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">268</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">232</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Investments in equity securities (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>268</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>111</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>390</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>143</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other financial liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">559</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">256</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">592</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial liabilities - Related parties (note 28)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">380</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">393</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial guarantees provided (note 6a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">509</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">542</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities related to the concession grant</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">918</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">760</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,583</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,437</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Contract liability</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">505</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">566</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,362</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,962</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,348</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,571</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) The Company has an investment of US$6, corresponding
to a 3.24% non-controlling interest in Boston Electrometallurgical Company, which is working on the development of a technology focused
on reducing carbon dioxide emissions in steel production.</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">a) Liabilities related to the
concession grant</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Board of Directors
approved on October 28, 2021 the prepayment in the amount of US$444 of the grant obligation and, on April 14, 2022 (subsequent event),
the Company paid US$168 out of the approved prepayment, which corresponds to its full concession grant obligation of the Estrada de Ferro
Caraj&aacute;s (&quot;EFC&quot;). The outstanding balance of the concession grant obligation after the prepayment will be approximately
US$504, of which US$276 could be settled in advance as already approved by the Board of Directors, and the remaining amount will be settled
in quarterly instalments until 2057.</FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 44%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liability</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Discount rate</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Concession grant</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">672</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">586</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11.04%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11.04%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Midwest Integration Railway (&quot;FICO&quot;)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,411</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,206</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.29%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.11%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Infrastructure program</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">388</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">342</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.43%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.22%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">West-East Integration Railway (&quot;FIOL&quot;)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">30</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.81%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.75%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,501</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,196</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 18 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_019"></A>13.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Investments
in subsidiaries, associates, and joint ventures</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Equity results in the income statement</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: teal 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Dividends received</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 26%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>% ownership</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>% voting capital</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Baovale Minera&ccedil;&atilde;o S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">81</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">51</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.89</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.89</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">38</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.90</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">51.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">67</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">48</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">51.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">51.11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">163</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">129</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">48.16</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">46.75</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">503</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">418</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Samarco Minera&ccedil;&atilde;o S.A. (note 22)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">VLI S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">29.60</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">29.60</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">461</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">408</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(15)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,345</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,113</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>16</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>15</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Base metals</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Korea Nickel Corp.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">25.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">25.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>18</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>17</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Others</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">55.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">55.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">382</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">367</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">51.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">51.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">122</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">105</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">California Steel Industries, Inc.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">65</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Companhia Sider&uacute;rgica do Pec&eacute;m (&quot;CSP&quot;)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">99</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(42)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Minera&ccedil;&atilde;o Rio do Norte S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">40.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">40.00</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">60</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">50</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>564</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>621</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(28)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>65</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,927</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,751</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>26</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(13)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>65</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<!-- Field: Page; Sequence: 19 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">a) Changes in the period</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 64%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,751</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,031</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Capital contributions to CSP</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">42</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">298</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(154)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Equity results in income statement</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">26</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(13)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Dividends declared</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(37)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(36)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Transfer of the equity results to discontinued operations (note 14a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(15)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Impairment of CSP</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(111)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,927</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,871</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B><A NAME="a_020"></A>14.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Non-current
assets and liabilities held for sales and discontinued operations</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 40%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Coal (Discontinued operation)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Manganese assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Midwestern System assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">31</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">246</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">263</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">250</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">261</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">210</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">217</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>524</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>278</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>809</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">104</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">39</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">143</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">219</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">94</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">313</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>323</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>133</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>456</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net assets held for sale</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>201</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>145</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>353</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="9" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: teal 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 40%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Coal (Discontinued operation)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Manganese assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Midwestern System assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">167</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">179</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">364</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">381</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">377</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">377</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">22</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>552</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>41</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>383</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>976</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">110</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">120</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">232</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">235</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>342</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>355</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net assets held for sale</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>210</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>383</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>621</B></FONT></TD>
    </TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>a) Coal (Discontinued operation)</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In June 2021, in
preparation for a sale of the coal operation in connection with the sustainable mining strategic agenda, the Company carried out a corporate
reorganization by acquiring the interests held by Mitsui in the coal assets, which consist of Moatize mine and the Nacala Logistics Corridor
(&ldquo;NLC&rdquo;). </FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 20 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->19<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Following the acquisition
of Mitsui&rsquo;s stakes, and therefore simplification of governance and asset management, the Company started the process of divesting
its participation in the coal business, which resulted in a binding agreement with Vulcan Resources (formerly known as Vulcan Minerals
- &ldquo;Vulcan&rdquo;) in December 2021.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Under the terms
of this transaction, Vulcan has committed to pay US$270, in addition of a 10-year royalty agreement subject to certain mine production
and coal price conditions, and so due to the nature and uncertainties related to the measurement of these royalties, gains will be recognized
as incurred. Therefore, the Company adjusted the net assets of the coal business to the fair value less cost of disposal, which resulted
in an impairment loss of US$2,511, and started presenting the coal segment as a discontinued operation from December 2021.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In 2022, the Company
recorded additional losses of US$160 in the net income from discontinued operations for the three-month period ended March 31, 2022, mainly
due to the impairment of assets acquired in the current period of US$48 (2021: US$44) and other working capital adjustments in the amount
of US$112.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">On April 25, 2022
(subsequent event), the transaction was completed after the satisfaction of the conditions precedent and the Company will recognize a
gain of approximately US$2,427 in the second quarter of 2022 mainly due to the reclassification of the cumulative translation adjustments
net off the disposal of the minority interest balance and the de-consolidation of the coal business.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(a.i) Net income and cash flows from discontinued
operations</U></I></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 70%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 14%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 14%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income from discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">448</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">92</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(264)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(329)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Operating expenses</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Impairment and disposals of non-current assets </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(160)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(44)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income (loss)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(281)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial Results, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(7)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(15)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss) before income taxes</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(295)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Income taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss) from discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(295)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Loss attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(81)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss) attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(214)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 66%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash flow from discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;Operating activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net income (loss) before income taxes</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(295)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>&nbsp;Adjustments:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Equity results in associates and joint ventures</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Impairment and disposals of non-current assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">160</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">44</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Financial Results, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Decrease in assets and liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(130)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(12)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash provided (used) by operating activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>41</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(249)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Investing activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Additions to property, plant, and equipment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(38)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(29)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>69</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash provided (used) in investing activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(38)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>40</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financing activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Payments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(4)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net cash used by discontinued operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(8)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(213)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 21 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Manganese ferroalloys operations
in Minas Gerais</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In January 2022, the Company completed the sale of
its ferroalloys operations in Barbacena and Ouro Preto and its manganese mining operations at Morro da Mina, in the state of Minas Gerais,
to VDL Group (&ldquo;VDL&rdquo;) for a total consideration of US$40. As the Company had already adjusted the net assets to the fair value
less cost of disposal, the closing did not result in an additional impact on the income statement for the three-month period ended March
31, 2022. As a result, the Company no longer has manganese ferroalloys operations.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>c) Midwestern System assets</B></P>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">During the first quarter of 2022, the Company classified the assets
and liabilities related to the Midwestern System as held for sale due to the negotiations with interested parties in Vale&rsquo;s iron
ore, manganese and logistics assets in the Midwestern System, through its equity interests in Minera&ccedil;&atilde;o Corumbaense Reunida
S.A., Minera&ccedil;&atilde;o Mato Grosso S.A., International Iron Company, Inc. and Transbarge Navegaci&oacute;n Sociedad An&oacute;nima.
These negotiations resulted in the execution of a binding agreement with J&amp;F Minera&ccedil;&atilde;o Ltda. (&ldquo;J&amp;F&rdquo;)
for the sale of these assets, which was signed on April 6, 2022, for the sale of these assets. At closing, the Company expects to receive
approximately US$150, in addition to transferring to J&amp;F all assets and liabilities, including the obligations related to the take-or-pay
logistics contracts.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The carrying amount of those assets were fully impaired
in past years and the Company had a liability related to take-or-pay logistics contracts in the amount of US$932 that were deemed onerous
contracts under the Company&rsquo;s business model for the Midwestern System, which has a negative net asset of US$892 before reclassification
to &ldquo;Non-current assets and liabilities held for sale&rdquo; on March 31, 2022.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">These offers received during
the sale process of the assets represented an objective evidence of impairment reversal and the remeasurement of the existing provision,
which led to a gain of US$1,134 recorded as &ldquo;Impairment reversal (impairment and disposals) of non-current assets&rdquo;, of which
US$202 relates to the impairment reversal on the Property, plant and equipment and US$932 is due to the remeasurement of the onerous
contract liability.&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The closing of the transaction with J&amp;F is expected to be completed
in 2022 and is subject to customary conditions precedent, including but not limited to the approval by antitrust authorities (&ldquo;CADE&rdquo;),
the National Agency for Waterway Transportation (&ldquo;ANTAQ&rdquo;), the National Defense Council (&ldquo;CDN&rdquo;) and other authorities.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify; color: #007E7A"><B>d) Other</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I><U>California Steel Industries (&ldquo;CSI&rdquo;)</U>:
</I>In December 2021, the Company entered into a binding agreement with Nucor Corporation (&ldquo;Nucor&rdquo;) for the sale of its 50%
interest in CSI for US$437. In February 2022, the Company concluded the sale and recorded a gain of US$297 for the three-month period
ended March 31, 2022, as &ldquo;Equity results and other results in associates and joint ventures&rdquo;, of which US$147 relates to
a gain from the sale and US$150 is due the reclassification of the cumulative translation adjustments from the stockholders&rsquo; equity
to the income statement.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I><U>Vale Nouvelle-Cal&eacute;donie S.A.S.
(&ldquo;VNC&rdquo;)</U>:</I> In December 2020, the Company signed a binding put option agreement to sell its interest in VNC for an immaterial
consideration to Prony Resources consortium. Under the terms of agreement, the Company has assumed an obligation to pay to the buyers
an amount of US$500 upon closing of the transaction and this amount has been provided for as of December 31, 2020.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">With the final agreement signed in March 2021,
the assumed obligation has increased, and the Company disbursed US$555 at closing of the transaction. The additional provision combined
with other working capital adjustments, resulted in an additional loss in the amount of US$98, presented as &ldquo;Impairment reversal
(impairment and disposals) of non-current assets&rdquo; in the income statement for the three-month period ended March 31, 2021. Upon
closing of the transaction, the Company also recognized a gain of US$1,132 arising from the cumulative translation adjustments reclassified
from the stockholders&rsquo; equity to the income statement under &ldquo;Other financial items, net&rdquo;.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 22 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->21<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_021"></A>15.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Intangibles</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 29%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Goodwill</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Concessions</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Software</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Research and development project and patents</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,208</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,223</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>86</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>494</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9,011</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">35</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">48</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(9)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(58)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(69)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">262</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">927</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">87</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,286</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,470</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>6,118</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>94</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>585</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>10,267</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,470</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,469</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">578</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">585</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12,102</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Accumulated amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,351)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(484)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,835)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,470</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>6,118</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>94</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>585</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>10,267</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Goodwill</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Concessions</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Software</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Research and development project and patents</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,298</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,391</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>76</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>531</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9,296</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">33</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">47</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(55)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(63)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(95)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(472)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(47)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(617)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,203</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,895</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>79</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>484</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,661</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,203</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,850</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">715</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">484</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10,252</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Accumulated amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(955)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(636)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,591)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,203</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,895</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>79</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>484</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,661</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_022"></A>16.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Property,
plant, and equipment</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 24%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Building and land</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Facilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Equipment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Others</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 9%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,137</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,232</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,743</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,742</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,334</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,537</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,484</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,722</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>41,931</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">27</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,024</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,051</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(27)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(41)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Asset retirement obligation (note 23b)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(555)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(555)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(101)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(121)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(172)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(125)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(40)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(48)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(69)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(676)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Impairment reversal</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">55</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">33</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">64</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">37</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">210</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Transfer to asset held for sale - Midwestern System</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(55)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(33)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(64)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(37)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(21)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(210)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,033</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,079</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">398</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">459</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">406</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">69</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">273</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">882</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,599</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">24</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">145</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">87</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">55</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">94</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(411)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9,091</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,327</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,055</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,527</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,752</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,585</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,782</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9,190</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>46,309</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16,481</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">13,283</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11,715</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17,264</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,417</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,130</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,183</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">9,190</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">80,663</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(7,390)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(4,956)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(6,660)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(9,737)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,665)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(545)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3,401)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(34,354)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9,091</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,327</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,055</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,527</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,752</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,585</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,782</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9,190</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>46,309</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Building and land</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Facilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Equipment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Mineral properties</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Railway equipment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Right of use assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Others</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Constructions in progress</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,591</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,591</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,933</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,054</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,523</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,563</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,495</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,398</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>41,148</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Additions (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">39</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">937</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">976</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Disposals</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(18)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Asset retirement obligation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(372)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(372)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(103)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(113)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(160)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(138)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(39)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(39)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(63)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(655)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Impairment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(44)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(44)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(507)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(530)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(189)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(150)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(215)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(119)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(231)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,973)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Transfers</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">34</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">75</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">142</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">65</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(354)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,015</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,023</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,726</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,413</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,288</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,531</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,378</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,688</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>39,062</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cost</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">14,507</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11,028</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10,390</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16,577</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,543</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,964</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,695</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,688</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">69,392</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Accumulated depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(6,492)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(4,005)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(5,664)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(9,164)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,255)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(433)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3,317)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(30,330)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,015</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,023</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,726</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,413</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,288</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,531</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,378</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5,688</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>39,062</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) Includes capitalized
interests.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 23 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->22<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Right-of-use assets (leases)</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 33%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Depreciation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">680</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">685</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">492</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">481</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">215</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">38</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">249</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">84</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">107</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">48</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mining equipment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,537</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>27</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(48)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>69</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,585</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Lease liabilities
are presented in note 20.</FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 7pt Calibri, Helvetica, Sans-Serif; color: #00807A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #00807A; margin: 0; text-align: justify"><A NAME="a_023"></A>17.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
and capital risk management</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #00807A; margin: 0; text-align: justify">a) Effects of derivatives on
the balance sheet</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #00807A; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Assets</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 44%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">41</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Pre-dollar swap and forward transactions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">143</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">178</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">9</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Libor swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">35</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>217</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>221</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>62</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>20</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Base metals products </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>39</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>11</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>36</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>13</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>268</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>232</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>111</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>20</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 44%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">63</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">177</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">440</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">69</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">113</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Pre-dollar swap and forward transactions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">38</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Libor swap </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>100</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>249</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>214</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>592</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Base metals products</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">458</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>459</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>29</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>7</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>559</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>256</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>243</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>592</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>


