<SEC-DOCUMENT>0001292814-22-003238.txt : 20220728
<SEC-HEADER>0001292814-22-003238.hdr.sgml : 20220728
<ACCEPTANCE-DATETIME>20220728171737
ACCESSION NUMBER:		0001292814-22-003238
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		4
CONFORMED PERIOD OF REPORT:	20220630
FILED AS OF DATE:		20220728
DATE AS OF CHANGE:		20220728

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:		221116257

	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>valedfifrs2q22_6k.htm
<DESCRIPTION>6-K
<TEXT>
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                           <P STYLE="margin: 0pt"></P>

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">United States</P>

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

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

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

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

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

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

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

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">of the</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">July 2022</P>

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: center">Praia de Botafogo n&ordm; 186, 18&ordm; andar,
Botafogo<BR>
22250-145 Rio de Janeiro, RJ, Brazil</P>

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

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

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(1))</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark if the registrant is submitting the Form&nbsp;6-K
in paper as permitted by Regulation&nbsp;S-T Rule&nbsp;101(b)(7))</P>

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

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

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">(Indicate by check mark whether the registrant by furnishing the information
contained in this Form is also thereby furnishing information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange
Act of 1934.)</P>

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

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

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

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

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



<P STYLE="margin: 0pt"></P>

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<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="margin: 0pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; text-align: center; margin-top: 0; margin-bottom: 10pt">&nbsp;<IMG SRC="valedfifrs2q226k_001.jpg" ALT=""></P>

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

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


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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right; color: #007E7A"><IMG SRC="valedfifrs2q226k_002.jpg" ALT="">&nbsp;</P>

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="vertical-align: top; width: 92%; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%">&nbsp;</TD>
    <TD STYLE="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="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><A HREF="#a_001"><FONT STYLE="font-size: 10pt; line-height: 115%">Report of Independent Registered Public Accounting Firm</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_001"><FONT STYLE="font-size: 10pt; line-height: 115%">3</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><A HREF="#a_002"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Income Statement</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_002"><FONT STYLE="font-size: 10pt; line-height: 115%">4</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><A HREF="#a_003"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Statement of Comprehensive Income</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_003"><FONT STYLE="font-size: 10pt; line-height: 115%">5</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><A HREF="#a_004"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Statement of Cash Flows&nbsp;&nbsp;</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_004"><FONT STYLE="font-size: 10pt; line-height: 115%">6</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><A HREF="#a_005"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Balance Sheet</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_005"><FONT STYLE="font-size: 10pt; line-height: 115%">7</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; text-align: justify; line-height: 115%"><A HREF="#a_006"><FONT STYLE="font-size: 10pt; line-height: 115%">Consolidated Statement of Changes in Equity</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_006"><FONT STYLE="font-size: 10pt; line-height: 115%">8</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 5.4pt; line-height: 115%"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; line-height: 115%">Notes to the Interim Financial Statements</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; line-height: 115%">9</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; line-height: 115%; text-indent: -0.25in"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; line-height: 115%">1. &nbsp;&nbsp;&nbsp;Corporate information</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_007"><FONT STYLE="font-size: 10pt; line-height: 115%">9</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; line-height: 115%; text-indent: -0.25in"><A HREF="#a_008"><FONT STYLE="font-size: 10pt; line-height: 115%">2. &nbsp;&nbsp;&nbsp;Basis of preparation of interim financial statements</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_008"><FONT STYLE="font-size: 10pt; line-height: 115%">9</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; line-height: 115%; text-indent: -0.25in"><A HREF="#a_009"><FONT STYLE="font-size: 10pt; line-height: 115%">3. &nbsp;&nbsp;&nbsp;Significant events of the current period</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_009"><FONT STYLE="font-size: 10pt; line-height: 115%">10</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_010"><FONT STYLE="font-size: 10pt; line-height: 115%">4.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Information by business segment and  geographic area</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_010"><FONT STYLE="font-size: 10pt; line-height: 115%">10</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_011"><FONT STYLE="font-size: 10pt; line-height: 115%">5.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Costs and expenses by nature</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_011"><FONT STYLE="font-size: 10pt; line-height: 115%">15</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_012"><FONT STYLE="font-size: 10pt; line-height: 115%">6.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Financial results</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_012"><FONT STYLE="font-size: 10pt; line-height: 115%">16</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_013"><FONT STYLE="font-size: 10pt; line-height: 115%">7.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Taxes</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_013"><FONT STYLE="font-size: 10pt; line-height: 115%">16</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_014"><FONT STYLE="font-size: 10pt; line-height: 115%">8.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_014"><FONT STYLE="font-size: 10pt; line-height: 115%">18</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_015"><FONT STYLE="font-size: 10pt; line-height: 115%">9.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Accounts receivable</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_015"><FONT STYLE="font-size: 10pt; line-height: 115%">18</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_016"><FONT STYLE="font-size: 10pt; line-height: 115%">10.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Inventories</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_016"><FONT STYLE="font-size: 10pt; line-height: 115%">18</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_017"><FONT STYLE="font-size: 10pt; line-height: 115%">11.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Suppliers and contractors</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_017"><FONT STYLE="font-size: 10pt; line-height: 115%">19</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_018"><FONT STYLE="font-size: 10pt; line-height: 115%">12.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Other financial assets and liabilities</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_018"><FONT STYLE="font-size: 10pt; line-height: 115%">19</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_019"><FONT STYLE="font-size: 10pt; line-height: 115%">13.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Investments in subsidiaries, associates and joint ventures</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_019"><FONT STYLE="font-size: 10pt; line-height: 115%">20</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_020"><FONT STYLE="font-size: 10pt; line-height: 115%">14.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Non-current assets and liabilities held for sales and discontinued operations</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_020"><FONT STYLE="font-size: 10pt; line-height: 115%">21</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_021"><FONT STYLE="font-size: 10pt; line-height: 115%">15.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Intangible</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_021"><FONT STYLE="font-size: 10pt; line-height: 115%">24</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_022"><FONT STYLE="font-size: 10pt; line-height: 115%">16.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Property, plant, and equipment</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_022"><FONT STYLE="font-size: 10pt; line-height: 115%">24</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_023"><FONT STYLE="font-size: 10pt; line-height: 115%">17.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Financial and capital risk management</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_023"><FONT STYLE="font-size: 10pt; line-height: 115%">25</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_024"><FONT STYLE="font-size: 10pt; line-height: 115%">18.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Financial assets and liabilities</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_024"><FONT STYLE="font-size: 10pt; line-height: 115%">32</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_025"><FONT STYLE="font-size: 10pt; line-height: 115%">19.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Participative stockholders&rsquo; debentures</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_025"><FONT STYLE="font-size: 10pt; line-height: 115%">33</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_026"><FONT STYLE="font-size: 10pt; line-height: 115%">20.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Loans, borrowings, leases, cash and cash equivalents and short-term investments</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_026"><FONT STYLE="font-size: 10pt; line-height: 115%">33</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_027"><FONT STYLE="font-size: 10pt; line-height: 115%">21.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Brumadinho dam failure</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_027"><FONT STYLE="font-size: 10pt; line-height: 115%">36</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_028"><FONT STYLE="font-size: 10pt; line-height: 115%">22.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Liabilities related to associates and joint ventures</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_028"><FONT STYLE="font-size: 10pt; line-height: 115%">38</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_029"><FONT STYLE="font-size: 10pt; line-height: 115%">23.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Provision for de-characterization of dam structures and asset retirement obligations</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_029"><FONT STYLE="font-size: 10pt; line-height: 115%">40</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_030"><FONT STYLE="font-size: 10pt; line-height: 115%">24.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Provisions</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_030"><FONT STYLE="font-size: 10pt; line-height: 115%">42</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_031"><FONT STYLE="font-size: 10pt; line-height: 115%">25.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Litigations</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_031"><FONT STYLE="font-size: 10pt; line-height: 115%">42</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_032"><FONT STYLE="font-size: 10pt; line-height: 115%">26.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Employee post-retirement obligations</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_032"><FONT STYLE="font-size: 10pt; line-height: 115%">44</FONT></A></TD></TR>
  <TR STYLE="background-color: White">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_033"><FONT STYLE="font-size: 10pt; line-height: 115%">27.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Stockholders&rsquo; equity</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_033"><FONT STYLE="font-size: 10pt; line-height: 115%">45</FONT></A></TD></TR>
  <TR STYLE="background-color: rgb(234,241,221)">
    <TD STYLE="vertical-align: top; padding-right: 5.4pt; padding-left: 0.5in; text-align: justify; line-height: 115%; text-indent: -0.25in"><A HREF="#a_034"><FONT STYLE="font-size: 10pt; line-height: 115%">28.</FONT><FONT STYLE="font-family: Times New Roman, Times, Serif; font-size: 7pt; line-height: 115%">&nbsp;&nbsp; </FONT><FONT STYLE="font-size: 10pt; line-height: 115%">Related parties</FONT></A></TD>
    <TD STYLE="padding-right: 5.4pt; padding-left: 5.4pt; text-align: center; line-height: 115%"><A HREF="#a_034"><FONT STYLE="font-size: 10pt; line-height: 115%">46</FONT></A></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>


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

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;<IMG SRC="valedfifrs2q226k_003.jpg" ALT=""></P>

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

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

<P STYLE="font: 10pt/115% Times New Roman, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">To the stockholders and Board of Directors of</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Vale S.A.</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B><I>Results of Review of Interim Financial Statements</I></B></P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">We have reviewed the accompanying consolidated balance sheet of Vale
S.A. and its subsidiaries (&ldquo;Company&rdquo;) as of June 30, 2022, and the related consolidated income statement, statement of comprehensive
income and cash flows for the three and six-month periods ended June 30, 2022 and 2021, and the consolidated statement of changes in equity
for the six-month periods ended June 30, 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 - <I>Interim Financial Reporting</I>, as issued by the International Accounting
Standards Board (IASB).</P>

<P STYLE="font: 11pt/115% Georgia, Times, 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 balance sheet of the Company as of December 31, 2021, and
the related consolidated income statement and statement of comprehensive income, changes in equity and cash flows for the year then ended
(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 balance sheet as of December 31, 2021, is fairly
stated, in all material respects, in relation to the consolidated balance sheet from which it has been derived.</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 10pt/115% Georgia, Times, Serif; margin: 0 0 10pt"><B><I>Basis for Review Results</I></B></P>

<P STYLE="font: 11pt/115% Georgia, Times, 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: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">/s/ PricewaterhouseCoopers Auditores Independentes Ltda.</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">Rio de Janeiro, RJ, Brazil</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">July 28, 2022</P>

<P STYLE="font: 11pt/115% Georgia, Times, Serif; margin: 0 0 10pt">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><A NAME="a_002"></A><B>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(0,126,122) 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B></B></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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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 June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Six-month period ended </B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Continuing operations</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net operating revenue</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&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">11,157</FONT></TD>
    <TD STYLE="text-align: right">&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">16,514</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">21,969</FONT></TD>
    <TD STYLE="text-align: right">&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">29,067</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">(5,950)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(5,465)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(10,572)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(9,763)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Gross profit</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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"><B>5,207</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>11,049</B></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"><B>11,397</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>19,304</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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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>&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: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Selling and administrative</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(127)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(132)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(248)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(236)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Research and development</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(139)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(272)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(237)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">23</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(111)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(191)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(265)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(336)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(280)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(185)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(440)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(300)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other operating expenses, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">(165)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(75)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(271)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(90)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(834)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(722)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,496)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(1,199)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="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, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">13(b) and 14</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(82)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(41)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">990</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(158)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating income</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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"><B>4,291</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>10,286</B></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"><B>10,891</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>17,947</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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial income</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</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">137</FONT></TD>
    <TD STYLE="text-align: right">&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">76</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">287</FONT></TD>
    <TD STYLE="text-align: right">&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">134</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial expenses</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(372)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(267)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(667)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(611)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial items, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">6</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">1,056</FONT></TD>
    <TD STYLE="text-align: right">&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">580</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">959</FONT></TD>
    <TD STYLE="text-align: right">&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">788</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">13 and 22</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(443)</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">155</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(444)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>5,056</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>10,232</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>11,625</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>17,814</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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Income taxes</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current tax</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,181)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,201)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,434)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2,716)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Deferred tax</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">270</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(872)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(1,568)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,167)</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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(911)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(2,073)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,002)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(3,883)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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>&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: 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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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"><B>4,145</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>8,159</B></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"><B>8,623</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>13,931</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">52</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">74</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>4,093</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>8,147</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>8,549</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,907</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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>&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: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Discontinued operations</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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">2,058</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(622)</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">2,060</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(917)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(61)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(142)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>2,058</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(561)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>2,060</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(775)</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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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"><B>6,203</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>7,537</B></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"><B>10,683</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>13,014</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">52</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">74</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(118)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>6,151</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>7,586</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>10,609</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,132</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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8</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>&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: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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">1.32</FONT></TD>
    <TD STYLE="text-align: right">&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">1.49</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">2.24</FONT></TD>
    <TD STYLE="text-align: right">&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">2.57</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, comparative financial information for the period ended June
30, 2021 has been restated to reflect the sale of the coal operation.</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>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></P></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><A NAME="a_003"></A><B>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(0,126,122) 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B></B></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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Three-month period ended </B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 30,</B></P></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Six-month period ended </B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 30,</B></P></TD></TR>
  <TR>
    <TD STYLE="width: 59%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>2022</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>6,203</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>7,537</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>10,683</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,014</B></FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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="vertical-align: bottom">&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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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="vertical-align: bottom">&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>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,616)</FONT></TD>
    <TD STYLE="text-align: right">&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">5,233</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">2,328</FONT></TD>
    <TD STYLE="text-align: right">&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">1,885</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Employee post-retirement  obligations (note 26)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">111</FONT></TD>
    <TD STYLE="text-align: right">&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">25</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">143</FONT></TD>
    <TD STYLE="text-align: right">&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">316</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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 STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&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 STYLE="text-align: right">&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">193</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>
    </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>(3,505)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>5,176</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>2,471</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>2,394</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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="vertical-align: bottom">&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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustments</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">703</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2,762)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,049)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(756)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(145)</FONT></TD>
    <TD STYLE="text-align: right">&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">202</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">74</FONT></TD>
    <TD STYLE="text-align: right">&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">42</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">312</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(35)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">8</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(26)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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 (notes 13b and 14a)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">(3,072)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(424)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">(3,222)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,542)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B> </B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>(2,202)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(3,019)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>(4,189)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(2,282)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>496</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>9,694</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>8,965</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,126</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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="vertical-align: bottom">&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="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">46</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(47)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">68</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(116)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>450</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>9,741</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>8,897</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,242</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) Fair value adjustment to shares received as part
of the consideration for the sale of Vale&rsquo;s fertilizer business to The Mosaic Company. In November 2021, the Company sold all 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>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><P STYLE="text-align: right; margin: 0pt"><IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></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>



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

<!-- Field: Rule-Page --><DIV STYLE="margin: 3pt auto; width: 100%"><DIV STYLE="font-size: 1pt; border-top: rgb(0,126,122) 1pt solid">&nbsp;</DIV></DIV><!-- Field: /Rule-Page -->