<!-- Field: Page; Sequence: 24 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->23<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Net exposure</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 62%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right; width: 18%"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(228)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(591)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(78)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Pre-dollar swap and forward transactions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">281</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(66)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Libor swap (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>89</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(724)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Base metals products</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(427)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(409)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">13</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>5</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>13</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(315)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(704)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) In March 2021,
the UK Financial Conduct Authority (&ldquo;FCA&rdquo;), the financial regulator in the United Kingdom, announced the discontinuation of
the LIBOR rate for all terms in pounds, euros, Swiss francs, yen and for terms of one week and two months in dollars at the end of December
2021 and the other terms at the end of June 2023. The Company has a multidisciplinary group dedicated to studying the rate transition
and its potential impacts and is monitoring and advising various areas of Vale on the necessary initiatives.</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: teal; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: teal; margin: 0; text-align: justify">c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effects
of derivatives on the income statement</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">419</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(274)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">74</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Eurobonds swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(28)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Pre-dollar swap and forward operations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">335</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(205)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Libor swap </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">35</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>863</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(482)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Base metals products</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(7)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">44</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>42</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(10)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(10)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>861</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(439)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: teal; margin: 0; text-align: justify">d)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Effects
of derivatives on the cash flows</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007A7E 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007A7E 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial settlement inflows (outflows)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(90)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(18)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Eurobonds swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(29)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Pre-dollar swap and forward operations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(75)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Libor swap</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(213)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Base metals products</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(82)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(76)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(199)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 25 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>e) Hedge accounting</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31,</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Net investment hedge</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">219</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(160)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cash flow hedge (Nickel and Palladium)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(304)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">9</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>Cash flow hedge (Nickel)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Notional (ton)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 24%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Flow</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Average strike (US$/ton)</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2023+</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Nickel Revenue Hedge Program</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Forward</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">41,475</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">39,575</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">21,436</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(439)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(26)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(75)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">71</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(453)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">14</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(439)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(26)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(75)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>71</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(453)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>14</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2022, the Company renewed hedge nickel program
due to the high volatility of nickel prices linked to future cash flows forecast for the period. In this program, hedging operations were
executed, through option contracts, to protect a portion of the projected volume of sales at floating, highly probable realization prices,
guaranteeing prices above the average unit cost of nickel production for the protected volumes. The contracts are traded on the London
Metal Exchange or over-the-counter market and the hedged item's P&amp;L is offset by the hedged item&rsquo;s P&amp;L due to Nickel price
variation.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>Cash flow hedge (Palladium)</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Notional (t oz)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 22%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Flow</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Average strike (US$/t oz)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Palladium Revenue Hedge Program</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Call Options</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">33,171</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">44,228</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,369</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Put Options</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">33,171</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">44,228</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,436</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">26</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>11</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>25</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>9</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>11</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>f) Protection programs for the
R$ denominated debt instruments and other liabilities</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Notional</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Fair value</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 18%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Flow</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Index</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Average rate</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 4%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 4%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2023</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>2024+</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(151)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(461)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">37</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(33)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(19)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(99)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 7,780</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 8,142</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">CDI</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">100.32%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 1,820</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 1,906</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">2.51%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(77)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(130)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(21)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(6)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(50)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 1,104</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 1,192</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">TJLP +</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">1.08%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 291</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 320</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">3.25%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">124</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">62</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">48</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">76</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 5,592</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 5,730</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">3.86%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 1,053</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 1,084</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-1.56%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>IPCA vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(62)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(118)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(67)</FONT></TD></TR>

<TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 18%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 1,456</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 1,508</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">IPCA +</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">4.54%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 8%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 4%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 5%; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 360</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 373</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Fix</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">3.88%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>IPCA vs. CDI swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">51</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">40</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">51</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 786</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 769</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">IPCA +</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">6.63%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 1,350</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 1,350</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">CDI</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">98.76%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Forward</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 5,330</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 6,013</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">B</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">4.82</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">157</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">(4)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">26</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">85</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">62</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">10</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

<!-- Field: Page; Sequence: 26 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>g) Protection program for Libor
floating interest rate US$ denominated debt</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Notional</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="6" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 17%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Flow</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 4%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Index</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Average rate</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2023</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2024+</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Libor vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Receivable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">US$ 950</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">US$ 950</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Libor</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.13%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Payable</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">US$ 950</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">US$ 950</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Fix</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.48%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>h) Protection program for product
prices and input costs</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Notional</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 19%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Flow</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Average strike (US$/bbl)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Brent crude oil (bbl)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Call options</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">571,500</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">762,000</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">81</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Put options</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">571,500</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">762,000</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">55</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Forward Freight Agreement (days)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Freight forwards (days)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">330</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">330</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">23,650</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>i) Other derivatives, including
embedded derivatives in contracts</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Notional</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 31%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Flow</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Average strike (US$/bbl)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022+</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD COLSPAN="19" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Option related to a Special Purpose Entity &ldquo;SPE&rdquo; (quantity)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Call option</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">137,751,623</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">137,751,623</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3.17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD COLSPAN="19" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Embedded derivative in natural gas purchase agreement (volume/month)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Call options</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">746,667</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">729,571</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">233</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(8)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fixed price sales protection (ton)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Nickel forwards</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">288</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">342</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">B</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16,285</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Hedge program for products acquisition for resale (tons)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Nickel forwards</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">910</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,206</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">S</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">32,694</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(12)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 27 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>j) Sensitivity analysis of derivative
financial instruments </B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following tables present the potential value
of the instruments given hypothetical stress scenarios for the main market risk factors that impact the derivatives positions. The scenarios
were defined as follows:</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">- Probable: the probable scenario was defined as
the fair value of the derivative instruments as of March 31, 2022.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">- Scenario I: fair value estimated considering a
25% deterioration in the associated risk variables.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">- Scenario II: fair value estimated considering a
50% deterioration in the associated risk variables.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Instrument</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Probable</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Scenario II</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>CDI vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(151)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(604)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,058)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(151)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(190)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(231)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(151)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(195)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(240)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>TJLP vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(77)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(151)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(225)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(77)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(81)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(86)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(77)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(89)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(100)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">TJLP interest rate decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(77)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(85)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(92)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>R$ fixed rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(128)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(381)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">113</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">103</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">124</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">42</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>IPCA swap vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(154)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(247)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(70)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(79)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(82)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(102)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">IPCA index decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(62)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(73)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(84)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: R$ denominated debt</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>IPCA swap vs. CDI swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">IPCA index decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">50</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">49</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: R$ denominated debt linked to IPCA</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">IPCA index decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(50)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(49)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>US$ floating rate vs. US$ fixed rate swap</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">US$ Libor decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: Libor US$ indexed debt</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">US$ Libor decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(29)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(11)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>NDF BRL/USD</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">157</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(56)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(269)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">US$ interest rate inside Brazil decrease</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">157</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">151</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">145</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazilian interest rate increase</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">157</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">132</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">109</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: R$ denominated liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">R$ depreciation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Instrument</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Instrument's main risk events</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Probable</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Scenario II</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Fuel oil protection</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Options</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: Part of costs linked to fuel oil prices</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Price input decrease</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Forward Freight Agreement</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: Part of costs linked to maritime freight prices</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Freight price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Nickel sales fixed price protection</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: Part of nickel revenues with fixed prices</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Nickel price decrease</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Hedge program for products acquisition for resale (tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Forwards</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: Part of revenues from products for resale</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Nickel Revenue Hedging Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Options</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(439)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(776)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,114)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: Part of nickel revenues with fixed sales prices</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Nickel price increase</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">776</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,114</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Palladium Revenue Hedging Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Options</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Palladium price increase</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Protected item: Part of palladium future revenues</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Palladium price increase</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">n.a.</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Option - SPCs</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">SPCs stock value decrease</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<!-- Field: Page; Sequence: 28 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->27<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 39%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Instrument</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 27%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Main risks</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Probable</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Scenario I</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Scenario II</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Embedded derivatives - Gas purchase</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Pellet price increase</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(8)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(19)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(33)</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>k) Financial counterparties&rsquo;
ratings</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The transactions of derivative instruments, cash
and cash equivalents as well as short-term investments are held with financial institutions whose exposure limits are periodically reviewed
and approved by the delegated authority. The financial institutions credit risk is performed through a methodology that considers, among
other information, ratings provided by international rating agencies.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The table below presents the ratings in foreign currency
as published by Moody&rsquo;s regarding the main financial institutions used by the Company to contract derivative instruments, cash and
cash equivalents transaction.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 44%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Derivatives</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Derivatives</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Aa1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">140</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">128</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Aa2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">375</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">285</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Aa3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">382</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">495</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">34</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">A1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,649</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">42</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,145</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">A2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,978</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">204</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,478</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">39</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">A3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,646</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,518</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Baa1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">108</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Baa2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Ba2 (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">725</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,763</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Ba3 (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,058</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,988</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-bottom: #00807A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Others</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">29</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: top">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9,104</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>500</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>11,905</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>131</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) A substantial
part of the balances is held with financial institutions in Brazil and, in local currency, they are deemed investment grade<I>.</I></FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>


<!-- Field: Page; Sequence: 29 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_024"></A>18.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Financial
assets and liabilities</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company classifies
its financial instruments in accordance with the purpose for which they were acquired, and determines the classification and initial recognition
according to the following categories:</FONT></P>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="8" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Amortized cost</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>At fair value through OCI</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash and cash equivalents (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9,061</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9,061</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11,721</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11,721</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Short-term investments (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">184</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">184</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">268</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">268</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">111</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">111</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Accounts receivable (note 9)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">731</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,392</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,123</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">703</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,211</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,914</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9,792</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,703</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>12,495</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>12,424</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,506</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>15,930</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Judicial deposits (note 25c)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,455</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,455</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,220</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,220</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Restricted cash</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">152</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">117</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">117</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">232</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">232</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">20</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Investments in equity securities (note 12)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,607</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>232</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,845</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,337</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>20</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,363</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total of financial assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>11,399</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,935</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14,340</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>13,761</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,526</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>17,293</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Suppliers and contractors (note 11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,446</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,446</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,475</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,475</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">559</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">559</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">243</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">243</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Loans, borrowings and leases (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,103</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,103</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,204</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,204</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities related to the concession grant (note 12a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">918</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">918</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">760</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">760</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial liabilities - Related parties (note 28)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">380</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">380</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">393</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">393</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Contract liability</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">505</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">505</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">566</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">566</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,352</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>559</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,911</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,398</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>243</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,641</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Non-current</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">256</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">256</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">592</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">592</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Loans, borrowings and leases (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,912</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,912</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,578</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,578</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Participative stockholders' debentures (note 19)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,299</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,299</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,419</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,419</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities related to the concession grant (note 12a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,583</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,583</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,437</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,437</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial guarantees (note 6a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">509</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">509</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">542</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">542</FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14,495</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,064</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>19,559</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14,015</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,553</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>18,568</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>20,847</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,623</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>26,470</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>20,413</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,796</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; background-color: #EBF1DE; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>25,209</B></FONT></TD>
    </TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 30%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 7%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 8%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 6%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>a) Hierarchy of fair value</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 37%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Level 1</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Level 2</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Level 3</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Short-term investments (note 20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">184</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">184</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">488</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">500</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">118</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">131</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Accounts receivable (note 9)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,392</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,392</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,211</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,211</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Investments in equity securities (note 12)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>49</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,880</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,941</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>190</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,329</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,532</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derivative financial instruments (note 17)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">815</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">815</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">835</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">835</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Participative stockholders' debentures (note 19)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,299</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4,299</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,419</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,419</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial guarantees (note 6)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">509</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">509</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">542</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">542</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,623</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5,623</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,796</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,796</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">There were no transfers between levels 1, 2 and 3
of the fair value hierarchy during the periods presented.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 30 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->29<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>a.i) Changes in Level 3 assets
and liabilities during the period</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Derivative financial instruments</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 20%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 20%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Gain and losses recognized in income statement</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Translation adjustments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">b) Fair value of loans and borrowings</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 44%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Carrying amount</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Fair value</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&nbsp;Bonds</I></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,448</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,403</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,448</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">9,151</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>&nbsp;Eurobonds</I></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>Debentures</I></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">444</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">444</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">387</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">387</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">383</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">498</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">354</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">449</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">R$, with fixed interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to LIBOR</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,714</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,495</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,615</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,231</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">101</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">87</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">54</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">98</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">193</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">107</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">117</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>12,199</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>13,054</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>12,022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>13,400</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B><A NAME="a_025"></A>19.&#9;Participative stockholders&rsquo;
debentures</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">At the time of its privatization in 1997, the Company
issued a total of 388,559,056 debentures to then-existing stockholders, including the Brazilian Government. The debentures&rsquo; terms
were set to ensure that pre-privatization stockholders would participate in potential future benefits that might be obtained from exploration
of mineral resources. This obligation related to the debentures will cease when all the relevant mineral resources are exhausted, sold
or otherwise disposed of by the Company.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Holders of participative stockholders&rsquo; debentures
have the right to receive semi-annual payments equal to an agreed percentage of revenues less value-added tax, transport fee and insurance
expenses related to the trading of the products, derived from these mineral resources. On April 1, 2022 (subsequent event), the Company
made available for withdrawal as remuneration the amount of US$225 for the second semester of 2021, as disclosed on the &ldquo;Shareholders&rsquo;
debentures report&rdquo; made available on the Company&rsquo;s website.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">To calculate the fair value of the liability, the
Company uses the weighted average price of trades in the secondary market for the last month of the quarter. The average price increased
from R$49.10 per debenture for the year ended December 31, 2021, to R$52.41 per debenture for the period ended March 31, 2022, resulting
in an expense of US$249 recorded in the income statement for the three-month period ended March 31, 2022. As of March 31, 2022, the liability
was US$4,299 (US$3,419 as of December 31, 2021).</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_035"></A>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans,
borrowings, leases, cash and cash equivalents and short-term investments</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify; text-indent: 0in"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">a)</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;
</FONT><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 10pt">Net debt</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company evaluates
the net debt with the objective of ensuring the continuity of its business in the long term.</FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 58%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 20%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Debt contracts</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,349</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">12,180</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Leases</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,666</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,602</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total of loans, borrowings and leases</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>14,015</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>13,782</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">9,061</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">11,721</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(-) Short-term investments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">43</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">184</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net debt</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,911</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,877</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 31 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">b) Cash and cash equivalents</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Cash and cash equivalents include cash, immediately
redeemable deposits, and short-term investments with an insignificant risk of change in value. They are readily convertible to cash, being
US$5,013 (US$6,714 in 2021) denominated in R$, indexed to the CDI), US$3,671 (US$4,769 in 2021) denominated in US$ and US$377 (US$238
in 2021) denominated in other currencies as of March 31, 2022.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">c) Short-term investments</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As of March 31, 2022, the balance of US$43 (US$184
as of December 31, 2021) substantially comprises investments in exclusive investment fund immediately liquidity, whose portfolio is composed
of committed transactions and Financial Treasury Bills (&ldquo;LFTs&rdquo;), which are floating-rate securities issued by the Brazilian
government.</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">d) Loans, borrowings, and leases</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">i) Total debt</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 40%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Average interest rate (i)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Quoted in the secondary market:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>US$ Bonds</I></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6.02%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,448</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,448</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><I>R$ Debentures (ii)</I></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10.48%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">216</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">186</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">228</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">201</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil in (iii):</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">9.29%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">91</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">95</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">292</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">259</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">R$, with fixed interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2.86%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Basket of currencies and bonds in US$ indexed to LIBOR</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Debt contracts in the international market in:</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">US$, with variable and fixed interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2.36%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">355</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">479</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,359</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,136</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other currencies, with variable interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.11%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">91</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other currencies, with fixed interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3.72%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">96</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">95</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Accrued charges</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">150</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">158</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>915</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,030</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>11,434</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>11,150</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) In order to determine the average interest rate
for debt contracts with floating rates, the Company used the rate applicable as of March 31, 2022.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) The Company has debentures in Brazil with BNDES
raised for the Company's infrastructure investment projects.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) The Company entered into derivatives to mitigate
the exposure to cash flow variations of all floating rate debt contracted in Brazil, resulting in an average cost of 2.93% per year in
US$.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">Future flows of debt payments,
principal and interest</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 51%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Principal</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 26%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Estimated future </B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>interest payments (i)</B></P></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2022</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">727</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">458</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2023</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">116</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">606</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2024</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,021</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">573</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2025</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">161</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">533</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Between 2026 and 2030</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,919</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,698</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2031 onwards</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6,255</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,524</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>12,199</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>6,392</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) Based on interest
rate curves and foreign exchange rates applicable as of March 31, 2022, and considering that the payments of principal will be made on
their contracted payments dates. The amount includes the estimated interest not yet accrued and the interest already recognized in the
financial statements.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Covenants</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Some of the Company&rsquo;s debt agreements with
lenders contain financial covenants. The primary financial covenants in those agreements require maintaining certain ratios, such as debt
to EBITDA, which is defined in note 4, and interest coverage. The Company did not identify any instances of noncompliance as of March
31, 2022.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 32 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Reconciliation of debt to cash
flows arising from financing activities</B></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 31%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Quoted in the secondary market</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Debt contracts in Brazil</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 18%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Debt contracts on the international market</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 17%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7,974</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>380</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,826</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>12,180</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">425</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">425</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Repayments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(14)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(45)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(336)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(395)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Interest paid (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(151)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(13)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(15)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(179)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(165)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(58)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>74</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(149)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Effect of exchange rate</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">117</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">40</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">159</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Interest accretion</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">105</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">39</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">159</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-cash changes</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>222</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>79</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>17</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>318</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8,031</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>401</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,917</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>12,349</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) Classified as
cash flow due to operational activities.</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: teal; margin: 0; text-align: justify">Funding and repayments</P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In January 2022,
the Company contracted two lines of credit indexed to Libor, in the amount of US$425 with maturity in 2027 with The Bank of Nova Scotia,
and prepaid US$200 of a line of credit maturing in 2023 with the same bank.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">Lease liabilities</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 23%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Payments</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Interest</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Transfer to liabilities held for sale</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">713</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(17)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">704</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">489</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(15)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">479</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">225</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">40</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">275</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">103</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">18</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">138</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">59</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mining equipment </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,602</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>27</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(41)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>16</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(17)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>79</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,666</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) The total amount of the variable lease payments
not included in the measurement of lease liabilities for the period ended March 31, 2022 was US$58 (2021: US$33).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Discount rates</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 61%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 38%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Discount rate</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Ports</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3% to 6%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Vessels</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3% to 4%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Pelletizing plants</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3% to 5%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Properties</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3% to 7%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Energy plants</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4% to 5%</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mining equipment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3% to 7%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Annual minimum payments and remaining
lease term</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The following table presents the undiscounted lease
obligation by maturity date. The lease liability recognized in the balance sheet is measured at the present value of such obligations.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 23%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2024</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2025</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2026 onwards</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 10%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Average remaining term (years)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Ports</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">51</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">64</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">746</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">991</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4 to 21</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Vessels</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">62</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">59</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">346</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">575</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3 to 11</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Pelletizing plants</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">56</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">46</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">129</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">325</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2 to 11</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Properties</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">44</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">27</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">156</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2 to 9</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Energy plants</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">57</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">81</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Mining equipment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">14</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2 to 6</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>208</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>213</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>203</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>192</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,326</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,142</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