<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 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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Three-month period ended </B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 30,</B></P></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Six-month period ended </B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 30,</B></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 54%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #339966 1pt solid; white-space: nowrap; width: 10%; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #339966 1pt solid; white-space: nowrap; width: 11%; 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>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #339966 1pt solid; white-space: nowrap; width: 10%; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #339966 1pt solid; white-space: nowrap; width: 11%; 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="background-color: #EBF1DE">
    <TD STYLE="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="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"><B>5,738</B></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"><B>9,791</B></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"><B>11,269</B></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"><B>18,862</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">(277)</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">(138)</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">(456)</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">(426)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash received (paid) on settlement of derivatives, net (note 17)</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">(42)</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">60</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">(118)</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">(139)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">(319)</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">(224)</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">(383)</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">(289)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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">(83)</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">(79)</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">(152)</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">(163)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Interest on participative stockholders' debentures paid (note 19)</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">(235)</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">(193)</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">(235)</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">(193)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,213)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,280)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(3,790)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(2,444)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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"><B>3,569</B></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"><B>7,937</B></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"><B>6,135</B></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"><B>15,208</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(211)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(460)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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"><B>3,569</B></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"><B>7,726</B></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"><B>6,176</B></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"><B>14,748</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Capital expenditures</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">(1,293)</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">(1,103)</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">(2,429)</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">(2,083)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Disbursement on VNC sale (note 13b)</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>
    <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>
    <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>
    <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">(555)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Proceeds from sale of CSI (note 13b)</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>
    <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>
    <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">437</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 STYLE="background-color: white">
    <TD STYLE="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="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">71</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">43</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">136</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">43</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Short-term investment</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">101</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">543</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">103</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">(173)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">48</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(190)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">48</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(325)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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"><B>(1,073)</B></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"><B>(707)</B></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"><B>(1,705)</B></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"><B>(3,093)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net cash used in investing activities from discontinued operations (note 14a)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(65)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(2,380)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(103)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(2,340)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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"><B>(1,138)</B></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"><B>(3,087)</B></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"><B>(1,808)</B></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"><B>(5,433)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">200</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">10</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">625</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">300</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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">(1,433)</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">(179)</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">(1,828)</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">(1,412)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">(57)</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">(46)</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">(98)</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">(97)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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>
    <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">(2,208)</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">(3,480)</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">(6,092)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">(4)</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">(3)</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">(7)</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">(6)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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">(2,596)</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">(2,004)</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">(4,384)</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">(2,004)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(3,890)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(4,430)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(9,172)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(9,311)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(7)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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"><B>(3,890)</B></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"><B>(4,433)</B></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"><B>(9,183)</B></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"><B>(9,318)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Increase (reduction) in cash and cash equivalents</B></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"><B>(1,459)</B></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"><B>206</B></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"><B>(4,815)</B></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"><B>(3)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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">9,061</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">12,883</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">11,721</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">13,487</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">(417)</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">560</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">290</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">165</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>7,185</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,649</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>7,185</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,649</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Income before taxation</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">5,056</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">10,232</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">11,625</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">17,814</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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>
    <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>
    <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>
    <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 STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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">56</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">443</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">(155)</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">444</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Impairment and disposals (impairment reversal) of non-current assets,
net (note 14)</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">82</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">41</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">(990)</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">158</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Provisions for Brumadinho (note 21)</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">126</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>
    <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">126</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 STYLE="background-color: white">
    <TD STYLE="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="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>
    <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>
    <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">37</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 STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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">810</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">832</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">1,496</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">1,563</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">(821)</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">(389)</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">(579)</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">(311)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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>
    <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>
    <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>
    <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 STYLE="background-color: white">
    <TD STYLE="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="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">902</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">(1,101)</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">1,779</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">301</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Inventories (note 10)</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">(305)</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">(147)</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">(609)</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">(338)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">432</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">334</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">(240)</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">32</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Payroll and other compensation</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">73</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">79</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">(255)</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">(204)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(673)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(533)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(966)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(597)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>5,738</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>9,791</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>11,269</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>18,862</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">17</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">14</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">31</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">30</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(i) Includes variable lease payments.</P>

<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">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>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B><A NAME="a_005"></A>Consolidated Balance Sheet</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(0,126,122) 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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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>December 31, 2021</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: 8pt"><B>Assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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: 8pt">Cash and cash equivalents</FONT></TD>
    <TD>&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: 8pt">20</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: 8pt">7,185</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: 8pt">11,721</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">20</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: 8pt">48</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: 8pt">184</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: 8pt">Accounts receivable</FONT></TD>
    <TD>&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: 8pt">9</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: 8pt">2,148</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: 8pt">3,914</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">12</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: 8pt">229</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: 8pt">111</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: 8pt">Inventories</FONT></TD>
    <TD>&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: 8pt">10</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: 8pt">5,154</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: 8pt">4,377</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Recoverable taxes</FONT></TD>
    <TD>&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: 8pt">7(e)</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: 8pt">744</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: 8pt">862</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: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt">240</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: 8pt">215</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: 8pt"><B>15,748</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: 8pt"><B>21,384</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">14</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: 8pt">274</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: 8pt">976</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>&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: 8pt"><B>16,022</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: 8pt"><B>22,360</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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: 8pt">Judicial deposits</FONT></TD>
    <TD>&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: 8pt">25(c)</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: 8pt">1,328</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: 8pt">1,220</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">12</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: 8pt">210</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: 8pt">143</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: 8pt">Recoverable taxes</FONT></TD>
    <TD>&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: 8pt">7(e)</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: 8pt">1,147</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: 8pt">935</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">7(a)</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: 8pt">10,360</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: 8pt">11,441</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: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt">886</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: 8pt">650</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: 8pt"><B>13,931</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: 8pt"><B>14,389</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">13</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: 8pt">1,791</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: 8pt">1,751</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: 8pt">Intangible</FONT></TD>
    <TD>&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: 8pt">15</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: 8pt">9,448</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: 8pt">9,011</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">16</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: 8pt">43,166</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: 8pt">41,931</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>&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: 8pt"><B>68,336</B></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: 8pt"><B>67,082</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt"><B>84,358</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: 8pt"><B>89,442</B></FONT></TD></TR>
  </TABLE>
<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 STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="width: 66%; 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="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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: 8pt">Suppliers and contractors</FONT></TD>
    <TD>&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: 8pt">11</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: 8pt">3,664</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: 8pt">3,475</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">20</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: 8pt">935</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: 8pt">1,204</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: 8pt">Other financial liabilities</FONT></TD>
    <TD>&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: 8pt">12</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: 8pt">1,584</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: 8pt">1,962</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Taxes payable</FONT></TD>
    <TD>&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: 8pt">7(e)</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: 8pt">331</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: 8pt">2,177</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: 8pt">Settlement program (&quot;REFIS&quot;)</FONT></TD>
    <TD>&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: 8pt">7(c)</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: 8pt">356</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: 8pt">324</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">22</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: 8pt">1,783</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: 8pt">1,785</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: 8pt">Provisions</FONT></TD>
    <TD>&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: 8pt">24</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: 8pt">835</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: 8pt">1,045</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">21</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: 8pt">1,060</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: 8pt">1,156</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: 8pt">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD>&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: 8pt">23</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: 8pt">692</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: 8pt">621</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt">750</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: 8pt">1,094</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>&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: 8pt"><B>11,990</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: 8pt"><B>14,843</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">14</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: 8pt">127</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: 8pt">355</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>&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: 8pt"><B>12,117</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: 8pt"><B>15,198</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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: 8pt">Loans, borrowings, and leases</FONT></TD>
    <TD>&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: 8pt">20</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: 8pt">11,673</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: 8pt">12,578</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">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: 8pt">3,219</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: 8pt">3,419</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: 8pt">Other financial liabilities</FONT></TD>
    <TD>&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: 8pt">12</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: 8pt">1,820</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: 8pt">2,571</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">7(c)</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: 8pt">1,976</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: 8pt">1,964</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: 8pt">Deferred income taxes</FONT></TD>
    <TD>&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: 8pt">7(a)</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: 8pt">1,759</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: 8pt">1,881</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Provisions</FONT></TD>
    <TD>&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: 8pt">24</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: 8pt">2,477</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: 8pt">3,419</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: 8pt">Liabilities related to Brumadinho</FONT></TD>
    <TD>&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: 8pt">21</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: 8pt">2,620</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: 8pt">2,381</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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: 8pt">23</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: 8pt">6,238</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: 8pt">7,482</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: 8pt">Liabilities related to associates and joint ventures</FONT></TD>
    <TD>&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: 8pt">22</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: 8pt">1,603</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: 8pt">1,327</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Streaming transactions</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: 8pt">1,637</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: 8pt">1,779</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: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt">237</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: 8pt">137</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt"><B>35,259</B></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: 8pt"><B>38,938</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: 8pt"><B>Total liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt"><B>47,376</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: 8pt"><B>54,136</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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: 8pt"><B>Stockholders' equity</B></FONT></TD>
    <TD>&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: 8pt">27</FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&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: 8pt">35,500</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: 8pt">34,472</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: 8pt">Equity attributable to noncontrolling interests</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt">1,482</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: 8pt">834</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt"><B>36,982</B></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: 8pt"><B>35,306</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: 8pt"><B>Total liabilities and stockholders' equity</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt"><B>84,358</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: 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>


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<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><A NAME="a_006"></A><B>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(0,126,122) 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;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 26%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Share capital</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Capital reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Profit reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Treasury stocks</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Other reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Retained earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Equity attributable to Vale&rsquo;s stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>Total stockholders' equity</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>61,614</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,139</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>15,702</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(5,579)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(1,960)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(36,444)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>34,472</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>834</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>35,306</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income</B></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"><B>-</B></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"><B>-</B></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"><B>-</B></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"><B>-</B></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"><B>-</B></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"><B>-</B></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"><B>10,609</B></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"><B>10,609</B></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"><B>74</B></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"><B>10,683</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other comprehensive income</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">-</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">1,165</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">134</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,011)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,712)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(6)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,718)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends and interest on capital of Vale's stockholders (note 27c)</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,500)</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">-</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,500)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,500)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends of noncontrolling interests</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">-</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">-</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">-</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derecognition of noncontrolling interests</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">-</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">-</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">-</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">-</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">585</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">585</FONT></TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Share buyback (note 27d)</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">-</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4,384)</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">-</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4,384)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4,384)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Share-based payment</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">-</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4)</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4)</FONT></TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Treasury shares used and cancelled (note 27b)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">(2,830)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">2,849</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">19</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at June 30, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>61,614</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,139</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>10,537</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(7,114)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(1,830)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(39,455)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>10,609</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>35,500</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,482</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>36,982</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>Share capital</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Capital reserve</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Profit reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Treasury stocks</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Other reserves</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Cumulative translation adjustments</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Retained earnings</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Equity attributable to Vale&rsquo;s stockholders</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Equity attributable to noncontrolling interests</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>Total stockholders' equity</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>61,614</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,139</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>7,042</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(2,441)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(2,056)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(29,554)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>35,744</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(923)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>34,821</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net income (loss)</B></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"><B>-</B></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"><B>-</B></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"><B>-</B></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"><B>-</B></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"><B>-</B></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"><B>-</B></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"><B>13,132</B></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"><B>13,132</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(118)</B></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"><B>13,014</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other comprehensive income</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">-</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">9</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">518</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(417)</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">110</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">2</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">112</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends and interest on capital of Vale's stockholders</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(4,319)</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">-</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(724)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(5,043)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(5,043)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends of noncontrolling interests</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">-</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">-</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">-</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(24)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(24)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Acquisitions and derecognition of noncontrolling interests</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">-</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(331)</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(331)</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">1,761</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">1,430</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Share buyback (note 27d)</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">-</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2,004)</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">-</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2,004)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2,004)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Share-based payment</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">-</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">-</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">46</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">-</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">46</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">46</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Treasury shares used (note 27b)</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">-</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">7</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">-</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">7</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">7</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at June 30, 2021</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>61,614</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,139</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>2,732</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(4,438)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(1,823)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(29,971)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>12,408</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>41,661</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>698</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>42,359</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">
<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">&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>



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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #007E7A; font: bold 9pt Calibri, Helvetica, Sans-Serif; 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 vehicles 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.
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">In addition, the Company has equity investments and
assets with the objective of reducing energy costs, minimizing the risk of shortages and meeting its energy 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 also produced thermal and metallurgical coal,
which has been sold in the current quarter and is presented in these interim financial statements as a &ldquo;discontinued operation&rdquo;
(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">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="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; 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 presented in accordance with IAS 34 Interim
Financial Reporting of the International Financial Reporting Standards (&ldquo;IFRS&rdquo;) as issued 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 July 28, 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>

<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 STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: teal 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: teal 1pt solid; 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>Average rate</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Closing rate</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; 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="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: 8pt">US Dollar (&quot;US$&quot;)</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: 8pt">5.2380</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: 8pt">5.5805</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: 8pt">4.9265</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: 8pt">5.2907</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: 8pt">5.0783</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: 8pt">5.3862</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: 8pt">Canadian dollar (&quot;CAD&quot;)</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: 8pt">4.0699</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: 8pt">4.3882</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: 8pt">3.8573</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: 8pt">4.3096</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: 8pt">3.9937</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: 8pt">4.3209</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: 8pt">Euro (&quot;EUR&quot;)</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: 8pt">5.4842</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: 8pt">6.3210</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: 8pt">5.2409</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: 8pt">6.3789</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: 8pt">5.5568</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: 8pt">6.4902</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"><FONT STYLE="font-weight: normal">&nbsp;</FONT></P>


<!-- Field: Page; Sequence: 10 -->
    <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 -->9<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: teal; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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, Canada, 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>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">At this time, the effects 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="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

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

<P STYLE="color: #007E7A; font: bold 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">Balance Sheet,
Cash Flows and Income Statement were particularly affected by the following events and transactions during the three-month period ended
June 30, 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="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: teal"></FONT></P>

<P STYLE="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: teal">Sale
of the Coal operation (note 14a).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In April 2022, the Company concluded the
sale of the Coal operation to Vulcan Resources for a total consideration of US$270. Following the completion of the transaction, the Company
recorded an income of US$2,058 from discontinued operations, mainly due to the reclassification of the cumulative translation adjustments
of US$3,072, which was partially offset by the derecognition of the carrying value of noncontrolling interest in the amount of US$585
and impairment of US$429. </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="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: teal">Share
buyback program (note 27d).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In May 2022, the Company concluded its share buyback
program by the way of acquiring 178,815,500 common shares, corresponding to the total amount of US$3,251. The Company also approved a
new share buyback program to repurchase 500,000,000 common shares and their respective ADRs. Under the current program in place, Vale
has already repurchased 70,443,798 common shares, corresponding to a total amount of US$1,133.</FONT></P>
<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: navy; margin: 0; text-align: justify"><FONT STYLE="color: teal"></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="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: teal">Bond
tender offers (note 20d).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In June 2022, the Company repurchased US$1,291 of
its Bonds and paid a premium of US$113, which has been recorded and is presented as &ldquo;Bond premium repurchase&rdquo; under the financial
results.</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="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: teal">Sale
of Midwestern System assets (note 14c).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In July 2022 (subsequent event), the
Company concluded the sale of the Midwestern System to J&amp;F Minera&ccedil;&atilde;o Ltda. (&ldquo;J&amp;F&rdquo;) and received US$150,
in addition to transferring to J&amp;F the obligations related to the take-or-pay logistics contracts. </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="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: teal">Stockholder&rsquo;s
remuneration (note 27c).</FONT> <FONT STYLE="font-weight: normal; color: windowtext">In July 2022 (subsequent event), the Company approved
dividends to its shareholders in the amount of US$3,000, which will be paid in September 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="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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 July 2022 (subsequent event),
the Company approved the cancellation of 220,150,800 common shares held in treasury.</FONT></P>

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

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

<P STYLE="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="color: teal">Sale
of Companhia Sider&uacute;rgica do Pec&eacute;m (&ldquo;CSP&rdquo;).&nbsp;</FONT><FONT STYLE="font-weight: normal; color: windowtext">In
July 2022 (subsequent event), the Company and the other shareholders of CSP signed a binding agreement with ArcelorMittal for the sale
of CSP for approximately US$2,200, which will be used in full on the prepayment of CSP&rsquo;s outstanding net debt of approximately
US$2,300. The Company does not expect any material impact at closing, which is expected to occur in 2022, subject to customary regulatory
approvals.</FONT></P>
<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: navy; text-align: justify"><FONT STYLE="font-weight: normal; color: windowtext">&nbsp;</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="color: navy; font: bold 9pt 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><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>


<!-- Field: Page; Sequence: 11 -->
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    <!-- Field: /Page -->

<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>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">In 2022, 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
information was reclassified to reflect the revision 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, net.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&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 June 30, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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 development</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; background-color: white">
    <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">7,113</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">(2,971)</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">(48)</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">(45)</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">(74)</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">3,975</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">1,780</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">(707)</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">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">(6)</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">71</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">1,140</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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">132</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">(93)</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: 1.45pt; 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: 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">32</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>9,025</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>(3,771)</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>(46)</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>(46)</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>(86)</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>71</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>5,147</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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"><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: white">
    <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">1,547</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">(929)</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">(12)</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">(26)</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">580</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">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">328</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">(268)</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">(3)</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">(31)</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">(3)</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">23</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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>1,875</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>(1,197)</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>(15)</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>(57)</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)</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>603</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; background-color: white">
    <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">(280)</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">(280)</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 (i)</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">257</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">(205)</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">(219)</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">(48)</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: 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">(216)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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-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: 7.5pt"><B>11,157</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; 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>(5,173)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; 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>(560)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; 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>(151)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; 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>(90)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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: 7.5pt"><B>71</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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: 7.5pt"><B>5,254</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 reclassification of the EBITDA of
Midwestern System in the amount of US$49.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&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>&nbsp;Three-month period ended June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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 development</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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">12,081</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">(2,744)</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">(60)</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">(43)</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">(74)</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">9,160</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">1,947</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">(520)</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">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">(13)</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">22</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">1,438</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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">150</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">(110)</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: 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="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">35</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>14,178</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>(3,374)</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>(58)</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>(44)</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>(91)</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>22</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>10,633</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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"><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: white">
    <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">1,492</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">(959)</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">(25)</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">(18)</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">(60)</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">430</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">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">688</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">(229)</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">(21)</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">436</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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>2,180</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>(1,188)</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>(26)</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>(39)</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>(61)</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>866</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; background-color: white">
    <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">(185)</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">(185)</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">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: 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: 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">(16)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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">156</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">(120)</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">(97)</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">(56)</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">21</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">(96)</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>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>16,514</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>(4,682)</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>(382)</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>(139)</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>(152)</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>43</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>11,202</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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"><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>161</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>(323)</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: 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>-</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: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>(164)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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; 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>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>16,675</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>(5,005)</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>(382)</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>(141)</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>(152)</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>43</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>11,038</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 reclassification of the EBITDA of
Midwestern System in the amount of US$47.</P>

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


<!-- Field: Page; Sequence: 12 -->
    <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 -->11<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt"><BR STYLE="clear: both">
</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>&nbsp;Six-month period ended June 30, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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 development</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; background-color: white">
    <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">14,368</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">(5,090)</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">(103)</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">(79)</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">(187)</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">8,909</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">3,144</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">(1,233)</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">7</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">(11)</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">71</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">1,977</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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">247</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">(171)</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">(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">(9)</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">63</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>17,759</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>(6,494)</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>(98)</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>(82)</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>(207)</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>71</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>10,949</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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"><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: white">
    <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">3,005</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">(1,838)</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">(20)</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">(42)</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">1,105</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">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">802</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">(495)</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">3</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">(56)</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">(5)</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">249</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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>3,807</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>(2,333)</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>(17)</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>(98)</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>(5)</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>1,354</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; background-color: white">
    <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">(440)</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">(440)</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 (i)</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">403</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">(323)</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">(381)</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">(92)</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: 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">(395)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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>21,969</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>(9,150)</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>(936)</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>(272)</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>(214)</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>71</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>11,468</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; background-color: white">
    <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; background-color: white">
    <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>22,417</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>(9,414)</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>(948)</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>(273)</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>(214)</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>71</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>11,639</B></FONT></TD></TR>
  </TABLE>

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0">(i) Includes the reclassification of the EBITDA of Midwestern System in
the amount of US$77.</P>

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&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>&nbsp;Six-month period ended June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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 development</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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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">21,141</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">(4,771)</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">(83)</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">(76)</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">(165)</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">16,046</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">3,155</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">(903)</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">31</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">(26)</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">22</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">2,278</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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">293</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">(199)</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">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">(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">(8)</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">86</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>24,589</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>(5,873)</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>(51)</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>(78)</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>(199)</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>22</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>18,410</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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"><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: white">
    <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">2,926</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">(1,730)</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">(35)</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">(29)</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">(60)</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">1,072</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">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">1,242</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">(395)</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">(39)</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: 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">805</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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>4,168</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>(2,125)</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>(68)</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>(62)</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>1,877</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; background-color: white">
    <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">(300)</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">(300)</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">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: 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="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">(18)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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>&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">310</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">(294)</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">(202)</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">(91)</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: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">21</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">(258)</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>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>29,067</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>(8,292)</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>(607)</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>(237)</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>(263)</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>43</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>19,711</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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"><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>253</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>(652)</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>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>(4)</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>78</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>(323)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <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; 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>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>29,320</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>(8,944)</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>(605)</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>(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>(263)</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>121</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>19,388</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 reclassification of the EBITDA of
Midwestern System in the amount of US$82.</P>

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


<!-- Field: Page; Sequence: 13 -->
    <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 -->12<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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; text-align: justify">Adjusted EBITDA is reconciled to net income as follows:</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>Continuing operations</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 48%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; 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>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; 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="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="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 from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>4,093</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>8,147</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>8,549</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,907</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net income attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">52</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">12</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">74</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">24</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="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</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>4,145</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>8,159</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>8,623</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>13,931</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; 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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">810</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">832</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">1,496</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">1,563</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; 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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">911</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">2,073</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">3,002</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">3,883</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(821)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(389)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(579)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(311)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">56</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">443</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(155)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">444</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends received from associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">71</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">43</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">71</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">43</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Impairment and disposals (impairment reversal) of non-current assets,
net </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">82</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">41</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(990)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">158</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>5,254</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>11,202</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>11,468</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>19,711</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">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>Discontinued operations (Coal)</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Three-month period ended June 30,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; width: 48%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; 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="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; 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>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; 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="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; width: 12%; 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="vertical-align: bottom; background-color: white">
    <TD STYLE="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 (loss) from discontinued operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>2,058</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>(561)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>2,060</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>(775)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; 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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>(61)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>(142)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="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 (loss)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>2,058</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>(622)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>2,060</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>(917)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; 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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; 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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(3,072)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(385)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(3,065)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(386)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">585</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">585</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; 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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">11</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">26</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends received and interest from associates and joint ventures (i)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">78</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Impairment of non-current assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">429</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">815</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">589</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">859</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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"><B>Adjusted EBITDA from discontinued operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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"><B>(164)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>171</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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"><B>(323)</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>&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>

<P STYLE="font: 11pt 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="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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="background-color: white">
    <TD STYLE="width: 22%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Product inventory</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Property, plant and equipment and intangible</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Product inventory</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Property, plant and equipment and intangible</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Ferrous minerals</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">2,436</FONT></TD>
    <TD STYLE="text-align: right">&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">1,225</FONT></TD>
    <TD STYLE="text-align: right">&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">31,157</FONT></TD>
    <TD STYLE="text-align: right">&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">2,186</FONT></TD>
    <TD STYLE="text-align: right">&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">1,113</FONT></TD>
    <TD STYLE="text-align: right">&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">28,988</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Base metals</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">1,828</FONT></TD>
    <TD STYLE="text-align: right">&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">18</FONT></TD>
    <TD STYLE="text-align: right">&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">19,500</FONT></TD>
    <TD STYLE="text-align: right">&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">1,384</FONT></TD>
    <TD STYLE="text-align: right">&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">17</FONT></TD>
    <TD STYLE="text-align: right">&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">20,127</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">548</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">1,957</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">621</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">1,827</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>4,264</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,791</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>52,614</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>3,591</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,751</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>50,942</B></FONT></TD></TR>
  </TABLE>
<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 STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="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 June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Capital expenditures</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Capital expenditures</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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) (ii)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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 (ii)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&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">477</FONT></TD>
    <TD STYLE="text-align: right">&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">199</FONT></TD>
    <TD STYLE="text-align: right">&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">497</FONT></TD>
    <TD STYLE="text-align: right">&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">531</FONT></TD>
    <TD STYLE="text-align: right">&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">113</FONT></TD>
    <TD STYLE="text-align: right">&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">446</FONT></TD></TR>
  <TR>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&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">343</FONT></TD>
    <TD STYLE="text-align: right">&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">90</FONT></TD>
    <TD STYLE="text-align: right">&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">299</FONT></TD>
    <TD STYLE="text-align: right">&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">357</FONT></TD>
    <TD STYLE="text-align: right">&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">69</FONT></TD>
    <TD STYLE="text-align: right">&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">367</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">24</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">160</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">5</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">28</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">19</FONT></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"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>844</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>449</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>810</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>893</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>210</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>832</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 12pt Times New Roman, Times, Serif; margin: 0">&nbsp;</P>


<!-- Field: Page; Sequence: 14 -->
    <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 -->13<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, 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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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="vertical-align: bottom">
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Capital expenditures</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Capital expenditures</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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) (ii)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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 (ii)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&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">976</FONT></TD>
    <TD STYLE="text-align: right">&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">381</FONT></TD>
    <TD STYLE="text-align: right">&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">913</FONT></TD>
    <TD STYLE="text-align: right">&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">1,056</FONT></TD>
    <TD STYLE="text-align: right">&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">195</FONT></TD>
    <TD STYLE="text-align: right">&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">838</FONT></TD></TR>
  <TR>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&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">613</FONT></TD>
    <TD STYLE="text-align: right">&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">157</FONT></TD>
    <TD STYLE="text-align: right">&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">555</FONT></TD>
    <TD STYLE="text-align: right">&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">648</FONT></TD>
    <TD STYLE="text-align: right">&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">137</FONT></TD>
    <TD STYLE="text-align: right">&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">684</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">54</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">248</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">28</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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></TR>
  <TR>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,643</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>786</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,496</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,721</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>362</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,563</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) 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 for the six-month period ended June 30, 2022 (2021: US$65).</P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(ii) The sustaining capital investments related to
the Midwestern System were reclassified for the three and six-month periods ended June 30, 2021 in the amounts of US$4 and US$5, respectively.
Depreciation, depletion and amortization were reclassified for the same periods in the amounts of US$9 and US$14, respectively.</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>&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>