<!-- Field: Page; Sequence: 33 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->32<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>e) Guarantees</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As of March 31,
2022 and December 31, 2021, loans and borrowings are secured by property, plant and equipment in the amount of US$99 and US$82, respectively.
The securities issued through Vale&rsquo;s wholly owned finance subsidiary Vale Overseas Limited are fully and unconditionally guaranteed
by Vale.</FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_026"></A>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brumadinho
dam failure</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On January 25, 2019, a tailings dam (&ldquo;Dam I&rdquo;)
failed at the C&oacute;rrego do Feij&atilde;o mine, in the city of Brumadinho, state of Minas Gerais. The failure released a flow of tailings
debris, destroying some of Vale&rsquo;s facilities, affecting local communities and disturbing the environment. The tailings released
have caused an impact of around 315 km in extension, reaching the nearby Paraopeba River. The dam failure in Brumadinho (&ldquo;event&rdquo;)
resulted in 270 fatalities or presumed fatalities, including 6 victims still missing, and caused extensive property and environmental
damage in the region.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a result, on February 4, 2021, the Company entered
into a Judicial Settlement for Integral Reparation (&ldquo;Global Settlement&rdquo;), which was under negotiations since 2019, with the
State of Minas Gerais, the Public Defender of the State of Minas Gerais and the Federal and the State of Minas Gerais Public Prosecutors
Offices, to repair the environmental and social damage resulting from the Dam I rupture.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Changes on the provisions in the
period</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B></B></P>