<P STYLE="font: 12pt Times New Roman, Times, 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="7" 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: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" 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: 8pt"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%">&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: 8pt"><B>Investments in 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: 8pt"><B>Intangible</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: 8pt"><B>Property, plant and equipment</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: 8pt"><B>Total</B></FONT></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: 8pt"><B>Investments in 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: 8pt"><B>Intangible</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: 8pt"><B>Property, plant and equipment</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: 8pt"><B>Total</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: 8pt">Brazil</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: 8pt">1,773</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: 8pt">7,514</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: 8pt">26,120</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: 8pt">35,407</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: 8pt">1,730</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: 8pt">7,050</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: 8pt">23,793</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: 8pt">32,573</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: 8pt">Canada</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: 8pt">-</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: 8pt">1,931</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: 8pt">11,392</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: 8pt">13,323</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: 8pt">-</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: 8pt">1,958</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: 8pt">12,441</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: 8pt">14,399</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Americas, except Brazil and Canada</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: 8pt">-</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: 8pt">-</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: 8pt">32</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: 8pt">32</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: 8pt">-</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: 8pt">-</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: 8pt">3</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: 8pt">3</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: 8pt">Europe</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: 8pt">-</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: 8pt">-</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: 8pt">778</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: 8pt">778</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: 8pt">-</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: 8pt">-</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: 8pt">739</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: 8pt">739</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: 8pt">Indonesia</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: 8pt">-</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: 8pt">1</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: 8pt">2,702</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: 8pt">2,703</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: 8pt">-</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: 8pt">1</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: 8pt">2,723</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: 8pt">2,724</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: 8pt">Asia, except Indonesia and China</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: 8pt">18</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: 8pt">-</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: 8pt">817</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: 8pt">835</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: 8pt">21</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: 8pt">-</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: 8pt">874</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: 8pt">895</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: 8pt">China</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: 8pt">-</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: 8pt">1</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: 8pt">22</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: 8pt">23</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: 8pt">-</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: 8pt">2</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: 8pt">21</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: 8pt">23</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: 8pt">Oman</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: 8pt">-</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: 8pt">1</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: 8pt">1,303</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: 8pt">1,304</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: 8pt">-</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: 8pt">-</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: 8pt">1,337</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: 8pt">1,337</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: 8pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,791</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>9,448</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>43,166</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>54,405</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,751</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>9,011</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>41,931</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>52,693</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>&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: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0">The Company's sales revenue decreased in relation to the previous semester
mainly due to the decline in the international price of iron ore, which resulted in a 26.7% decrease in the average price per ton realized
by the Company during this period.</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 STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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 June 30, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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>&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">136</FONT></TD>
    <TD STYLE="text-align: right">&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">111</FONT></TD>
    <TD STYLE="text-align: right">&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">76</FONT></TD>
    <TD STYLE="text-align: right">&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">323</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">United States of America</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">47</FONT></TD>
    <TD STYLE="text-align: right">&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">427</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">474</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Germany</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">92</FONT></TD>
    <TD STYLE="text-align: right">&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">223</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">315</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Europe, except Germany</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">606</FONT></TD>
    <TD STYLE="text-align: right">&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">505</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">1,111</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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">656</FONT></TD>
    <TD STYLE="text-align: right">&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">6</FONT></TD>
    <TD STYLE="text-align: right">&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">26</FONT></TD>
    <TD STYLE="text-align: right">&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">688</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Japan</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">812</FONT></TD>
    <TD STYLE="text-align: right">&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">202</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">1,014</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">China</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">4,902</FONT></TD>
    <TD STYLE="text-align: right">&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">200</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">5,102</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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">677</FONT></TD>
    <TD STYLE="text-align: right">&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">184</FONT></TD>
    <TD STYLE="text-align: right">&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">47</FONT></TD>
    <TD STYLE="text-align: right">&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">908</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">1,097</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">108</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">1,222</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>9,025</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,875</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>257</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>11,157</B></FONT></TD></TR>
  </TABLE>
<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 STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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>&nbsp;Three-month period ended June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">197</FONT></TD>
    <TD STYLE="text-align: right">&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">130</FONT></TD>
    <TD STYLE="text-align: right">&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">51</FONT></TD>
    <TD STYLE="text-align: right">&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">378</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">161</FONT></TD>
    <TD STYLE="text-align: right">&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">288</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&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">449</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">154</FONT></TD>
    <TD STYLE="text-align: right">&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">463</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&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">617</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">988</FONT></TD>
    <TD STYLE="text-align: right">&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">581</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&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">1,569</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">672</FONT></TD>
    <TD STYLE="text-align: right">&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">7</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&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">679</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">943</FONT></TD>
    <TD STYLE="text-align: right">&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">119</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&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">1,062</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">8,665</FONT></TD>
    <TD STYLE="text-align: right">&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">264</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&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">8,929</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">987</FONT></TD>
    <TD STYLE="text-align: right">&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">315</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</FONT></TD>
    <TD STYLE="text-align: right">&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">1,302</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">1,411</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">13</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">105</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">1,529</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>14,178</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>2,180</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>156</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>16,514</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 15 -->
    <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 -->14<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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>&nbsp;Six-month period ended June 30, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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>&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">266</FONT></TD>
    <TD STYLE="text-align: right">&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">277</FONT></TD>
    <TD STYLE="text-align: right">&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">125</FONT></TD>
    <TD STYLE="text-align: right">&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">668</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">United States of America</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">74</FONT></TD>
    <TD STYLE="text-align: right">&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">713</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">787</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Germany</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">221</FONT></TD>
    <TD STYLE="text-align: right">&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">602</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">823</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Europe, except Germany</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">1,142</FONT></TD>
    <TD STYLE="text-align: right">&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">923</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">2,065</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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">1,150</FONT></TD>
    <TD STYLE="text-align: right">&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">9</FONT></TD>
    <TD STYLE="text-align: right">&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">26</FONT></TD>
    <TD STYLE="text-align: right">&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">1,185</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Japan</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">1,482</FONT></TD>
    <TD STYLE="text-align: right">&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">393</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">1,875</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">China</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">10,001</FONT></TD>
    <TD STYLE="text-align: right">&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">490</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">10,491</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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">1,310</FONT></TD>
    <TD STYLE="text-align: right">&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">368</FONT></TD>
    <TD STYLE="text-align: right">&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">47</FONT></TD>
    <TD STYLE="text-align: right">&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">1,725</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">2,113</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">32</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">205</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">2,350</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>17,759</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>3,807</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>403</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>21,969</B></FONT></TD></TR>
  </TABLE>
<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 STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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>&nbsp;Six-month period ended June 30, 2021</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">377</FONT></TD>
    <TD STYLE="text-align: right">&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">224</FONT></TD>
    <TD STYLE="text-align: right">&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">94</FONT></TD>
    <TD STYLE="text-align: right">&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">695</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">259</FONT></TD>
    <TD STYLE="text-align: right">&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">573</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&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="text-align: right">&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">832</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">323</FONT></TD>
    <TD STYLE="text-align: right">&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">929</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&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="text-align: right">&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">1,252</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Europe, except Germany</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">1,579</FONT></TD>
    <TD STYLE="text-align: right">&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">1,287</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&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="text-align: right">&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">2,866</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">943</FONT></TD>
    <TD STYLE="text-align: right">&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">7</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&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="text-align: right">&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">950</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Japan</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">1,470</FONT></TD>
    <TD STYLE="text-align: right">&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">215</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&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="text-align: right">&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">1,685</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">China</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">15,458</FONT></TD>
    <TD STYLE="text-align: right">&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">424</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&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="text-align: right">&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">15,882</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">1,769</FONT></TD>
    <TD STYLE="text-align: right">&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">473</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&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="text-align: right">&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">2,242</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Brazil</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">2,411</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">36</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">216</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">2,663</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>24,589</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>4,168</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>310</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>29,067</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; 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="color: #00807A; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">457</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: 8pt">427</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">838</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: 8pt">810</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">855</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: 8pt">725</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">1,534</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: 8pt">1,357</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">353</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: 8pt">237</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">637</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: 8pt">425</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">806</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: 8pt">749</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">1,433</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: 8pt">1,373</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">279</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: 8pt">352</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">488</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: 8pt">603</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">180</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: 8pt">158</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">332</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: 8pt">300</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">674</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: 8pt">691</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">1,135</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: 8pt">1,034</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">777</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: 8pt">783</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">1,422</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: 8pt">1,471</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">1,175</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: 8pt">991</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">2,002</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: 8pt">1,773</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">394</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: 8pt">352</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">751</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: 8pt">617</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt"><B>5,950</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: 8pt"><B>5,465</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>10,572</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: 8pt"><B>9,763</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">5,800</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: 8pt">5,323</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">10,289</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: 8pt">9,487</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">150</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: 8pt">142</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">283</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: 8pt">276</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt"><B>5,950</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: 8pt"><B>5,465</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>10,572</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: 8pt"><B>9,763</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>&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>

<P STYLE="font: 11pt 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; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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 June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 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>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 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>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 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>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 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="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Selling</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">24</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">24</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">43</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">41</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Personnel</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">44</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">52</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">98</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">99</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Services</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">30</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">22</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">52</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">39</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Depreciation and amortization</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">12</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">10</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">23</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">19</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">24</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">32</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">38</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>127</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>132</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>248</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>236</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: 16 -->
    <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 -->15<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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>c)&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other
operating expenses, net</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Three-month period ended June 30,</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Asset retirement obligations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">40</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">40</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Provision for litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">48</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">64</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">44</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Profit sharing program</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">19</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">52</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">67</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">75</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">COVID-19 expenses</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">16</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">18</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">58</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(21)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">100</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(47)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>165</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>75</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>271</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>90</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: 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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Three-month period ended </B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 30,</B></P></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Six-month period ended </B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>June 30,</B></P></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2022</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial income</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Short&#45;term investments</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">121</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">41</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">250</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">68</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">16</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">35</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">37</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">66</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</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"><B>137</B></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"><B>76</B></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"><B>287</B></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"><B>134</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial expenses</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(162)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(160)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(323)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(348)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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">17</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">14</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">31</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">30</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Interest on REFIS</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(39)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(10)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(71)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(17)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Interest on lease liabilities (note 20d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(16)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(15)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(32)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(33)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Bond premium repurchase (note 20d)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(113)</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: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(113)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(59)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(96)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(159)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(180)</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(372)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(267)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(667)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(611)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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>&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">464</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(374)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(353)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(61)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Participative
    stockholders' debentures (note 19) (i)</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">537</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(278)</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">288</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,261)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Financial
    guarantees (i)</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">356</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">401</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">479</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">364</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(270)</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">856</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">591</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">417</FONT></TD></TR>
  <TR>
    <TD STYLE="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 13b)</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">-</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">1,132</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Indexation gains, net</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(31)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(25)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(46)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">197</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</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"><B>1,056</B></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"><B>580</B></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"><B>959</B></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"><B>788</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>821</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>389</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>579</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>311</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: 8pt Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; text-align: justify">(i) These lines were reclassified from the
prior period in order to present &ldquo;Financial expenses&rdquo; and &ldquo;Other financial items, net&rdquo; in similar line items
from period to period.</P>

<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 June 30, 2022, the total guarantees
granted by the Company (within the limit of its direct or indirect interest) to certain associates and joint ventures totaled US$1,545
(December 31, 2021: US$1,513). The fair value of these financial guarantees in the amount of US$105 (December 31, 2021: US$542) is recorded
as &ldquo;Other non-current liabilities&rdquo;.</P>

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

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

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

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="white-space: nowrap; width: 58%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt"><B>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>11,441</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,881</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>9,560</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Tax effect in the income statement</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,524)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">44</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,568)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">651</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">652</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(25)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">47</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(72)</FONT></TD></TR>

<TR STYLE="background-color: #EBF1DE">
    <TD STYLE="width: 58%; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Transfers between assets and liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(183)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(183)</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 13%; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(29)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">29</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt"><B>Balance at June 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,360</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,759</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>8,601</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Deferred taxes, net</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt"><B>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>10,335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,770</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>8,565</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Tax effect in the income statement</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,130)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">37</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(1,167)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">196</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">43</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">153</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Other comprehensive income</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">135</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">(198)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt"><B>Balance at June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>9,338</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>1,985</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>7,353</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  </TABLE>

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

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


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    <!-- Field: /Page -->

<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">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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt"><B>5,056</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>10,232</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: 8pt"><B>11,625</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>17,814</B></FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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: 8pt"><B>(1,719)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>(3,479)</B></FONT></TD>
    <TD>&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: 8pt"><B>(3,953)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>(6,057)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Adjustments that affect the taxes basis:</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Tax incentives</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: 8pt">565</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">1,163</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: 8pt">1,059</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">1,618</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Equity results</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: 8pt">22</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">40</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: 8pt">30</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">35</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Monetary exchange variation on tax losses carryforward</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: 8pt">211</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">(177)</FONT></TD>
    <TD>&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: 8pt">(444)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">(39)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">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: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">380</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: 8pt">306</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">560</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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: 8pt"><B>(911)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>(2,073)</B></FONT></TD>
    <TD>&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: 8pt"><B>(3,002)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>(3,883)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

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

<P STYLE="font: 12pt Times New Roman, Times, 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 STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; border-top: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">356</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: 8pt">324</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">1,976</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: 8pt">1,964</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt"><B>2,332</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: 8pt"><B>2,288</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">13.25%</FONT></TD>
    <TD>&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: 8pt">9.25%</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0 0 10pt; text-align: justify">&nbsp;</P>

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

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

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 9%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 12%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 12%; 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Current liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Non-current assets</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Current liabilities</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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; color: black">264</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; color: black">-</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; color: black">30</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; color: black">217</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; color: black">11</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; color: black">162</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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; color: black">389</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; color: black">669</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; color: black">13</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; color: black">520</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; color: black">511</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; color: black">12</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Income taxes</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; color: black">80</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; color: black">478</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; color: black">141</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; color: black">113</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; color: black">413</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; color: black">1,861</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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; color: black">-</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; color: black">-</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; color: black">76</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; color: black">-</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; color: black">-</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; color: black">59</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>744</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,147</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>331</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>


<!-- Field: Page; Sequence: 18 -->
    <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 -->17<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: teal"><B>&nbsp;</B><P STYLE="font: bold 11pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify"><A NAME="a_014"></A>8. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Basic and diluted earnings (loss) per share</P>


<P STYLE="font: 11pt 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>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; width: 53%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%">&nbsp;</TD>
    <TD STYLE="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"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">4,093</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">8,147</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">8,549</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">13,907</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">2,058</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(561)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">2,060</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(775)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>6,151</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>7,586</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>10,609</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>13,132</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&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: 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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">4,668,739</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">5,097,908</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">4,737,806</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">5,113,959</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">4,673,377</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">5,102,332</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">4,742,444</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">5,118,383</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&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: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">0.88</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1.60</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1.80</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2.72</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Basic and diluted earnings (loss) per share from discontinued operations:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Common share (US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">0.44</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(0.11)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">0.43</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(0.15)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1.32</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">1.49</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">2.24</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">2.57</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: 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 Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&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 STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Receivables from contracts with customers</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">133</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">109</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">1,441</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">3,023</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">594</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">668</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 15.5pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">21</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">162</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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>2,189</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>3,962</B></FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">(41)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>2,148</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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 Times New Roman, Times, 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 and copper 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: 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="7" 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: 8pt"><B>June 30, 2022</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 36%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 15%; padding-right: 1.45pt; padding-left: 1.45pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Change</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="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: 8pt">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: 8pt">12,893</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: 8pt">112.8</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&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: 8pt">+/- 145</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: 8pt">Copper</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: 8pt">57</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: 8pt">9,956.3</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&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: 8pt">+/- 57</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: 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_016"></A>10.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Inventories</B></P>

<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&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 STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Finished products</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">3,383</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">2,795</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Work in progress</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">906</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">820</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Consumable inventory</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">972</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">857</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Allowance to net realizable value</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="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">(107)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(95)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="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>5,154</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="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>4,377</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">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>


<!-- Field: Page; Sequence: 19 -->
    <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 -->18<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B><A NAME="a_017"></A>11.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Suppliers and contractors</B></P>


<P STYLE="font: 11pt Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&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 STYLE="width: 60%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">1,625</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">1,766</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">1,811</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">1,620</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">228</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>3,664</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>&nbsp;</B></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 Times New Roman, Times, Serif; margin: 0 0 0 21.3pt; text-align: justify; text-indent: -21.3pt">&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="3" 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: 8pt"><B>Current</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Non-current</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">-</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: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">81</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: 8pt">117</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">229</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: 8pt">111</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">123</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: 8pt">20</FONT></TD></TR>
  <TR>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">-</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: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">6</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: 8pt">6</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>229</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>210</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">172</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: 8pt">243</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">378</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: 8pt">592</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">171</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: 8pt">393</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">-</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: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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) (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">-</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: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">105</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: 8pt">542</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">754</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: 8pt">760</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">1,337</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: 8pt">1,437</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">487</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: 8pt">566</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt">-</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: 8pt">-</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>1,584</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: 8pt"><B>1,962</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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: 8pt"><B>1,820</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: 8pt"><B>2,571</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"></FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) In July
2022 (subsequent event), the Company signed a binding agreement with ArcelorMittal for the sale of CSP. At the closing, CSP's net
debt will be settled and the financial liability related to the guarantee granted will be derecognised by Vale.</FONT></P>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>

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

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

<P STYLE="color: #007E7A; font: bold 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 April 14, 2022, the Company prepaid US$168 of
its concession grant obligation related to the Estrada de Ferro Caraj&aacute;s (&quot;EFC&quot;) as approved by the Board of Directors
on October 28, 2021. The outstanding balance will be settled in quarterly installments until 2057.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&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>December 31, 2021</B></FONT></TD>
    <TD STYLE="background-color: white">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&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>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">468</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">586</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Midwestern Integration Railway (&quot;FICO&quot;)</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">1,261</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">1,206</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.73%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.29%</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">336</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">343</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.78%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.43%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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">26</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">62</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8.45%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">5.81%</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>2,091</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>2,197</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; 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: 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 STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Investments in associates and joint ventures</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Equity results in the income statement</B></FONT></TD>
    <TD STYLE="border-top: teal 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-top: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Dividends received</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Six-month period ended June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 26%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Associates and joint ventures</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 7%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>% ownership</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>% voting capital</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Ferrous minerals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Baovale Minera&ccedil;&atilde;o S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">24</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">3</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Companhia Coreano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">74</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">51</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">10</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">10</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">22</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">16</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">10</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">2</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">10</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">2</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Companhia Hispano-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">50.89</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">50.89</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">40</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">38</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Companhia &Iacute;talo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">50.90</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">59</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">48</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">12</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">9</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">13</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">13</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">19</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">6</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">19</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">6</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Companhia Nipo-Brasileira de Pelotiza&ccedil;&atilde;o</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">51.11</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">139</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">129</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">12</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">9</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">22</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">13</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">41</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">41</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">48.16</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">46.75</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">474</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">418</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">20</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">19</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">30</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">36</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Samarco Minera&ccedil;&atilde;o S.A. (note 22)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">VLI S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">29.60</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">29.60</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">415</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">408</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(20)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>1,225</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>1,113</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>52</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>55</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>68</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>73</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>71</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>22</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>71</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>22</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Base metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Korea Nickel Corp.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">25.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">25.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">18</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>18</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>17</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>1</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
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    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A. </FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">55.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">55.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">383</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">367</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">8</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">16</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">21</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">21</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Alian&ccedil;a Norte Energia Participa&ccedil;&otilde;es S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">51.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">109</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">105</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(2)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">California Steel Industries, Inc. (note 13b)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">48</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">61</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">65</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Companhia Sider&uacute;rgica do Pec&eacute;m (&quot;CSP&quot;)</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">50.00</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">50.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">99</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(42)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Minera&ccedil;&atilde;o Rio do Norte S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">40.00</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">40.00</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">56</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">3</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>548</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>621</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>61</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>16</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>30</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>21</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>65</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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"><B>21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,791</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,751</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>61</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>116</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>87</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>103</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>71</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>43</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>136</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>43</B></FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 21 -->
    <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 -->20<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 64%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>2021</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at January 1,</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>1,751</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>2,031</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Capital contributions to CSP</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">42</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; 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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">111</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">70</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; 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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">87</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">103</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Dividends declared</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(48)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(49)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Equity results reclassified to discontinued operations (note 14a)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(26)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">(110)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">26</FONT></TD></TR>
  <TR STYLE="background-color: #EBF2DE">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at June 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>1,791</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>2,197</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: bold 10pt Calibri, Helvetica, Sans-Serif; color: #007E7A; margin: 0; text-align: justify">
<P STYLE="color: #007E7A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">b) Acquisitions and divestitures</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: 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 six-month period ended
June 30, 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 to 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>Corporate Venture Capital:</U></I>
In June 2022, the Company created a corporate venture capital initiative (&ldquo;Vale Ventures&rdquo;) to invest in global startups involved
in sustainable mining initiatives, with a capital investment of US$100. The purpose of Vale Ventures is to acquire minority stakes in
startups focused on decarbonization in the mining value chain, zero-waste mining, energy transition metals and other technologies.</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. With the final agreement signed in March 2021, the Company recorded a loss in the amount
of US$98, presented as &ldquo;Impairment reversal (impairment and disposals) of non-current assets, net&rdquo; in the income statement
for the period ended June 30, 2021. In the same period, the Company also recorded a gain of US$1,132 due to the cumulative translation
adjustments reclassification from the stockholders&rsquo; equity to the income statement as &ldquo;Other financial items, net&rdquo;.</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: 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 STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: teal 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>December 31, 2021</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 40%">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Midwestern System assets</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Coal (Discontinued operation)</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Manganese assets</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Other</B></FONT></TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>Total</B></FONT></TD>
    </TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt"><B>Assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Accounts receivable</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">30</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">11</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Inventories</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">167</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">12</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">179</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Taxes</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">15</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">364</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">17</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">381</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Investments</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">377</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">377</FONT></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Property, plant and equipment</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">214</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">6</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Other assets</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">21</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">1</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">22</FONT></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>274</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>552</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>41</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>383</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>976</B></FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Suppliers and contractors</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">39</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">110</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">10</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">120</FONT></TD>
    </TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt">Other liabilities</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">88</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">232</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">3</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt">235</FONT></TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>127</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>342</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>13</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>355</B></FONT></TD>
    </TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font: 11pt Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    </TR>
  <TR>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-size: 8pt"><B>Net assets held for sale</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>147</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>210</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>28</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-size: 8pt"><B>383</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 2.25pt double; font: 11pt Calibri, Helvetica, Sans-Serif; background-color: #EBF1DE; padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="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>


<!-- Field: Page; Sequence: 22 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; 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 strategic mining 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;). Following the acquisition of Mitsui&rsquo;s stakes, and therefore, the simplification of the governance, the Company
started the process of divesting its participation in 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"><FONT STYLE="font-weight: normal">In December 2021,
the Company entered into a binding agreement with Vulcan Resources (formerly known as Vulcan Minerals - &ldquo;Vulcan&rdquo;) for the
sale of these assets. Under the sale agreement Vulcan has committed to pay the gross amount of 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.</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">Therefore, in 2021
the Company adjusted the net assets of the coal business to the fair value less costs of disposal, resulting in impairment losses, and
started presenting the coal segment as a discontinued operation starting from the year ended December 31, 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">On April 25, 2022,
the transaction was completed and the Company recorded a net income from discontinued operations of US$2,060 for the six-month period
ended June 30, 2022, which is mainly driven by the reclassification of the cumulative translation adjustments of US$3,072, from the stockholders&rsquo;
equity to the income statement, as required by <I>IAS 21 - The Effects of Changes in Foreign Exchange Rates,</I> partially offset by the
derecognition of noncontrolling interest of US$585 due to the deconsolidation of the coal assets. Additionally, until the closing of the
transaction, the Company recorded losses of US$589 due to the impairment of assets acquired in the period and working capital adjustments.
These effects are presented below:</FONT></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"><I><U>(a.i) Net income and cash flows from discontinued
operations</U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I>&nbsp;</I></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="3" 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: 8pt"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 52%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>2021</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: 8pt"><B>Net income from discontinued operations</B></FONT></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>
    <TD STYLE="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="vertical-align: bottom; 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: 8pt">-</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: 8pt">161</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">448</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: 8pt">253</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom; 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: 8pt">-</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: 8pt">(340)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">(264)</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: 8pt">(669)</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom; 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: 8pt">-</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: 8pt">(2)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">(13)</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: 8pt">(2)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">(429)</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: 8pt">(815)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">(589)</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: 8pt">(859)</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Operating loss</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(429)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(996)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(418)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(1,277)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cumulative translation adjustments (i)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">3,072</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: 8pt">424</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">3,072</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: 8pt">424</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other financial results, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">-</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: 8pt">(39)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">(7)</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: 8pt">(38)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">(585)</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: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">(585)</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: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; 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: 8pt">-</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: 8pt">(11)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">-</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: 8pt">(26)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom; 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: 8pt"><B>2,058</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: 8pt"><B>(622)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt"><B>2,062</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: 8pt"><B>(917)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; 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: 8pt">-</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: 8pt">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">(2)</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: 8pt">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom; 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: 8pt"><B>2,058</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: 8pt"><B>(622)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt"><B>2,060</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: 8pt"><B>(917)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; 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: 8pt">-</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: 8pt">(61)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt">-</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: 8pt">(142)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom; 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: 8pt"><B>2,058</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: 8pt"><B>(561)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; 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: 8pt"><B>2,060</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: 8pt"><B>(775)</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"></FONT></P>

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">(i) In 2021, the
Company assessed that its Australian subsidiaries (part of the coal business), which were no longer operational, were considered &quot;abandoned&quot;
under IAS 21 and, therefore, the Company recognized a gain related to the cumulative translation adjustments in the amount of US$424,
which was reclassified to the net income for the period ended June 30, 2021.</FONT></P>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal"></FONT></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 10pt/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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 48%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">2,058</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(622)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">2,062</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(917)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">11</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">26</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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, net</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">429</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">815</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">589</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">859</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;&nbsp;Derecognition of noncontrolling interest</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">585</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">585</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(3,072)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(385)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(3,065)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(386)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">-</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(30)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(42)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(211)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(460)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>-</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(36)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(38)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(65)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Acquisition of NLC, net of cash</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(2,345)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(2,345)</FONT></TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Disposal of coal, net of cash </FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(65)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(65)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;Other</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>1</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>70</B></FONT></TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="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 investing activities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(65)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(2,380)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(103)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(2,340)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(3)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(7)</FONT></TD></TR>
  <TR STYLE="background-color: #EAF1DD">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(3)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(7)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(65)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(2,594)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(73)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>(2,807)</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>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 six-month period ended June
30, 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; text-align: justify; margin-right: 0; margin-left: 0">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 S.A. 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.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; text-align: justify; margin-right: 0; margin-left: 0">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 had negative reserves
of US$892 before reclassification to &ldquo;Non-current assets and liabilities held for sale&rdquo;.</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$1,104 recorded as &ldquo;Impairment reversal (impairment and disposals) of non-current assets, net&rdquo;,
of which US$214 relates to the impairment reversal on the Property, plant and equipment and US$890 is due to the remeasurement of the
onerous contract liability.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On July 15, 2022 (subsequent event), the transaction
was completed and the Company received US$150. As the Company had already adjusted the net assets to the fair value less cost of disposal,
the closing should not result in any additional impact to the income statement for the next quarter.</P>

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

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

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


<!-- Field: Page; Sequence: 24 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="color: #007E7A; font: bold 11pt 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; background-color: white">
    <TD STYLE="width: 29%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">132</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">149</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(120)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(142)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">63</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">341</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">33</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">439</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at June 30, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>3,271</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>5,567</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>83</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>527</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>9,448</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">3,271</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">6,846</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">550</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">527</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">11,194</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,279)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(467)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,746)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at June 30, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>3,271</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>5,567</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>83</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>527</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>9,448</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&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: 8pt; color: black"><B>Goodwill</B></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: 8pt; color: black"><B>Concessions</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</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: 8pt; color: black"><B>Software</B></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: 8pt; color: black"><B>Research and development project and patents</B></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: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">57</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">21</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(5)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(115)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(131)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Acquisition of NLC (note 14a)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1,428</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1,428</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">104</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">204</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">20</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">331</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at June 30, 2021</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>3,402</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>6,960</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>84</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>551</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>10,997</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">3,402</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">8,097</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">789</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">551</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">12,839</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,137)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(705)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,842)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at June 30, 2021</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>3,402</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>6,960</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>84</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>551</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>10,997</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal">&nbsp;</P>

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

<P STYLE="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; 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="color: #007E7A; font: bold 11pt 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; background-color: white">
    <TD STYLE="width: 31%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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="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="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="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="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="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="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="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black"><B>8,137</B></FONT></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: 8pt; color: black"><B>7,232</B></FONT></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: 8pt; color: black"><B>4,743</B></FONT></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: 8pt; color: black"><B>7,742</B></FONT></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: 8pt; color: black"><B>2,334</B></FONT></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: 8pt; color: black"><B>1,537</B></FONT></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: 8pt; color: black"><B>2,484</B></FONT></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: 8pt; color: black"><B>7,722</B></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: 8pt; color: black"><B>41,931</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt; color: black">-</FONT></TD>
    <TD STYLE="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="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="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="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="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">29</FONT></TD>
    <TD STYLE="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="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,343</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: 8pt; color: black">2,372</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">(14)</FONT></TD>
    <TD STYLE="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="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)</FONT></TD>
    <TD STYLE="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="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)</FONT></TD>
    <TD STYLE="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="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="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(45)</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: 8pt; color: black">(77)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt; color: black">-</FONT></TD>
    <TD STYLE="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="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="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,077)</FONT></TD>
    <TD STYLE="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="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="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="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="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: 8pt; color: black">(1,077)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">(205)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(245)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(351)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(236)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(82)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; 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="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(147)</FONT></TD>
    <TD STYLE="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="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: 8pt; color: black">(1,360)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Impairment reversal, net</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: 8pt; color: black">56</FONT></TD>
    <TD STYLE="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="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="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="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="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="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="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="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: 8pt; color: black">214</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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 (note 14c)</FONT></TD>
    <TD>&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: 8pt; color: black">(56)</FONT></TD>
    <TD STYLE="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)</FONT></TD>
    <TD STYLE="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="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="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="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="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="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="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: 8pt; color: black">(214)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt; color: black">348</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">370</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">128</FONT></TD>
    <TD STYLE="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="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">151</FONT></TD>
    <TD STYLE="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="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>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">201</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: 8pt; color: black">1,377</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">240</FONT></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: 8pt; color: black">297</FONT></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: 8pt; color: black">303</FONT></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: 8pt; color: black">347</FONT></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: 8pt; color: black">73</FONT></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: 8pt; color: black">-</FONT></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: 8pt; color: black">207</FONT></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: 8pt; color: black">(1,467)</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: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at June 30, 2022</B></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: 8pt; color: black"><B>8,506</B></FONT></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: 8pt; color: black"><B>7,646</B></FONT></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: 8pt; color: black"><B>4,819</B></FONT></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: 8pt; color: black"><B>6,851</B></FONT></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: 8pt; color: black"><B>2,471</B></FONT></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: 8pt; color: black"><B>1,498</B></FONT></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: 8pt; color: black"><B>2,621</B></FONT></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: 8pt; color: black"><B>8,754</B></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: 8pt; color: black"><B>43,166</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">15,612</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12,369</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11,291</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">16,317</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,021</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,062</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,802</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">8,754</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: 8pt; color: black">76,228</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt; color: black">(7,106)</FONT></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: 8pt; color: black">(4,723)</FONT></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: 8pt; color: black">(6,472)</FONT></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: 8pt; color: black">(9,466)</FONT></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: 8pt; color: black">(1,550)</FONT></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: 8pt; color: black">(564)</FONT></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: 8pt; color: black">(3,181)</FONT></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: 8pt; color: black">-</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: 8pt; color: black">(33,062)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at June 30, 2022</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: 8pt; color: black"><B>8,506</B></FONT></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: 8pt; color: black"><B>7,646</B></FONT></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: 8pt; color: black"><B>4,819</B></FONT></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: 8pt; color: black"><B>6,851</B></FONT></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: 8pt; color: black"><B>2,471</B></FONT></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: 8pt; color: black"><B>1,498</B></FONT></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: 8pt; color: black"><B>2,621</B></FONT></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: 8pt; color: black"><B>8,754</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: 8pt; color: black"><B>43,166</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&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: 8pt; color: black"><B>Building and land</B></FONT></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: 8pt; color: black"><B>Facilities</B></FONT></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: 8pt; color: black"><B>Equipment</B></FONT></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: 8pt; color: black"><B>Mineral properties</B></FONT></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: 8pt; color: black"><B>Railway equipment</B></FONT></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: 8pt; color: black"><B>Right of use assets</B></FONT></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: 8pt; color: black"><B>Others</B></FONT></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: 8pt; color: black"><B>Constructions in progress</B></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: 8pt; color: black"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black"><B>8,591</B></FONT></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: 8pt; color: black"><B>7,591</B></FONT></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: 8pt; color: black"><B>4,933</B></FONT></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: 8pt; color: black"><B>8,054</B></FONT></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: 8pt; color: black"><B>2,523</B></FONT></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: 8pt; color: black"><B>1,563</B></FONT></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: 8pt; color: black"><B>2,495</B></FONT></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: 8pt; color: black"><B>5,398</B></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: 8pt; color: black"><B>41,148</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt; color: black">-</FONT></TD>
    <TD STYLE="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="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="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="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="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">45</FONT></TD>
    <TD STYLE="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="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,151</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: 8pt; color: black">2,196</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">(2)</FONT></TD>
    <TD STYLE="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="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="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="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="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="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="padding-right: 1.45pt; 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="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: 8pt; color: black">(44)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt; color: black">-</FONT></TD>
    <TD STYLE="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="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="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(237)</FONT></TD>
    <TD STYLE="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="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="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="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="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: 8pt; color: black">(237)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">(227)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(234)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(334)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(254)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(79)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(81)</FONT></TD>
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(127)</FONT></TD>
    <TD STYLE="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="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: 8pt; color: black">(1,336)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Acquisition of NLC (note 14a)</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: 8pt; color: black">235</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">456</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">102</FONT></TD>
    <TD STYLE="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="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="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="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="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">92</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: 8pt; color: black">922</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Impairment, net</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: 8pt; color: black">-</FONT></TD>
    <TD STYLE="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="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="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="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="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="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="padding-right: 1.45pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(88)</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: 8pt; color: black">(88)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt; color: black">264</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">271</FONT></TD>
    <TD STYLE="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>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">237</FONT></TD>
    <TD STYLE="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="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>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">229</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: 8pt; color: black">1,323</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">78</FONT></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: 8pt; color: black">201</FONT></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: 8pt; color: black">301</FONT></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: 8pt; color: black">164</FONT></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: 8pt; color: black">53</FONT></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: 8pt; color: black">-</FONT></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: 8pt; color: black">113</FONT></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: 8pt; color: black">(910)</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: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at June 30, 2021</B></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: 8pt; color: black"><B>8,939</B></FONT></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: 8pt; color: black"><B>8,282</B></FONT></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: 8pt; color: black"><B>5,128</B></FONT></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: 8pt; color: black"><B>7,964</B></FONT></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: 8pt; color: black"><B>2,591</B></FONT></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: 8pt; color: black"><B>1,571</B></FONT></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: 8pt; color: black"><B>2,563</B></FONT></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: 8pt; color: black"><B>6,846</B></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: 8pt; color: black"><B>43,884</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">15,905</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">12,739</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11,251</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">17,406</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4,047</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2,011</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">5,712</FONT></TD>
    <TD STYLE="padding-right: 3.7pt; padding-left: 1.45pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6,846</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: 8pt; color: black">75,917</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt; color: black">(6,966)</FONT></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: 8pt; color: black">(4,457)</FONT></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: 8pt; color: black">(6,123)</FONT></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: 8pt; color: black">(9,442)</FONT></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: 8pt; color: black">(1,456)</FONT></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: 8pt; color: black">(440)</FONT></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: 8pt; color: black">(3,149)</FONT></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: 8pt; color: black">-</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: 8pt; color: black">(32,033)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Balance at June 30, 2021</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: 8pt; color: black"><B>8,939</B></FONT></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: 8pt; color: black"><B>8,282</B></FONT></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: 8pt; color: black"><B>5,128</B></FONT></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: 8pt; color: black"><B>7,964</B></FONT></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: 8pt; color: black"><B>2,591</B></FONT></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: 8pt; color: black"><B>1,571</B></FONT></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: 8pt; color: black"><B>2,563</B></FONT></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: 8pt; color: black"><B>6,846</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: 8pt; color: black"><B>43,884</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
interest.</FONT></P>