<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD COLSPAN="10" STYLE="vertical-align: bottom; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Consolidated</B></FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Present value adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Disbursements (i)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Global Settlement for Brumadinho</B></FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Payment obligations</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,427</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">33</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">255</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,715</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Provision for socio-economic reparation and others</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">852</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">10</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">153</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,014</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Provision for social and environmental reparation</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">705</FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(7)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">127</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">873</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,984</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>91</B></FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(8)</B></FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>535</B></FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,602</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Commitments</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Tailings containment and geotechnical safety</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">318</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(21)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">55</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">353</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Individual indemnification</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">115</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(31)</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">101</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other commitments</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">120</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">136</FONT></TD>
    </TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>553</B></FONT></TD>
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(56)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>91</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>590</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,537</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>93</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(64)</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>626</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,192</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,156</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,385</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,381</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; background-color: #EBF1DE; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,807</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,537</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; background-color: white; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,192</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="background-color: #EBF1DE; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: #EBF1DE; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Discount rate</FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8.08%</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="background-color: white; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: top; background-color: white; padding-right: 5.4pt; padding-left: 5.4pt">&nbsp;</TD>
    <TD STYLE="background-color: white; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8.25%</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="width: 41%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    </TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Disbursement is presented net of the judicial
deposits utilization.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has incurred expenses, which have been
recognized straight to the income statement, in relation to communication services, accommodation and humanitarian assistance, equipment,
legal services, water, food aid, taxes, among others. In the three-month period ended March 31, 2022, the Company incurred expenses in
the amount of US$123 (2021: US$115).&nbsp;</P>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>a) Global Settlement for Brumadinho</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">The Global Agreement is
segmented between: (i) obligations payable directly by the State of Minas Gerais and Institutions of Justice, for the execution of socio-economic
repair and socio-environmental compensation projects whose that will be carried out or managed by these institutions; (ii) socioeconomic
repair projects in Brumadinho and other municipalities; and (iii) development of the environmental reparation plan, and projects for the
compensation of environmental damage already known, which aim to repair the damage caused, restore the ecosystems disruption, restore
local infrastructure, repair social and economic losses, recover affected areas and repair the loss of memory and cultural heritage caused
by the dam rupture. These measures and compensation projects will be carried out directly by the Company for an average period of 5 years.
Variations in the estimated amounts for project execution, although defined in the agreement, are Vale's responsibility and changes in
relation to the original budgets may change the balance of the provision in the future.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<!-- Field: Page; Sequence: 34 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->33<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The estimated amount to carry out the environmental
recovery actions is part of the Global Settlement. However, it has no cap due to the Company's legal obligation to fully repair the environmental
damage caused by the dam rupture. Therefore, although Vale monitors this provision, the amount recorded may
change depending on several factors that are not under the control of the Company.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Contingencies and other legal
matters</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I><U>(b.i) Public civil actions brought
by the State of Minas Gerais and state public prosecutors for damages resulting from the rupture of Dam I</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">The Company is party to public civil actions
brought by the State of Minas Gerais and justice institutions, claiming compensation for socioeconomic and socio-environmental damages
resulting from the dam failure and seeking a broad range of preliminary injunctions ordering Vale to take specific remediation and reparation
actions. As a result of the Global Settlement, the requests for the reparation of socio-environmental and socioeconomic damages caused
by the dam rupture were substantially resolved. Indemnifications for individual damages was excluded from the Global Settlement, and
the parties ratified the agreement with the Public Defendants of the State of Minas Gerais. Thus, the Company is continuing to enter
into individual agreements.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify"><I><U>b.ii) Collective Labor Civil Action</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">In 2021, public civil actions were filed
in the Betim Labor Court in the state of Minas Gerais, by a workers' union claiming the payment of compensation for death damages to
own and outsourced employees, who died as a result of the rupture of Dam I. An initial sentence was published condemning Vale to pay
US$211 thousand (R$1 million) per fatal victim. Vale is defending itself on the lawsuits and understands that the likelihood of loss
is possible.<I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(b.iii) U.S. Securities putative class action
suit</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vale is defending itself in a putative class action
brought before a Federal Court in New York and filed by holders of securities - American Depositary Receipts (&quot;ADRs&quot;) - issued
by Vale. The Lead Plaintiff alleges that Vale made false and misleading statements or omitted to make disclosures concerning the risks
of the operations of Dam I in the C&oacute;rrego de Feij&atilde;o mine and the adequacy of the related programs and procedures. Following
the decision of the Court, in May 2020, that denied the Motion to Dismiss presented by the Company, the Discovery phase has started and
is expected to be concluded in 2022.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On November 24, 2021, a new Complaint was filed before
the same Court by eight Plaintiffs, all investment funds, as an &ldquo;opt-out&rdquo; litigation from the putative class action already
pending in the Eastern District of New York court, asserting virtually the same claims against the same defendants as those in the putative
class case.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on the evaluation of the Company's legal counsel
and given the very preliminary stage, the expectation of loss of these processes is classified as possible. However, considering the initial
stage of this putative class action, it is not possible at this time to reliably estimate the amount of a potential loss. The Plaintiff
did not specify the amounts alleged in this demand.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(b.iv) Arbitration proceedings in Brazil filed
by minority stockholders and a class association</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In Brazil, Vale is a defendant in (i) one arbitration
filed by 385 minority stockholders, (ii) two arbitrations filed by a class association allegedly representing all Vale&rsquo;s minority
stockholders, and (iii) three arbitrations filed by foreign investment funds.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In the six proceedings, the Claimants argue Vale
was aware of the risks associated with the dam, and failed to disclose it to the stockholders, which would be required under the Brazilian
applicable laws and the rules of <I>Comiss&atilde;o de Valores Mobili&aacute;rios</I> (Securities and Exchange Commission in Brazil).
Based on such argument, they claim compensation for losses caused by the decrease of the value of the shares.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Based on the assessment of the Company's legal advisors,
the expectation of loss is classified as possible for the six procedures and, considering the initial phase, it is not possible at this
time to reliably estimate the amount of a possible loss.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In one of the proceedings filed by foreign funds,
the Claimants initially estimated the amount of the alleged losses would be approximately US$380 (R$1,800 million). In another proceeding
filed by foreign funds, the Claimants initially estimated the amount of the alleged losses would be approximately US$823 (R$3,900 million).
The Company disagrees with the ongoing proceedings and understands that, in this case and at the current stage of the proceedings, the
probability of loss in the amount claimed by the foreign funds is remote.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 35 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->34<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(b.v) Investigations conducted by CVM and the
Securities and Exchange Commission (&ldquo;SEC&rdquo;)</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Vale expects that the SEC will commence proceedings
against Vale alleging violations of U.S. securities laws arising from Vale&rsquo;s disclosures about its dam safety management and the
dam at Brumadinho. The SEC could seek an injunction against future violations of U.S. federal securities laws, the imposition of civil
monetary penalties, disgorgement and other relief within the SEC&rsquo;s authority in a lawsuit filed in a federal court. At this time,
it is not yet possible to estimate the amount or range of potential loss to the Company or to state with certainty the timing for commencement
of an action. Vale believes that its disclosures did not violate U.S. law and will vigorously contest any such allegations.</P>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The CVM is
also conducting investigations relating to Vale's disclosure of relevant information to shareholders, investors and the market in general,
especially regarding the conditions and management of Vale's dams. At this time, it is not yet possible to estimate the value or a range
of potential loss to the Company.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(b.vi) Criminal proceedings and investigations</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In January 2020, the State Prosecutors of Minas Gerais
(&ldquo;MPMG&rdquo;) filed criminal charges against 16 individuals (including former executive officers of Vale and former employees)
for a number of potential crimes, including homicide, and against Vale S.A. for alleged environmental crimes. In November 2021, the federal
police concluded an investigation on potential criminal liability for the Brumadinho dam rupture. The investigation has been sent to the
MPF, which has not brought criminal charges against Vale. The MPF and the federal police conducted a separate investigation into the causes
of the dam rupture in Brumadinho, which may result in new criminal proceedings Vale is defending itself against the criminal claims and
is no possible to estimate when a decision will be issued.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>c) Insurance</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is negotiating with insurers the payment
of indemnification under its civil liability and Directors and Officers Liability Insurance. However, these negotiations are still in
progress, therefore any payment of insurance proceeds will depend on the coverage definitions under these policies and assessment of the
amount of loss. Due to uncertainties, no indemnification related to these insurers was recognized in these financial statements.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007A7E"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: #007A7E"><B><A NAME="a_027"></A>22.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;</B></FONT><B><FONT STYLE="color: #007E7A">Liabilities
related to associates and joint ventures</FONT></B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007A7E"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><FONT STYLE="background-color: white"><B>a)
Rupture of Samarco dam</B></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In November 2015, the Fund&atilde;o tailings dam
owned by Samarco Minera&ccedil;&atilde;o S.A. (Samarco) failed, releasing tailings downstream, flooding certain communities and causing
impacts on communities and the environment along the Doce river. The rupture resulted in 19 fatalities and caused property and environmental
damage to the affected areas. Samarco is a joint venture equally owned by Vale S.A. and BHP Billiton Brasil Ltda. (&lsquo;&lsquo;BHPB&rsquo;&rsquo;).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In June 2016, Samarco, Vale and BHPB created the
Funda&ccedil;&atilde;o Renova, a not-for-profit private foundation, to develop and implement (i) social and economic remediation and compensation
programs and (ii) environmental remediation and compensation programs in the region affected by the dam rupture. The creation of Funda&ccedil;&atilde;o
Renova was provided for under the agreement for settlement and conduct adjustment (the &lsquo;&lsquo;Framework Agreement&rsquo;&rsquo;)
signed in March 2016 by Vale, BHPB, Samarco, the Brazilian federal government, the two Brazilian states affected by the rupture (Minas
Gerais and Esp&iacute;rito Santo) and other governmental authorities.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In June 2018, Samarco, Vale and BHPB entered into
a comprehensive agreement with the offices of the federal and state (Minas Gerais and Esp&iacute;rito Santo) prosecutors, public defenders
and attorney general, among other parties (&ldquo;TacGov Agreement&rdquo;), improving the governance mechanism of Funda&ccedil;&atilde;o
Renova and establishing, among other things, a process for potential revisions to the remediation programs provided under the Framework
Agreement.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>Judicial recovery of Samarco</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Under the Framework Agreement, the TacGov Agreement
and Renova&rsquo;s bylaws, Funda&ccedil;&atilde;o Renova must be funded by Samarco, but to the extent that Samarco is unable to fund,
Vale and BHPB must ratably bear the funding requirements Under the Framework Agreement.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In April 2021, Samarco announced the request for
Judicial Reorganization (&ldquo;RJ&rdquo;) that was filed with the Minas Gerais Court to renegotiate its debt, which is held by bondholders
abroad. The purpose of RJ is to restructure Samarco&rsquo;s debts and establish an independent and sustainable financial position, allowing
Samarco to keep working to resume its operations safely and to fulfill its obligations related to the Funda&ccedil;&atilde;o Renova.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 36 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->35<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The RJ does not affect Samarco&rsquo;s obligation
to remediate and compensate the impacts of the Fund&atilde;o tailings dam failure. However, as Samarco began the gradual resumption of
operations in December 2020, it is not yet possible to reliably estimate when Samarco will generate cash to comply with its assumed obligation
in the Framework Agreement. Thus, the liability recorded by Vale on December 31, 2021 are recognized base on the assumption that Samarco
does not have the capacity to generate cash enough to make all cash contributions to the Funda&ccedil;&atilde;o Renova.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, ongoing discussions in the context of
the RJ may lead to the loss of deductibility of part of the expenses incurred with the Funda&ccedil;&atilde;o Renova and of the deferred
taxes over the total provision, depending on the method determined for restructuring Samarco's debts. The total amount exposed as of March
31, 2022 is US$1,789 (R$8,476 million), of which US$502 (R$2,376 million) refers to expenses already incurred and considered as part of
the Company&rsquo;s uncertain tax positions.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company works in the perspective that the mechanisms
resulting from the RJ will continue to allow the deductibility of these expenses, however, future decisions resulting from the negotiations
regarding Samarco's capital structure, which are not under Vale's control, could materially change the value of the deferred tax recognized
by the Company.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Changes on the provisions in the
period</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 56%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 21%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 21%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,112</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,074</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(103)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Present value valuation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(16)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(62)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">553</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(177)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at March 31,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,649</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,732</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,361</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,785</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,288</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,327</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,649</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,112</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #007E7A"><B>Germano
Dam</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">In addition to the Fund&atilde;o
tailings dam, Samarco owns the Germano dam, which was also built under the upstream method and has been inactive since the Fund&atilde;o
dam rupture. Due to the new safety requirements set by the Brazilian National Mining Agency (&ldquo;Ag&ecirc;ncia Nacional de Minera&ccedil;&atilde;o
&ndash; ANM&rdquo;), Samarco prepared a project for the de-characterization of this dam, resulting in a provision for the de-characterization
of the Germano tailings dam. As of March 31, 2022, Vale total provision is US$238 (R$1,127 million) (US$202 (R$1,126 million) as of December
31, 2021), for de-characterization of Germano tailings dam.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white; color: #007E7A"><B>Samarco&rsquo;s
working capital</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">In addition to the provision,
Vale S.A. made available&nbsp;US$21 during the three-month period ended March 31, 2021,&nbsp;which was fully used to fund Samarco&rsquo;s
working capital. This amount was recognized in Vale&acute;s income statement as an expense in &ldquo;Equity results and other results
in associates and joint ventures&rdquo;. For the three-month period ended March 31, 2022, Vale was not required to fund Samarco&rsquo;s
working capital.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Contingencies related to Samarco
accident</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">These proceedings include public civil actions brought
by Brazilian authorities and multiple proceedings involving claims for significant amounts of damages and remediation measures. The Framework
Agreements represents a model for the settlement of the public civil action brought by the MPF and other related proceedings. There are
also putative securities class actions in the United States against Vale and some of its current and former officers and a criminal proceeding
in Brazil. The main updates regarding the lawsuits in the period were as follows:</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(i) Public Civil Action filed by the Federal
Government and others and public civil action filed by the Federal Public Ministry (&quot;MPF&quot;)</U></I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Framework Agreement established a possible renegotiation
of Funda&ccedil;&atilde;o Renova reparation programs upon the completion of studies carried by specialist engaged to assist the Public
Prosecutor's Office in this process. In October 2020, the MPF requested the resumption of its public civil action of US$32.7 billion (R$155
billion), due to a difficulty in hiring of technical advisors. Discussion for the renegotiation began in April 2021, and a letter of principles
was finalized and signed in June 2021 by the companies Vale, BHPB and Samarco, as well as representatives of the Government and various
Justice Institutions. Depending on the conclusion of the specialists hired and the court decision in this regard, the Company may recognize
additional provisions for the fulfillment of the programs determined in the Framework Agreement.</P>