<!-- Field: Page; Sequence: 25 -->
    <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 -->24<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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="color: navy; font: bold 9pt Arial, 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 STYLE="width: 33%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">680</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: 8pt; color: black">1</FONT></TD>
    <TD>&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: 8pt; color: black">(26)</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: 8pt; color: black">7</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: 8pt; color: black">662</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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: 8pt; color: black">492</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: 8pt; color: black">-</FONT></TD>
    <TD>&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: 8pt; color: black">(22)</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: 8pt; color: black">-</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: 8pt; color: black">470</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">215</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: 8pt; color: black">15</FONT></TD>
    <TD>&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: 8pt; color: black">(23)</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: 8pt; color: black">14</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: 8pt; color: black">221</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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: 8pt; color: black">84</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: 8pt; color: black">13</FONT></TD>
    <TD>&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: 8pt; color: black">(15)</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: 8pt; color: black">6</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: 8pt; color: black">88</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">49</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: 8pt; color: black">-</FONT></TD>
    <TD>&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: 8pt; color: black">(4)</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: 8pt; color: black">-</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: 8pt; color: black">45</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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: 8pt; color: black">17</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: 8pt; color: black">-</FONT></TD>
    <TD>&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: 8pt; color: black">(4)</FONT></TD>
    <TD>&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: 8pt; color: black">(1)</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: 8pt; color: black">12</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black"><B>1,537</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: 8pt; color: black"><B>29</B></FONT></TD>
    <TD>&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: 8pt; color: black"><B>(94)</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: 8pt; color: black"><B>26</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: 8pt; color: black"><B>1,498</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">Lease liabilities
are presented in note 20.</FONT></P>

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

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

<P STYLE="color: #00807A; font: bold 11pt Calibri, Helvetica, Sans-Serif; 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="color: #00807A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">a) Effects of derivatives on
the balance sheet</P>

<P STYLE="font: 11pt 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="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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>Assets</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="background-color: white">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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: 4.25pt; 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; 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>
    <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 STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">50</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>
    <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">41</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 STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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">66</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">55</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">20</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">9</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Libor swap</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">23</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">30</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">11</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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"><B>141</B></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"><B>88</B></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"><B>62</B></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"><B>20</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Base metals products </FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">54</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">35</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">28</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 STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">27</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&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"><B>81</B></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"><B>35</B></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"><B>36</B></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"><B>-</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">13</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>229</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>123</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>111</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>20</B></FONT></TD></TR>
  </TABLE>
<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 STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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="background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="background-color: white">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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">90</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">226</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">151</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">440</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">IPCA swap</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</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">77</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">6</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">113</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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">10</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">65</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">57</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">38</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Libor swap </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">-</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">1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>101</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>368</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Base metals products</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">64</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">27</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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Gasoil, Brent and freight</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">5</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">2</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></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>69</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">10</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>172</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>378</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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: 26 -->
    <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 -->25<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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>

<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="white-space: nowrap; width: 62%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="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"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 18%; 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="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-top: #007E7A 1pt solid">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(311)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(591)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">IPCA swap</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(78)</FONT></TD></TR>
  <TR>
    <TD STYLE="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>&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">46</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(66)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Libor swap (i)</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">53</FONT></TD>
    <TD STYLE="text-align: right">&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">11</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(240)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(724)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Base metals products</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">25</FONT></TD>
    <TD STYLE="text-align: right">&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</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Gasoil, Brent and freight</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">22</FONT></TD>
    <TD STYLE="text-align: right">&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">6</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>47</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(5)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">13</FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(5)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>(198)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(704)</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) 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="color: teal; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="color: navy; font: bold 9pt Arial, 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="background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>Gain (loss) recognized in the income statement</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>Three-month period ended June 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="width: 40%; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>2021</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 14%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black"><B>Foreign exchange and interest rate risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black">CDI &amp; TJLP vs. US$ fixed and floating rate swap</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">(121)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">308</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">269</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">84</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black">IPCA swap</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">57</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">66</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">22</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black">Eurobonds swap</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">(28)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black">Pre-dollar swap and forward operations</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">(163)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">426</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">198</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">221</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black">Libor swap </FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">7</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">42</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">7</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>(288)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>788</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>575</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>306</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black"><B>Commodities price risk</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black">Base metals products</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">16</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">9</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">(2)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black">Gasoil, Brent and freight</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">10</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">64</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">25</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">108</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>26</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>64</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>34</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>106</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">4</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">(18)</FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black">5</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>(8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>(18)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>5</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif"><FONT STYLE="font-size: 8pt; color: black"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 2pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>(270)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>856</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>591</B></FONT></TD>
    <TD STYLE="white-space: nowrap; font-family: Calibri, Helvetica, Sans-Serif; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-top: #007E7A 1pt solid; border-bottom: #007E7A 2.25pt double; padding-right: 4.25pt; padding-left: 2pt; font-family: Calibri, Helvetica, Sans-Serif; text-align: right"><FONT STYLE="font-size: 8pt; color: black"><B>417</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">&nbsp;</P>

<P STYLE="color: teal; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007A7E 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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 June 30,</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 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>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 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="background-color: #EBF1DE">
    <TD STYLE="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="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="background-color: white">
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(17)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(27)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(43)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(67)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="text-align: right">&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">8</FONT></TD>
    <TD STYLE="text-align: right">&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">3</FONT></TD>
    <TD STYLE="text-align: right">&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">11</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="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="text-align: right">&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 STYLE="text-align: right">&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 STYLE="text-align: right">&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 STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="text-align: right">&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">54</FONT></TD>
    <TD STYLE="text-align: right">&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">13</FONT></TD>
    <TD STYLE="text-align: right">&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">84</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">&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"><B>45</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(11)</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>51</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(224)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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="background-color: #EBF1DE">
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(93)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(178)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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: white">
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">72</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">92</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(87)</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>71</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(169)</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>84</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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 STYLE="text-align: right">&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 STYLE="text-align: right">&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</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(42)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>60</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(118)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(139)</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">&nbsp;</P>


<!-- Field: Page; Sequence: 27 -->
    <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 -->26<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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>

<P STYLE="font: 11pt 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 STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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>Gain (loss) recognized in the other comprehensive income</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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 June 30,</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2021</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Net investment hedge</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(145)</FONT></TD>
    <TD STYLE="text-align: right">&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">202</FONT></TD>
    <TD STYLE="text-align: right">&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">74</FONT></TD>
    <TD STYLE="text-align: right">&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">42</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash flow hedge (Thermal coal) </FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&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 STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Cash flow hedge (Nickel and Palladium)</FONT></TD>
    <TD STYLE="text-align: right">&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">312</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(28)</FONT></TD>
    <TD STYLE="text-align: right">&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">8</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(19)</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>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>Cash flow hedge (Nickel)</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Notional (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="vertical-align: bottom; border-bottom: teal 1pt solid; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; width: 24%; border-bottom: #007E7A 1pt solid; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B> </B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; 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>Bought / Sold</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; width: 7%; 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>Average strike (US$/ton)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 8%; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>2023</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>Nickel Revenue Hedge Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&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: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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">Forward</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="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">31,875</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">39,575</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">23,117</FONT></TD>
    <TD STYLE="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">9</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(26)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(188)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">39</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(63)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">72</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="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</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="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"><B>(26)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(188)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>39</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(63)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="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>72</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 2022, the Company renewed its 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 forward 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>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: teal"><B>Cash flow hedge (Palladium)</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Notional (t oz)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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"><B>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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"><B>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 22%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>
    </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Average strike (US$/t oz)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; 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></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 Hedge Program</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Call Options</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">22,114</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">44,228</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">3,368</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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">Put Options</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="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">22,114</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">44,228</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">2,436</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">13</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">6</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">5</FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">13</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="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>13</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="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>25</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="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>6</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="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>5</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>13</B></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">&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">&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">&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">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><B>&nbsp;</B></P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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>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>

<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 STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 18%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B> </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(236)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">32</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(49)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(36)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 7,476</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">100.20%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 1,750</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">2.50%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(76)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(22)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">5</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(53)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 966</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">1.07%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 250</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">3.32%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">2</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">55</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">16</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(14)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 15,912</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">4.96%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 3,043</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">-1.50%</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(78)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">11</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">7</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(74)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 1,402</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">US$ 347</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">50</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Receivable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 811</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">Payable</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <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: center">&nbsp;</TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt"><B>Forward</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">R$ 4,755</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: center">&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 7.5pt">5.46</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">44</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">88</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">14</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">15</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">29</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
  </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>g) Protection program for Libor
floating interest rate US$ denominated debt</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="6" STYLE="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"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 17%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B> </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 4%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Index</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 5%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>2024+</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>Libor vs. US$ fixed rate swap</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">&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">&nbsp;</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">53</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">11</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">(1)</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">3</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">8</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">30</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">15</FONT></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">Receivable</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">US$ 950</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">US$ 950</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: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Libor</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">0.13%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&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">Payable</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">US$ 950</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">US$ 950</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: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Fix</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">0.48%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</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">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>h) Protection for treasury volatility
related to tender offer transaction</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">To reduce the volatility of the premium to be paid
to investors for the tender offer transaction issued on June 9, 2022, treasury lock transactions were implemented and already settled.</P>

<P STYLE="font: 12pt 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="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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"><B>Financial Settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="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"><B>Value at Risk</B></FONT></TD>
    <TD COLSPAN="2" STYLE="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"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 19%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B> </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Average rate</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; 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></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>Forwards</B></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">-</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">-</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</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">-</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">-</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>
    <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">(8)</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>
    <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>
  </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>&nbsp;</B></P>


<!-- Field: Page; Sequence: 29 -->
    <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 -->28<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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>i) Protection program for product
prices and input costs</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</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 STYLE="background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Fair value</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Value at Risk</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>Fair value by year</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 14%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B> </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Average strike (US$/bbl)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 10%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 8%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; 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></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>Brent crude oil (bbl)</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">&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">&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">&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">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8,493,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">762,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">26</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Put options</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">8,493,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">762,000</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(5)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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 (days)</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">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&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">&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">&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">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Freight forwards (days)</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">690</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">330</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">24,764</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</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">&nbsp;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #007E7A"><B>j) Other derivatives, including
embedded derivatives in contracts</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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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"><B>Notional</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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 COLSPAN="3" STYLE="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>Fair value</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>Financial settlement Inflows (Outflows)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>Value at Risk</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>Fair value</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B> </B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 12%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 13%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Bought / Sold</B></FONT></TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Average strike (US$/bbl)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 9%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 6%; 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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD COLSPAN="19" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Option related to a Special Purpose Entity &ldquo;SPE&rdquo; (quantity)</B></FONT></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">Call option</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">137,751,623</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">137,751,623</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="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">3.21</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: center">&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">7</FONT></TD>
    <TD STYLE="text-align: right">&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">15</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">3</FONT></TD>
    <TD STYLE="text-align: right">&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">7</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <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">&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">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="19" STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Embedded derivative in natural gas purchase agreement (volume/month)</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Call options</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">746,667</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">729,571</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">233</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(12)</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">&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; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; background-color: white">&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>Fixed price sales protection (ton)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">216</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">B</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">16,283</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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"><B>Hedge program for products acquisition for resale (tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Nickel forwards</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">986</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,206</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt; text-align: center"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">S</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">26,192</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
  </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">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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>k) 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 June 30, 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>