<!-- Field: Page; Sequence: 37 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->36<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(ii) Criminal proceeding</U></I></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In September 2019, the federal court of Ponte Nova
dismissed all criminal charges against Vale representatives relating to the first group of charges, which concerns the results of the
Fund&atilde;o dam failure, remaining only the legal entity in the passive pole. The second group of charges against Vale S.A. and one
of the Company&rsquo;s employees, which concerns the accusation of alleged crimes committed against the Environmental Public Administration,
remained unchanged. The Company cannot estimate when a final decision on the case will be issued.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Insurance</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Since the Fund&atilde;o dam rupture, the Company
has been negotiating with insurers the indemnification payments based on its general liability policies. In the three-month period ended
March 31, 2021, the Company received US$33. The Company recorded a gain in the income statement as &ldquo;Equity results and other results
in associates and joint ventures&rdquo;.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><A NAME="a_028"></A><B>23.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
for de-characterization of dam structures and asset retirement obligations</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company is subject to regulations, which requires
the decommissioning of the assets and mine sites that Vale operates at the end of their useful lives. Depending on the geotechnical characteristics
of the structures, the Company is required to de-characterize the structures, as described below.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #00807A; margin: 0; text-align: justify">a) De-characterization of dam
structures located in Brazil</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">As a result of the Brumadinho dam rupture (note 21),
the Company has decided to speed up the plan to &ldquo;de-characterize&rdquo; of all its tailings dams built under the upstream method,
certain &ldquo;centerline structures&rdquo; and dikes, located in Brazil. The Company also operates tailings dams in Canada, including
upstream compacted dams, however, there are no safety, technical or regulatory reasons for these dams to be de-characterized. Therefore,
these dams will be decommissioned using other methods, as presented in item (b) below.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In September 2020, the federal government enacted
Law no. 14,066, which modified the National Dam Safety Policy (Law no. 12,334/2020), reinforcing the prohibition of constructing and raising
upstream dams in Brazil. The statute also requires companies to de-characterize the structures built using the upstream method by 2022,
or by a later date if it is proven that the de-characterization is not technically feasible by 2022. A substantial part of the Company's
de-characterization projects will be completed in 15 years, which exceeds the date established in the regulation due to the characteristics
and safety levels of the Company's geotechnical structures.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Thus, on February 21, 2022, the Company filed with
the relevant bodies a request for an extension to perform the projects and, as a result, signed a Term of Commitment establishing legal
and technical certainty for the process of de-characterization of the upstream dams, considering that the deadline defined was technically
unfeasible, especially due to the necessary actions to increase safety during the works. With the signing of the agreement, the Company
recorded an additional provision of US$37 to make investments in social and environmental projects over a period of 8 years.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Changes on the provisions in the
period</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 70%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 15%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,523</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2,289</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Additional provision</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(69)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(84)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Present value valuation</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(37)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(45)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">621</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(198)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at March 31,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,075</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,962</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">441</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">451</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,634</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,072</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4,075</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3,523</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition, due to the de-characterization projects,
the Company has suspended some operations due to judicial decisions or technical analysis performed by Vale on its upstream dam structures
located in Brazil. The Company has been recording losses in relation to the operational stoppage and idle capacity of the ferrous mineral
segment in the amounts of US$107 for the period ended March 31, 2022 (2021: US$113). The Company is working on legal and technical measures
to resume all operations at full capacity.</P>


<!-- Field: Page; Sequence: 38 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->37<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">b) Asset retirement obligations
and environmental obligations</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Discount rate</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 40%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Cash Flow duration</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Liability by geographical area</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Brazil</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,554</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,398</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5.61%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5.48%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2119</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Canada</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,178</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,727</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.55%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.00%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2151</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Oman</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">123</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">123</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2.88%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3.03%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2035</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Indonesia</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">77</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.22%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.20%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2061</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">249</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">255</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.00 - 10.33%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">0.00 - 7.79%</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,181</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">Provision changes during the
period</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 36%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,283</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,220</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>302</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,522</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Adjustment to present value (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(595)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(596)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">110</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">129</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Disbursements</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(19)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(16)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(35)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(88)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(57)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(145)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Revisions on projected cash flows</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">178</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">49</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">227</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">237</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">46</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">283</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(87)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(16)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(103)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Transfer to assets held for sale (note 14)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(49)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(51)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(50)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(50)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31,</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,857</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>324</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,181</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,283</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Environmental obligations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Current</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">94</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">114</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">208</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">72</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">98</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">170</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-current</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,763</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">210</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,973</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,211</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">199</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,410</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,857</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>324</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,181</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,283</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>297</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,580</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Mainly refers to the increase in the discount
rate of the asset retirement obligation in Canada, which increased from 0.00% to 0.55% in the three-month period ended March 31, 2022.
The adjustment in provision was capitalized to the property, plant and equipment (note 16).</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>Financial guarantees</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has issued letters of credit and surety
bonds for US$802 as of March 31, 2022 (2021: US$605), in connection with the asset retirement obligations for its base metals operations.</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_029"></A>24. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 44%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Provisions for litigation (note 25)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">110</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">93</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,192</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,012</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Employee postretirement obligations (note 26)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">103</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">99</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,590</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,533</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Payroll, related charges and other remunerations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">537</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">816</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Onerous contracts (note 14)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">37</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">874</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>750</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,045</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2,782</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>3,419</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_030"></A>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigations</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is
defendant in numerous legal actions in the ordinary course of business, including civil, tax, environmental and labor proceedings.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company makes
use of estimates to recognize the amounts and the probability of outflow of resources, based on reports and technical assessments and
on management&rsquo;s assessment. Provisions are recognized for probable losses of which a reliable estimate can be made. </FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Arbitral, legal
and administrative decisions against the Company, new jurisprudence and changes of existing evidence can result in changes regarding the
probability of outflow of resources and on the estimated amounts, according to the assessment of the legal basis.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 39 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->38<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">a) &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provision
for legal proceedings</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company has
considered all information available to assess the likelihood of an outflow of resources and in the preparation on the estimate of the
costs that may be required to settle the obligations.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Tax
litigations -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Mainly refers to the lawsuit filed in 2011 by Valepar (merged
by Vale) seeking the right to exclude the amount of dividends received in the form of interest on stockholders&rsquo; equity (&ldquo;JCP&rdquo;)
from the PIS and COFINS tax base. The amount reserved for this proceeding as of March 31, 2022 is US$479 (2021: US$402). This proceeding
is guaranteed by a judicial deposit in the amount of US$553 recorded as of March 31, 2022 (2021: US$463). </FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Civil
litigations -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers to lawsuits for: (i) indemnities for losses, payments
and contractual fines due to contractual imbalance or non-compliance that are alleged by suppliers, and (ii) land claims referring to
real estate Vale's operational activities. </FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Labor
litigations -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers to lawsuits for individual claims by in-house employees
and service providers, primarily involving demands for additional compensation for overtime work, moral damages or health and safety conditions.
</FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: #007E7A">Environmental
litigations -</FONT> <FONT STYLE="font-weight: normal; color: windowtext">Refers mainly to proceedings for environmental damages and issues
related to environmental licensing.</FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Tax litigation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 11%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>456</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>284</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>358</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>7</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,105</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Additions and reversals, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(20)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(29)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">24</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">82</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">48</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">66</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">197</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Discontinued operations (note 14a)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(11)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>545</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>311</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>438</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,302</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">23</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">69</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">110</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">528</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">288</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">369</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,192</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>545</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>311</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>438</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>8</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,302</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Tax litigation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total of litigation provision </B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>485</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>260</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>335</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>11</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,091</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Additions and reversals, net</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">19</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Payments</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(11)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(20)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Indexation and interest</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">20</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(43)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(22)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(31)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(97)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at March 31, 2021</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>444</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>236</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>320</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>10</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,010</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">63</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">83</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">437</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">223</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">257</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">927</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>444</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>236</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>320</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>10</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,010</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Includes amounts regarding to social security
claims that were classified as labor claims.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Contingent
liabilities</B></P>