<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="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>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>CDI vs. US$ fixed rate swap</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">R$ depreciation</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">(236)</FONT></TD>
    <TD>&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">(662)</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">(1,089)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</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">US$ interest rate inside Brazil 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">(236)</FONT></TD>
    <TD>&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">(280)</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">(329)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">&nbsp;</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">Brazilian interest rate 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">(236)</FONT></TD>
    <TD>&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">(279)</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">(322)</FONT></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">Protected item: R$ denominated liabilities</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">R$ depreciation</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">&nbsp;n.a. </FONT></TD>
    <TD>&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">&nbsp;-&nbsp;&nbsp;&nbsp;</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">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <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>&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"><B>TJLP vs. US$ fixed rate swap</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">R$ depreciation</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">(76)</FONT></TD>
    <TD>&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">(138)</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">(200)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">&nbsp;</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">US$ interest rate inside Brazil 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">(76)</FONT></TD>
    <TD>&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">(81)</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">(86)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</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">Brazilian interest rate 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">(76)</FONT></TD>
    <TD>&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">(87)</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">(96)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">&nbsp;</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">TJLP interest rate 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">(76)</FONT></TD>
    <TD>&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">(83)</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">(90)</FONT></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">Protected item: R$ denominated debt</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">R$ depreciation</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">&nbsp;n.a. </FONT></TD>
    <TD>&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">&nbsp;-&nbsp;&nbsp;&nbsp;</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">&nbsp;-&nbsp;&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0"><I>&nbsp;</I></P></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>&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"><B>R$ fixed rate vs. US$ fixed rate swap</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">R$ depreciation</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>&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">(691)</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">(1,383)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">&nbsp;</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">US$ interest rate inside Brazil decrease</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>&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">(62)</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">(128)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</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">Brazilian interest rate increase</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>&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">(171)</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">(327)</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: R$ denominated debt</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">R$ depreciation</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">&nbsp;n.a. </FONT></TD>
    <TD>&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">&nbsp;-&nbsp;&nbsp;&nbsp;</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">&nbsp;-&nbsp;&nbsp;&nbsp;</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>&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>IPCA swap vs. US$ fixed rate swap</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">R$ depreciation</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">(78)</FONT></TD>
    <TD>&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">(165)</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">(252)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</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">US$ interest rate inside Brazil 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">(78)</FONT></TD>
    <TD>&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">(88)</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">(98)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">&nbsp;</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">Brazilian interest rate 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">(78)</FONT></TD>
    <TD>&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">(97)</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">(115)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</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">IPCA index 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">(78)</FONT></TD>
    <TD>&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">(89)</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">(99)</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: R$ denominated debt</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">R$ depreciation</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">&nbsp;n.a. </FONT></TD>
    <TD>&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">&nbsp;-&nbsp;&nbsp;&nbsp;</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">&nbsp;-&nbsp;&nbsp;&nbsp;</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>&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>IPCA swap vs. CDI swap</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">Brazilian interest rate increase</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">50</FONT></TD>
    <TD>&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">50</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">49</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</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">IPCA index decrease</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">50</FONT></TD>
    <TD>&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">50</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">50</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: R$ denominated debt linked to IPCA</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">IPCA index 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">&nbsp;n.a. </FONT></TD>
    <TD>&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">(50)</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">(50)</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>&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>US$ floating rate vs. US$ fixed rate swap</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">US$ Libor decrease</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">53</FONT></TD>
    <TD>&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">34</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">15</FONT></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">Protected item: Libor US$ indexed debt</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">US$ Libor 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>&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">(34)</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">(15)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <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>&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"><B>NDF BRL/USD</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">R$ depreciation</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">44</FONT></TD>
    <TD>&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">(142)</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">(328)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap">&nbsp;</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">US$ interest rate inside Brazil 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">44</FONT></TD>
    <TD>&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">35</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">26</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap">&nbsp;</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">Brazilian interest rate increase</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">44</FONT></TD>
    <TD>&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">18</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: R$ denominated liabilities</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">R$ depreciation</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>&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">&nbsp;-&nbsp;&nbsp;&nbsp;</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">&nbsp;-&nbsp;&nbsp;&nbsp;</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>&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; 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">21</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">(53)</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">(244)</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: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">53</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">244</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">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">(4)</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 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: 4.25pt; 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">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>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">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">-</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">(1)</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: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">-</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">1</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">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">(4)</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">4</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; width: 39%; 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; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 27%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 10%; 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">9</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">(170)</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">(349)</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">170</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">349</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">13</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>
    <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>
  <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">(5)</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">-</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">7</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">-</FONT></TD></TR>
  </TABLE>
<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>

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

<!-- Field: Page; Sequence: 31 -->
    <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 -->30<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</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="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>Main risks</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">Embedded derivatives - Gas purchase</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">Pellet 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">(12)</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">(25)</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">(42)</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>l) 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>

<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 STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: center">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 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>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 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>Cash and cash equivalents and investment</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #00807A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Aa1</FONT></TD>
    <TD STYLE="text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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="vertical-align: bottom; text-align: center">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">385</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">305</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">847</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">2,214</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">1,720</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">101</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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="vertical-align: top">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">457</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">36</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">
    <TD STYLE="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="white-space: nowrap">&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">1,115</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&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">3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&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">1,988</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>Other</B></FONT></TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">26</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: top">&nbsp;</TD>
    <TD STYLE="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>7,233</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>352</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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: 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) 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="color: navy; font: bold 9pt Arial, 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>


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    <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 -->31<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; 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">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="color: navy; font: bold 9pt Arial, 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 STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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="vertical-align: bottom">
    <TD STYLE="width: 28%; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial assets</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>Total</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>Amortized cost</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>At fair value through OCI</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>At fair value through profit or loss</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; 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>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Cash and cash equivalents (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">7,185</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; color: black">-</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; color: black">-</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; color: black">7,185</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; color: black">11,721</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; color: black">-</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; color: black">-</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; color: black">11,721</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Short-term investments (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">-</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; color: black">-</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; color: black">48</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; color: black">48</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; color: black">-</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; color: black">-</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; color: black">184</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; color: black">184</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">-</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; color: black">-</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; color: black">229</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; color: black">229</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; color: black">-</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; color: black">-</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; color: black">111</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; color: black">111</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Accounts receivable (note 9)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">391</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; color: black">-</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; color: black">1,757</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; color: black">2,148</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; color: black">703</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; color: black">-</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; color: black">3,211</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; color: black">3,914</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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>7,576</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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>2,034</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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>9,610</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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>12,424</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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>3,506</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; 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>15,930</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Judicial deposits (note 25c)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">1,328</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; color: black">-</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; color: black">-</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; color: black">1,328</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; color: black">1,220</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; color: black">-</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; color: black">-</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; color: black">1,220</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Restricted cash (note 12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">81</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; color: black">-</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; color: black">-</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; color: black">81</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; color: black">117</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; color: black">-</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; color: black">-</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; color: black">117</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">-</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; color: black">-</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; color: black">123</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; color: black">123</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; color: black">-</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; color: black">-</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; color: black">20</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; color: black">20</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Investments in equity securities (note 12)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">-</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; color: black">6</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; color: black">-</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; color: black">6</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; color: black">-</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; color: black">6</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; color: black">-</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; color: black">6</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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; color: black"><B>1,409</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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; color: black"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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; color: black"><B>123</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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; color: black"><B>1,538</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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; color: black"><B>1,337</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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; color: black"><B>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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; color: black"><B>20</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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; color: black"><B>1,363</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total of financial assets</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>8,985</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>2,157</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>11,148</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,761</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>6</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>3,526</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>17,293</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Suppliers and contractors (note 11)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">3,664</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; color: black">-</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; color: black">-</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; color: black">3,664</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; color: black">3,475</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; color: black">-</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; color: black">-</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; color: black">3,475</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">-</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; color: black">-</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; color: black">172</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; color: black">172</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; color: black">-</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; color: black">-</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; color: black">243</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; color: black">243</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Loans, borrowings and leases (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">935</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; color: black">-</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; color: black">-</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; color: black">935</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; color: black">1,204</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; color: black">-</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; color: black">-</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; color: black">1,204</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Liabilities related to the concession grant (note 12a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">754</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; color: black">-</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; color: black">-</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; color: black">754</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; color: black">760</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; color: black">-</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; color: black">-</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; color: black">760</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Other financial liabilities - Related parties (note 28)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">171</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; color: black">-</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; color: black">-</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; color: black">171</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; color: black">393</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; color: black">-</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; color: black">-</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; color: black">393</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Contract liability</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">487</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">487</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">566</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">566</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; 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; color: black"><B>6,011</B></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; color: black"><B>-</B></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; color: black"><B>172</B></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; color: black"><B>6,183</B></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; color: black"><B>6,398</B></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; color: black"><B>-</B></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; color: black"><B>243</B></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; color: black"><B>6,641</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Non-current</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Derivative financial instruments (note 17a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">-</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; color: black">-</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; color: black">378</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; color: black">378</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; color: black">-</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; color: black">-</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; color: black">592</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; color: black">592</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Loans, borrowings and leases (note 20)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">11,673</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; color: black">-</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; color: black">-</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; color: black">11,673</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; color: black">12,578</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; color: black">-</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; color: black">-</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; color: black">12,578</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Participative stockholders' debentures (note 19)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">-</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; color: black">-</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; color: black">3,219</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; color: black">3,219</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; color: black">-</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; color: black">-</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; color: black">3,419</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; color: black">3,419</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Liabilities related to the concession grant (note 12a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; 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; color: black">1,337</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; color: black">-</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; color: black">-</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; color: black">1,337</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; color: black">1,437</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; color: black">-</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; color: black">-</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; color: black">1,437</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Financial guarantees (note 6a)</FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">542</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">542</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>13,010</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>3,702</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>16,712</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>14,015</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>4,553</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>18,568</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total of financial liabilities</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>19,021</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>3,874</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>22,895</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>20,413</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>4,796</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>25,209</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; color: #007E7A"><B>&nbsp;</B></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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="7" STYLE="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="vertical-align: bottom">
    <TD STYLE="width: 37%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="vertical-align: bottom; background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial assets</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&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>
    <TD STYLE="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="vertical-align: bottom">&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">48</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">-</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">48</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">184</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">-</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">184</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom">&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 STYLE="vertical-align: bottom">&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">345</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">7</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">352</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 STYLE="vertical-align: bottom">&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">118</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">13</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">131</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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 STYLE="vertical-align: bottom">&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">1,757</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">1,757</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 STYLE="vertical-align: bottom">&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">3,211</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">3,211</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>54</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>2,102</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>7</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>2,163</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; 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="vertical-align: bottom">&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 STYLE="vertical-align: bottom">&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">550</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">550</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 STYLE="vertical-align: bottom">&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">835</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">835</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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 STYLE="vertical-align: bottom">&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">3,219</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">3,219</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 STYLE="vertical-align: bottom">&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">3,419</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">3,419</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">105</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">105</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>3,874</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>3,874</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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; 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>

<!-- Field: Page; Sequence: 33 -->
    <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 -->32<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

<P STYLE="margin-top: 0; margin-bottom: 0"></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 STYLE="white-space: nowrap; width: 57%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD colspan="3" STYLE="width: 42%; 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="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 58%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="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>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Losses recognized in the income statement</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">(6)</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">-</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>Balance at June 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="color: #007E7A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">b) Fair value of loans and borrowings</P>

<P STYLE="color: navy; font: bold 9pt Arial, 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="3" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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; color: black">6,158</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; color: black">6,241</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; color: black">7,448</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; color: black">9,151</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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; color: black">399</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; color: black">411</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; color: black">387</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; color: black">387</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">317</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">318</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">354</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">449</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">R$, with fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">6</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; color: black">6</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; color: black">13</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; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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; color: black">-</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; color: black">-</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; color: black">11</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; color: black">11</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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; color: black">3,912</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; color: black">3,629</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; color: black">3,615</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; color: black">3,231</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&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; color: black">10</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; color: black">10</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; color: black">87</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; color: black">54</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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; color: black">94</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; color: black">95</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; color: black">107</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; color: black">117</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>10,896</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>10,710</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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, the Company made available for
withdrawal as remuneration the amount of US$235 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 decreased
from R$49.10 per debenture for the year ended December 31, 2021, to R$43.39 per debenture for the period ended June 30, 2022, resulting
in a gain of US$288 recorded in the income statement for the six-month period ended June 30, 2022. As of June 30, 2022, the liability
was US$3,219 (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="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><A NAME="a_026"></A>20.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Loans,
borrowings, leases, cash and cash equivalents and short-term investments</P>

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

<P STYLE="color: #007E7A; font: bold 9pt Arial, Helvetica, Sans-Serif; 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="color: navy; font: bold 9pt Arial, 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 STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Debt contracts</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">11,031</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; color: black">12,180</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Leases</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">1,577</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">1,602</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Total of loans, borrowings and leases</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black"><B>12,608</B></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; color: black"><B>13,782</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(-) Cash and cash equivalents</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">7,185</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; color: black">11,721</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(-) Short-term investments</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">48</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">184</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>Net debt</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>5,375</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,877</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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


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

<P STYLE="color: #007E7A; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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 and readily convertible to cash, being US$3,389
(US$6,714 in 2021) denominated in R$, indexed to the CDI, US$2,993(US$4,769 in 2021) denominated in US$ and US$803 (US$238 in 2021) denominated
in other currencies as of June 30, 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="color: #007E7A; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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 June 30, 2022, the balance of US$48 (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="color: #007E7A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="color: #007E7A; font: bold 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; background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="vertical-align: bottom">
    <TD STYLE="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">6.00%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">-</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; color: black">-</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; color: black">6,158</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; color: black">7,448</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">11.41%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">202</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; color: black">186</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; color: black">197</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; color: black">201</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">R$, indexed to TJLP, TR, IPCA, IGP-M and CDI</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">10.93%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">64</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">95</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">253</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">259</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">R$, with fixed interest</FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">2.78%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">6</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; color: black">12</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; color: black">-</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; color: black">1</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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; color: black">-</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">-</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; color: black">11</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; color: black">-</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; color: black">-</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3.12%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">354</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; color: black">479</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; color: black">3,558</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; color: black">3,136</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">4.10%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">-</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; color: black">77</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; color: black">10</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; color: black">10</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">3.58%</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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; color: black">12</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; color: black">12</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; color: black">82</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; color: black">95</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">135</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>773</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>10,258</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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 June 30, 2022.</P>

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

<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">(iii) The Company contracted derivatives to mitigate
the exposure to changes in cash flows of debt contracted in Brazil, resulting in an average cost of 3.46% per year in US$.</P>

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

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

<P STYLE="color: navy; font: bold 9pt Arial, 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 STYLE="width: 51%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">568</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: 8pt">276</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">105</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: 8pt">563</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">611</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: 8pt">531</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">152</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: 8pt">484</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">3,536</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: 8pt">1,610</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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: 8pt">5,924</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: 8pt">2,376</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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: 8pt"><B>10,896</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: 8pt"><B>5,840</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 June 30, 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 June 30,
2022.</P>

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


<!-- Field: Page; Sequence: 35 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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="color: navy; font: bold 9pt Arial, 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>
    <TD STYLE="white-space: nowrap; width: 30%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="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>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>7,974</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>380</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>3,826</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>12,180</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Additions</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black">-</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black">625</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black">625</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Repayments</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black">(1,317)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black">(174)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(337)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(1,828)</FONT></TD></TR>
  <TR>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">(388)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">(37)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">(456)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>(1,705)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>(211)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>257</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>(1,659)</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&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; color: black">71</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black">77</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">(76)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black">72</FONT></TD></TR>
  <TR>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">318</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">89</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">31</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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">438</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>389</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>166</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>(45)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&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; color: black"><B>510</B></FONT></TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black"><B>June 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>6,658</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>4,038</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>11,031</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 4pt 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="color: teal; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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"></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 credit lines of US$425 with The Bank of Nova Scotia, indexed to Libor and maturing in 2027. The Company 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"><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 May 2022, the
Company contracted the credit line of US$200 with MUFG Bank indexed to Secured Overnight Financing Rate (&ldquo;SOFR&rdquo;) and maturing
in 2027.</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 January 2021,
the Company contracted the credit line of US$300 with The New Development Bank maturing in 2035 and indexed to Libor + 2.49% per year.</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">&nbsp;</FONT></P>