<P STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 66%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6,735</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5,177</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Civil litigations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,777</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,503</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">638</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">516</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,150</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">954</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>10,300</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8,150</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The increase in
the contingent liabilities mainly refers to the effect of monetary exchange variation due to the devaluation of the US$ against R$. In
addition, as reported in the annual financial statements for 2021, the Company is a counterparty in several actions and the main updates
on contingent liabilities since then, are discussed as follows:</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 40 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->39<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><I>&nbsp;</I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"><I><U>(b.i) Tax
proceedings - PIS/COFINS</U></I></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company is
a party to several collections related to the alleged improper use of PIS and COFINS credits (federal taxes levied on the companies' gross
revenue). Brazilian tax legislation authorizes taxpayers to use PIS and COFINS tax credits, such as those referring to the acquisition
of inputs for the production process and other items. The tax authorities mainly claim that (i) some credits were not related to the production
process, and (ii) the right to use the tax credits was not adequately proven. In the current period the Company received new proceedings
in the amount of US$437 (R$2,070 million), for which the likelihood of loss is deemed possible.</FONT></P>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"><I><U>(b.ii) Tax
proceedings - Value added tax on services and circulation of goods (&ldquo;ICMS&rdquo;)</U></I></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Vale is engaged
in several administrative and court proceedings relating to additional charges of ICMS by the tax authorities of different Brazilian states.
In each of these proceedings, the tax authorities claim that (i) use of undue tax credit; (ii) failing to comply with certain accessory
obligations; (iii) the Company is required to pay the ICMS on acquisition of electricity (iv) operations related to the collection of
tax rate differential (&ldquo;DIFAL&rdquo;) and (v) incidence of ICMS on its own transportation. During 2022, the Company received new
proceedings in the amount of US$40 (R$187 million), for which the likelihood of loss is deemed possible.</FONT></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #00807A; margin: 0; text-align: justify"><BR>
c) Judicial deposits</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 66%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 16%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Tax litigations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1,142</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">957</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Civil litigations </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">121</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">100</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Labor litigations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">164</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">141</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Environmental litigations</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">28</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">22</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,455</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,220</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Guarantees contracted for legal
proceedings</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In addition to the above-mentioned tax, civil, labor
and environmental judicial deposits, the Company contracted US$2.4 billion in guarantees for its lawsuits, as an alternative to judicial
deposits.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B><A NAME="a_031"></A>26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
benefits </B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>a)
Long-term incentive programs</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">The Company has long-term reward mechanisms that
include the Matching Program and the Performance Shares Units (&ldquo;PSU&rdquo;) for eligible executives, whose objective is to encourage
the permanence of employees and stimulate performance.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On March 30, 2022, a new cycle of the Matching program
started, and the fair value estimate was based on the Company's share price and ADR at the grant date, R$95.87 and US$20.03 per share.
The number of shares that will be granted for the 2022 cycle was 1,084,065 (2021: 1,046,255 shares). The fair value of the program will
be recognized on a straight-line basis over the required three-month period of service, net of estimated losses.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt; color: #00807A"><B>b)
Reconciliation of assets and liabilities recognized in the statement of financial position</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 34%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Other benefits</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Other benefits</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at beginning of the period</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>919</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>864</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Interest income</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">20</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">58</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Changes on asset ceiling</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">220</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">60</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Translation adjustment</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">159</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(63)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at end of the period</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,318</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>919</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD COLSPAN="13" STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Amount recognized in the statement of financial position</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Present value of actuarial liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(6,196)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(724)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,364)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2,833)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3,983)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,428)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Fair value of assets</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">7,514</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">395</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,752</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,779</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Effect of the asset ceiling</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,318)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(919)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(329)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(1,364)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(204)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(1,428)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(32)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(71)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(47)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(52)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Non-current liabilities</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(297)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,293)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(157)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,376)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Liabilities</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(329)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(1,364)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(204)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(1,428)</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 41 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->40<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #00807A; text-align: justify"><B><A NAME="a_032"></A>27.&#9;&#9;Stockholders&rsquo;
equity</B></P>

<P STYLE="font: 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Share
capital</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">As of March 31,
2022, the share capital was US$61,614 corresponding to 4,999,040,063 shares issued and fully paid without par value.</FONT></P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>March 31, 2022</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 48%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 21%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Common shares</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Golden shares</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 14%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Shareholders with more than 5% of total capital</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,633,137,500</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>1,633,137,500</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Previ</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">413,493,256</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">413,493,256</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Capital World Investors</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">360,598,669</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">360,598,669</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Capital Research Global Investors</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">293,135,748</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">293,135,748</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Mitsui&amp;co</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">286,347,055</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">286,347,055</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Blackrock, Inc</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">279,562,772</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">279,562,772</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,107,227,415</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3,107,227,415</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Golden shares</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total outstanding (without shares in treasury)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,740,364,915</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,740,364,927</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Shares in treasury</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">258,675,136</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">258,675,136</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total capital</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,999,040,051</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>12</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>4,999,040,063</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>b) Cancellation of treasury shares</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On February 24, 2022, the Board of Directors approved
the cancellation of 133,418,347 common shares issued by the Company and held in treasury, without reducing the value of its share capital.
The effect of US$2,801 was recorded in shareholders' equity as &ldquo;Treasury shares used and cancelled&rdquo;.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>c) Remuneration approved</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">In February 2022,
the Board of Directors approved the remuneration to shareholders in the amount of US$3,500, which was fully paid on March 16, 2022.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>d) Share buyback</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">In 2021, the Board of Directors approved a
share buyback program to repurchase 470,000,000 common shares. During the period ended March 31, 2022, the Company repurchased 100,156,362
common shares and their respective ADRs, corresponding to a total amount of US$1,788, of which US$958 were acquired through wholly owned
subsidiaries and US$830 by the Parent Company. (2021: 291,184,500 shares, corresponding to US$5,546, of which US$2,538 were acquired through
wholly owned subsidiaries and US$3,008 by the Parent Company). The subsidiaries continue to hold the acquired shares as of March 31, 2022.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">On April 27, 2022 (subsequent event), the
Board of Directors approved a new share buyback program for Vale&rsquo;s common share which will be limited to a maximum of 500,000,000
common shares, and their respective ADRs. The program will be carried out over up to an 18-month period.&nbsp;</P>

<P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #00807A; margin: 0; text-align: justify"><A NAME="a_033"></A>28. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Related
parties</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">The Company&rsquo;s
related parties are subsidiaries, joint ventures, associates, stockholders and its related entities and key management personnel of the
Company.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Related party transactions
were made by the Company on terms equivalent to those that prevail in arm&acute;s-length transactions, with respect to price and market
conditions that are no less favorable to the Company than those arranged with third parties.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Net operating revenue
relates to sale of iron ore to the steelmakers and right to use capacity on railroads. Cost and operating expenses mostly relates to the
variable lease payments of the pelletizing plants.</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">Purchases, accounts
receivable and other assets, and accounts payable and other liabilities relate largely to amounts charged by joint ventures and associates
related to the pelletizing plants operational lease and railway transportation services. </FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 42 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->41<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">a)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Transactions
with related parties</P>

<P STYLE="font: bold 9pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Three-month period ended March 31, </B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 28%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial result</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial result</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>135</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(196)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(15)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>162</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(126)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">129</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(6)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">160</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(25)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(28)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(70)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(9)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(22)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(67)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(49)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Norte Energia S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(31)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(24)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Associates</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">63</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">60</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">63</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">59</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(5)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Major stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>78</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>285</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>53</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(102)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">285</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(102)</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">78</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">53</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>276</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(201)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>267</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>275</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(131)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(103)</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Discontinued operation - Coal (note 14)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(50)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">13</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>276</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(201)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>267</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>275</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(181)</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>(90)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>b)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Outstanding
balances with related parties</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD COLSPAN="5" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Assets</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 31%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Dividends receivable, financial instruments and other assets</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cash and cash equivalents</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Accounts receivable</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Dividends receivable, financial instruments and other assets</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>96</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>149</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>75</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>96</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Companhia Sider&uacute;rgica do Pec&eacute;m</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">90</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">40</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">74</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">39</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">28</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">37</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">21</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">19</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">60</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>181</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>18</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>3</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI </FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">179</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Major stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>369</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>85</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,825</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>4</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>5</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">352</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">85</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,746</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">4</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Banco do Brasil</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">17</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">79</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Pension plan</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>17</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>12</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>369</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>299</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>234</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>1,825</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>109</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>104</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->42<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; width: 80%"><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Notes to the Interim Financial Statements</B></P><P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>Expressed in millions of United States dollar, unless otherwise stated</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P><P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"></P></TD><TD STYLE="border-bottom: rgb(0,114,122) 1pt solid; text-align: right; width: 20%">&nbsp;<IMG SRC="valedfifrs1q226k_002.jpg" ALT=""></TD></TR></TABLE><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>March 31, 2022</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD COLSPAN="3" STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 45%">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial instruments and other liabilities</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Supplier and contractors</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial instruments and other liabilities</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Joint Ventures</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>128</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>380</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>70</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>393</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">65</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">380</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">393</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">48</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">41</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">15</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">16</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>19</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>176</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>9</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>47</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">176</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">47</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">13</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Major stockholders</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>112</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>267</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">104</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">265</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2</FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif; vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Pension plan</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>11</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>10</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>-</B></FONT></TD></TR>
  <TR STYLE="font-family: Calibri, Helvetica, Sans-Serif">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>158</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>668</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>89</B></FONT></TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>707</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Aggregated entities: Companhia Coreano-Brasileira
de Pelotiza&ccedil;&atilde;o, Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o, Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o
and Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>



<P STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin: 0pt"></P>

<P STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

<P STYLE="font: 14pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"></P>

<!-- Field: Page; Sequence: 44; Options: NewSection; Value: 43 -->
    <DIV STYLE="margin-top: 12pt; margin-bottom: 6pt; border-bottom: Black 1pt solid"><P STYLE="margin: 0pt">&nbsp;</P><P STYLE="text-align: center; margin-top: 0pt; margin-bottom: 0pt"><!-- Field: Sequence; Type: Arabic; Name: PageNo -->43<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="margin: 0pt; text-align: right"></P><P STYLE="margin: 0pt; text-align: right">&nbsp;</P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>&nbsp;</B>&nbsp;</P>

<P STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin: 0pt"></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center"><B>Signatures</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: center">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0; text-align: justify">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 Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; border-collapse: collapse; width: 100%">
  <TR STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: center">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD></TR>
  <TR STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; width: 3%"></TD></TR>
  <TR STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; vertical-align: bottom">
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">Date:  April 27, 2022</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; padding-left: 0in"></TD></TR>
  </TABLE>



<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0pt 0">&nbsp;</P>



<P STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin: 0pt"></P>

<P STYLE="font-family: Calibri, Helvetica, Sans-Serif; margin: 0pt">&nbsp;</P>

</BODY>
</HTML>
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>2
<FILENAME>valedfifrs1q226k_001.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 valedfifrs1q226k_001.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" 1G U(# 2(  A$! Q$!_\0
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH *
M*** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HH
MHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB
M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
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M_P _,\K$5O:2TV04445ZYSA1110 4444 %%%% !1110 4444 %%%% !1110
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M@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M"BBB@ HHHH **** "BBB@ HHHH **** "BBB@#F_&?A:+Q/HYC4*M[#EK>0^
MO=3['_ UX!-#);S20RH4DC8JZGJ"#@BOJ.O+OB7X-:0MKVG0EF_Y>XT'7_;
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %!
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M%%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4
M444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !11
M10 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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MC@60%KCSE(P#U !W?I7M]%2,(I<KN/!UJ]5R]M#EML%%%%9':%%%% !1110
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M\1:]_9][;6B(8F<-"K*01]6->BU<X.#LS&AB(5X\T-@HHHJ#<**** "BBB@
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M);KQ#9P37ZM!-<HC1^0@&TMC&0,]_6O6]=NY;#0+^[@($T,#NA(R 0.*^?=
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M0X)]-F$,TDX0N4#8&">A!':N&^$K$>*IU!X-HV?^^EKI_BY_R+=G_P!?0_\
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MEM8];"P<*=N?F[/R"BBBH.D**** "BBB@ HHHH **** "BBB@ HHHH ****
M"J6K_P#(%OO^O>3_ -!-7:KZA"]SIUU!'C?)$R+GID@BE+9C6Y\\>%_^1JTG
M_K[C_P#0A7O'BK_D4]6_Z]9/_037EN@> /$EGXBL+BXL%C@AN%=Y#.A& <]
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M^3^2UU7@_P )0>%K!EWB:\FP9I0,#CHH]A^M1^.O#4OB71!%;%?M<#^9$&.
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M2#<T$N,D>H(ZBJ=*:5VC.&-P\Y<D9:G24445F=04444 %%%% !1110 4444
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M>)!X7TI+XVIN2THC">9LZ@G.<'TKQBQOTO\ QY:7UO;+:I-?1N(5.0F6&1G
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M,NY;HJNM]:-]VZA/TD%3+(C_ '75OH<TTT]@NAU%%%,84444 %%%% !1110
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MD04444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %
M%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 44
M44 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !111
M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
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MIAED/61C^-,HI78KL4DGJ2:2BBD(**** "BBB@ HHHH **** "BBB@ HHHH
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M**U4(K9+[B'*3W8XN[#!9C]33:**HD**** "BBB@ HHHH *4,R_=8CZ&DHH
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M0 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%%
M!1110 4444 8TNO '$4)/NQQ^E4YM6NYN XC'H@Q^M4:*^LIX+#T]H_?J>++
M$U9;L5F9V+,22>I)I***ZC **** "BBB@ HHHH **** "BBB@ HHHH ****
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M:C;7+8$@)*?? Y_6FL%B']A@Z])?:1IT5E?V[!VBD_3_ !J)M>Y^6WX]W_\
MK5HLNQ+^S^1#Q-)?:-JBL%]=F/W(HU^N33#K=T1P(Q]%_P#KUHLKQ#[?>2\9
M21T-%<T=8O".)%'T45$^H7<@PT[X]N/Y5I'**SW:7WD/'4^B9U5,:6-?O2*/
MJ:Y)Y9)/OR,V/[QS3*V63KK/\#-X_M$ZM[ZU0'-Q'QZ-FJ\FLVB#Y2[GV7_&
MN<HK>&4T5\3;(ECIO9)&V^O+GY+<D>K-BH6UV<CY8HP??)K*HKHCE^&7V?S,
MGBJKZEV35KQSGS=H]% JJ\TL@Q)([?[S$TRBNB%*G#X8I?(RE4G+=A1116A
M4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1
M110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%
M% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444
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M\)Z#IQ4VVEVP9>CNN]A^+9-;  4    = *6BI;;W.N,(P5HJP4444B@HHHH
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MG)/"5X?%!_<8M%.=&C<HZE6'4,,$4VJ.<**** "BBB@ HHHH **** "BBB@
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M %%%% !1110 4444 %%%% !1110 4444 %%%% !1110 4444 %%%% !1110
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M+^OZW"BBBI-0HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@
MHHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "B
MBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ***
M* "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M X?P+_R'_%?_ %^C^;54MK^ST_XLZO+>W<%M&;55#S2! 3A.,FK?@7_D/^*_
M^OT?S:JEM86>H?%G5XKVT@N8Q:JP2:,. <)S@UM'XE_A_1'EN_LE;?VC_P#2
MI';V>K:;J$C1V6H6ERZC++#,KD#U(!KSOP[XDTG0/$_B8:G=^1YUW\G[MVS@
MMG[H/J*]$L])TW3Y&DLM/M+9V&&:&%4)'H2!7'^!@&\2^+%8 @W0!![\O4PM
M>5NWZHWK^TO3O:_-YVV8W2MWB;Q]'XAL8)(],MH#%Y[KM\]L$<#K@9_2CQA'
M=Z1XLTWQ,+22\L;>,QRH@R8^OS?KU]J+(+X5^(TE@F(].U=/,B3HJRCT].X_
M$5V0U2P;47T[[5%]L0!C"3AL'N >OX4V[<KCM;_.Y$(*<9PF[2YM?73EM\DM
M.NI5T7Q-I/B"/=I]VKN!EHF^5U^H/\^E:U>;^+K&QL_%VAR:,D<.K27(\U(.
M,IQDL!^/U&:](J9)64EU.BC4FY2ISM>-M5Y_DSE6UF_'Q*32!/\ Z";+S3%L
M7[W/.<9_6J6KZ]KL7CK^QM,$4BRV@9$E "1L3S(QQD@ =,TU_P#DLD?_ &#O
M\:'_ .2R1_\ 8._QJXI>[Z/]3EJ3G::3?QI?+0+W4O$7A;5=/?4]2BU+3[V8
M0N!;+$86/3&.H^OI7<UQ7Q'_ .//1O\ L)1_UKM:AZP3\W^AT4KQK3A=M63U
MUWO?\CB/BA_R ;+_ *_8_P"1KM^U<=\2K2:X\+":%"_V6=)G _NC()_6NDT_
M5;+4]-2_MKB-X&7<6W#Y?4'T(H_Y=_-_DAIVQ,K]8K\&[G(6/_)8]1_Z\1_[
M)5;5YY_"?CZ;7[RTEN--NX1$9HUW&$\?ET_'-6/#KKJ_Q)UC5[4[[**$6XE'
M*NWR]#_P$UV$&I:??W%Q9Q7,,LT+%)H<_,OU![>_2JNX\OI^=S",%44];>_=
M/S5OOZC-*UO3=;M_/TZ[CG4?> .&7Z@\BN.UF>?POX^?7[JSFN-,N+<0F:)=
MQA/'7TZ?K4,MG9V/Q4T]-!"1EXV-]%!]Q1SU X';CUQ7=PZI875Y/8Q743W,
M!VRPY^8<9Z'J,=Z/A:E'JG_E_3+NZR=.;LXM:K:^ZW_%%?2/$6DZXF=.OHIF
M R8_NN/JIYK4KS?Q9965EXNT-]$CBBU9[D>;' ,93N6 _'\,UZ14R2LI+J:T
M:DW*5.=KJVJ\_P F%%%%0= 4444 %%%% !1110 4444 %%%% !1110 4444
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M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ H
MHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BB
MB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH ****
M "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH
M**** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@ HHHH **** "BBB@#_
!V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>3
<FILENAME>valedfifrs1q226k_002.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 valedfifrs1q226k_002.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1"  Y '4# 2(  A$! Q$!_\0
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$@#__V0$!

end
</TEXT>
</DOCUMENT>
<DOCUMENT>
<TYPE>GRAPHIC
<SEQUENCE>4
<FILENAME>valedfifrs1q226k_003.jpg
<DESCRIPTION>GRAPHIC
<TEXT>
begin 644 valedfifrs1q226k_003.jpg
M_]C_X  02D9)1@ ! 0$ 8 !@  #_VP!#  @&!@<&!0@'!P<)"0@*#!0-# L+
M#!D2$P\4'1H?'AT:'!P@)"XG("(L(QP<*#<I+# Q-#0T'R<Y/3@R/"XS-#+_
MVP!# 0D)"0P+#!@-#1@R(1PA,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C(R
M,C(R,C(R,C(R,C(R,C(R,C(R,C(R,C+_P  1" != '0# 2(  A$! Q$!_\0
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M=SZ-T4TT>SZ?J2:B)2D;)L(!W'KFKU<%HVO3VRS[88SN(ZY]ZVK+Q#<7-[#
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M. * /=:*\R^'/Q=A\9:A_9&H62V6IE"\1C8M',!R0,\@@<XY[\UZ;0 4444
M%%%% 'SW^T,JKXAT0*H'^BR=!_MBNK^ 44<O@&^62-'!U"0$,H.1Y:<5RO[0
M_P#R,.B?]>DG_H8KI?@1>VEE\/[^2ZNH($74)&9I9 H V)R<]J8'F?Q@\.VO
MASQ[+'8PK!:WD"W*1(,*A)*L .PRN<>]>K_"*\DO?@]+'-AA:M<PQYY^4#</
MRW8KQ_XF^)(?&/CV:XTSS)[9%2TM=JDF7&>5'7EB<?A7O_@WPW+X4^&*:9<
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=J;M1@74Y\R4?0G[OX8KJJ** "BBB@ HHHH __]D!

end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