<P STYLE="color: teal; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Bond tender offers</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">In June 2022, the Company repurchased US$1,291 of
its Bonds and paid a premium of US$113, which has been recorded and is presented as &ldquo;Bond premium repurchase&rdquo; under the financial
results for the six-month period ended June 30, 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">In March 2021, the Company redeemed all of its 3.750%
bonds due January 2023, in the total amount of US$884 (EUR750 million) and paid a premium of US$63, which was recorded and is presented
as &ldquo;Bond premium repurchase&rdquo; under the financial results for the six-month period ended June 30, 2021.</P>

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

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

<P STYLE="color: navy; font: bold 9pt Arial, 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 STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>December 31, 2021</B></FONT></TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>Additions and contract modifications</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Payments (i)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Interest</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Transfer to liabilities held for sale</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Translation adjustment</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Ports</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: 8pt">713</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: 8pt">1</FONT></TD>
    <TD>&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: 8pt">(36)</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: 8pt">14</FONT></TD>
    <TD>&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: 8pt">(17)</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: 8pt">10</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: 8pt">685</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Vessels</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: 8pt">489</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: 8pt">-</FONT></TD>
    <TD>&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: 8pt">(31)</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: 8pt">9</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: 8pt">-</FONT></TD>
    <TD>&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: 8pt">(1)</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: 8pt">466</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Pelletizing plants</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: 8pt">225</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: 8pt">15</FONT></TD>
    <TD>&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: 8pt">(2)</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: 8pt">6</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: 8pt">-</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: 8pt">13</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: 8pt">257</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Properties</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: 8pt">103</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: 8pt">13</FONT></TD>
    <TD>&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: 8pt">(22)</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: 8pt">1</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: 8pt">-</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: 8pt">7</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: 8pt">102</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Energy plants</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: 8pt">59</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: 8pt">-</FONT></TD>
    <TD>&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: 8pt">(3)</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: 8pt">1</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: 8pt">-</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: 8pt">-</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: 8pt">57</FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Mining equipment</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: 8pt">13</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: 8pt">-</FONT></TD>
    <TD>&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: 8pt">(4)</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: 8pt">1</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: 8pt">-</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: 8pt">-</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: 8pt">10</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt"><B>1,602</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: 8pt"><B>29</B></FONT></TD>
    <TD>&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: 8pt"><B>(98)</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: 8pt"><B>32</B></FONT></TD>
    <TD>&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: 8pt"><B>(17)</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: 8pt"><B>29</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: 8pt"><B>1,577</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom; padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</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: 8pt">174</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: 8pt">-</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: 8pt">-</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: 8pt">-</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: 8pt">-</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: 8pt">-</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: 8pt">162</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="vertical-align: bottom; 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>&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: 8pt">1,428</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: 8pt">-</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: 8pt">-</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: 8pt">-</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: 8pt">-</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: 8pt">-</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: 8pt">1,415</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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>&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: 8pt"><B>1,602</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: 8pt"><B>-</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: 8pt"><B>-</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: 8pt"><B>-</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: 8pt"><B>-</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: 8pt"><B>-</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: 8pt"><B>1,577</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 the lease liabilities for the six-month period ended June 30, 2022 was US$143 (2021: US$111).</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>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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 20%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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"><B>2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>2023</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>2024</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>2025</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>2026 onwards</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>Total</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>Remaining contractual term (years)</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>Discount rate</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: 8pt">Ports</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: 8pt">34</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: 8pt">65</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: 8pt">64</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: 8pt">63</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: 8pt">743</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: 8pt">969</FONT></TD>
    <TD>&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: 8pt">2 to 21</FONT></TD>
    <TD>&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: 8pt">3% to 6%</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: 8pt">Vessels</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: 8pt">32</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: 8pt">62</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: 8pt">60</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: 8pt">59</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: 8pt">345</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: 8pt">558</FONT></TD>
    <TD>&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: 8pt">3 to 11</FONT></TD>
    <TD>&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: 8pt">3% to 4%</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: 8pt">Pelletizing plants</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: 8pt">50</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: 8pt">50</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: 8pt">41</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: 8pt">41</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: 8pt">117</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: 8pt">299</FONT></TD>
    <TD>&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: 8pt">2 to 11</FONT></TD>
    <TD>&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: 8pt">2% to 5%</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: 8pt">Properties</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: 8pt">16</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: 8pt">24</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: 8pt">21</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: 8pt">13</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: 8pt">42</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: 8pt">116</FONT></TD>
    <TD>&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: 8pt">2 to 8</FONT></TD>
    <TD>&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: 8pt">2% to 6%</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: 8pt">Energy plants</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: 8pt">3</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: 8pt">6</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: 8pt">6</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: 8pt">6</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: 8pt">55</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: 8pt">76</FONT></TD>
    <TD>&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: 8pt">8</FONT></TD>
    <TD>&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: 8pt">4% to 6%</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: 8pt">Mining equipment</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: 8pt">1</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: 8pt">4</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: 8pt">3</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: 8pt">3</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: 8pt">1</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: 8pt">12</FONT></TD>
    <TD>&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: 8pt">2 to 6</FONT></TD>
    <TD>&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: 8pt">2% to 6%</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: 8pt"><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: 8pt"><B>136</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: 8pt"><B>211</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: 8pt"><B>195</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: 8pt"><B>185</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: 8pt"><B>1,303</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: 8pt"><B>2,030</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD></TR>
  </TABLE>

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


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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 December
31, 2021, loans and borrowings were secured by property, plant and equipment in the amount of US$82, which ended as of June 30, 2022.</FONT></P>

<P STYLE="color: navy; font: bold 9pt Arial, 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="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><A NAME="a_027"></A>21.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Brumadinho
dam failure</P>

<P STYLE="color: #007E7A; font: bold 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">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 4 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: 11pt 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="11" STYLE="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>Consolidated</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>December 31, 2021</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; vertical-align: bottom; width: 10%; padding-right: 2pt; padding-left: 2pt">
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>Operating</B></P>
    <P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: right"><B>expense</B></P></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Present value adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Disbursements</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Translation adjustment</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>June 30, 2022</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&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>&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">76</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(239)</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">107</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">1,371</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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">852</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">19</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(30)</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">60</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">901</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>&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">-</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">68</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">(12)</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">37</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">798</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <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>2,984</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>-</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>163</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>(281)</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>204</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>3,070</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Commitments</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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">318</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">126</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(44)</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">19</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">418</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Individual indemnification</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">115</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">-</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(46)</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">8</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">77</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Other commitments</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">120</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">-</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">(1)</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">(12)</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">8</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">115</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>&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>126</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>(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>(102)</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>35</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>610</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 1pt solid">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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>3,537</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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>126</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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>161</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 2.25pt double; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>(383)</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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>239</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="border-bottom: teal 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>3,680</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-left: 6.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</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">1,156</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">-</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">-</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">1,060</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">2,381</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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">2,620</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>3,537</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>3,680</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-left: 6.75pt">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Discount rate</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>8.75%</B></FONT></TD></TR>
  <TR>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD>&nbsp;</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">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 and six-month periods ended June 30, 2022, the Company incurred expenses
in the amounts of US$154 and US$277, respectively (2021: US$185 and US$300, respectively).</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 includes:
(i) payment obligations, of which the funds will be used directly by the State of Minas Gerais and Institutions of Justice for socio-economic
and socio-environmental compensation projects; (ii) socioeconomic projects in Brumadinho and other municipalities; and (iii) compensation
of the environmental damage caused by the dam rupture.</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 0 10pt; text-align: justify">Measures (i) and (ii) will be carried out
directly by the Company for an average period of 5 years. Although the agreement specifies an amount for each project, the project execution
is under Vale's responsibility and changes in the original budget and deadlines may have an impact in the provision. In addition, despite
the amount set by Global Settlement to carry out the environmental recovery actions, it has no cap due to the Company's legal obligation
to fully repair the environmental damage caused by the dam rupture. Therefore, despite the fact Vale is monitoring this provision, the
amount recorded could materially change depending on several factors that are not under the Company&rsquo;s control.</P>

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<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$191 thousand (R$1 million) per fatal victim. Vale is defending itself on the lawsuits and understands that the likelihood of loss
is possible.</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 Comiss&atilde;o de Valores Mobili&aacute;rios (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$344 (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$745 (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>


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<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"><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">On April 28, 2022, SEC filed a suit against Vale
alleging violations of U.S. securities laws arising from Vale&rsquo;s disclosures about its dam safety management, including the dam at
Brumadinho. The SEC could seek the imposition of civil monetary penalties, disgorgement and other relief within the SEC&rsquo;s authority
in a lawsuit filed in a federal court. Vale believes that its disclosures did not violate U.S. law and will contest such allegations.
Considering that the lawsuit is in its initial phase, it is not yet possible to reliably estimate the amount of a possible 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">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. Currently, it is not possible to reliably estimate the amount of a possible 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 Brazilian
Federal Police concluded an investigation on potential criminal liability for the Brumadinho dam rupture. The investigation has been sent
to the Federal Public Prosecutors (&ldquo;MPF&rdquo;), which has not brought criminal charges against Vale. The MPF and the Brazilian
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_028"></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
Renova Foundation, 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 Renova
Foundation 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;Tac Gov Agreement&rdquo;), improving the governance mechanism of Renova Foundation 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 Tac Gov Agreement
and Renova&rsquo;s bylaws, Renova Foundation 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>


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<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; 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 Renova Foundation.</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 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 as of June 30, 2022 is recognized based on the assumption that Samarco
does not have the capacity to generate cash enough to make all cash contributions to the Renova Foundation.</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, the ongoing discussions in the context
of the RJ may lead to the loss of deductibility of part of the expenses incurred with the Renova Foundation and of the deferred taxes
over the total provision, depending on the method determined for restructuring Samarco's debts. As of June 30, 2022, the exposure is US$1,565
(R$8,198 million), of which US$480 (R$2,516 million) are 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 is working in the perspective that the
mechanisms resulting from the RJ will continue allowing 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 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"><FONT STYLE="background-color: white"><B>b)
</B></FONT><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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="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>Balance at January 1,</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Additional provision</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">89</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">560</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">Disbursements</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">-</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">(137)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Present value adjustment</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">(17)</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">(71)</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">Translation adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">202</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">65</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at June 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>3,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>2,491</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="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">Current liabilities</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">1,783</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">1,785</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">1,603</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="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>Liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>3,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; background-color: white">During the second quarter
of 2022, Renova Foundation reviewed the assumptions used on the preparation of the estimates incorporated into the mitigation and compensation
programs mainly due recent judicial decisions increasing the scope of some TTAC programs. The periodic review, resulted in an additional
provision of US$89 (2021: US$560), which corresponds to its portion of the responsibility to support Renova Foundation.</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>d) 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 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 June 30, 2022, Vale has a provision for de-characterization of Germano tailings dam in the amount of
US$195 (2021: US$202).</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>e) 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">In addition to the provision, Vale S.A. made available
US$21 during the six-month period ended June 30, 2021, 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;. In
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>


<!-- Field: Page; Sequence: 40 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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>f) 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></U></I></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(f.i) Public Civil Action filed by the Federal
Government and others and public civil action filed by the Federal Public Prosecutors (&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; background-color: white">The Tac Gov Agreement estates
a possible renegotiation of Renova Foundation's reparation programs upon the completion of studies carried by specialists. This issue
motivated the request for the resumption of the Public Civil Action, by the MPF.</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">In October 2020, the MPF requested the resumption
of its public civil action of US$30 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.</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 current quarter, the Company has made significant progress
in the negotiations with the relevant authorities to sign an agreement which would provide a stable framework for the execution of reparation
and compensation programs. Although it is not possible to determine at this time, the Company expects to reach an agreement in the foreseeable
future and, based on the current terms under discussion, it would not result in any additional provision.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&#8195;</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><I><U>(f.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>g) 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
negotiated with insurers the indemnification payments based on its general liability policies. As of June 30, 2021, the Company received
US$33, which was recorded as a gain in the income statement as &ldquo;Equity results and other results in associates and joint ventures&rdquo;.
The Company did not receive any further insurance in 2022 and does not expect to receive any material amounts in the future.</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_029"></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 laws and regulations that
requires the decommissioning of the assets and mines sites at the end of the operation and, therefore, decommissioning expenditures are
incurred predominantly when the Company ceases the operating activities. 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="color: #00807A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">a) De-characterization of upstream and centerline 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">As a result of the Brumadinho dam rupture (note 21),
the Company has decided to speed up the plan to &ldquo;de-characterize&rdquo; all of 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, thus, the provision to execute decommissioning of dams in Canada is recognized
as &ldquo;Asset retirement obligations and environmental obligations&rdquo;, 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>


<!-- Field: Page; Sequence: 41 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt Times New Roman, Times, 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; margin: 0; text-align: justify">Thus, in February 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 Times New Roman, Times, 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>
    <TD STYLE="width: 70%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Additional provision</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">37</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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Disbursements</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(152)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(163)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Present value adjustment</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(104)</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(43)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustment</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">240</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">72</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at June 30,</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>3,544</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>2,155</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&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"><B>June 30, 2022</B></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"><B>December 31, 2021</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</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">474</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">451</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">3,070</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>3,544</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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$161 for the period ended June 30, 2022 (2021: US$193). The Company is working on legal and technical measures
to resume all operations at full capacity.</P>

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

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

<P STYLE="color: navy; font: bold 9pt Arial, 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="3" STYLE="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="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="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="width: 40%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="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; color: black"><B>Liability by geographical area</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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; color: black">1,382</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; color: black">1,398</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; color: black">6.01%</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; color: black">5.48%</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; color: black">2119</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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; color: black">1,602</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; color: black">2,727</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; color: black">1.31%</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; color: black">0.00%</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; color: black">2151</FONT></TD></TR>
  <TR>
    <TD STYLE="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="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; color: black">123</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; color: black">123</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; color: black">4.21%</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; color: black">3.03%</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; color: black">2035</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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; color: black">70</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; color: black">77</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; color: black">4.48%</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; color: black">4.20%</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; color: black">2061</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">209</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="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; color: black">0.01 - 2.23%</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; color: black">0.00 - 7.79%</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; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="white-space: nowrap; padding-left: 6.75pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>3,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="color: #007E7A; font: bold 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">Changes on the provisions in
the period</P>
<P STYLE="color: navy; font: bold 9pt Arial, 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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="border-top: #007E7A 1pt solid">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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="background-color: white">
    <TD STYLE="white-space: nowrap; width: 36%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="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; color: black"><B>4,283</B></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; color: black"><B>297</B></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; color: black"><B>4,580</B></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; color: black"><B>4,220</B></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; color: black"><B>302</B></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; color: black"><B>4,522</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 8.75pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Present value adjustment (i)</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; color: black">(1,159)</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; color: black">(4)</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; color: black">(1,163)</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; color: black">(213)</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; color: black">13</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; color: black">(200)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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; color: black">(42)</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; color: black">(28)</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; color: black">(70)</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; color: black">(22)</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; color: black">(17)</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; color: black">(39)</FONT></TD></TR>
  <TR>
    <TD STYLE="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="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; color: black">40</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; color: black">(1)</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; color: black">39</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; color: black">-</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; color: black">-</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; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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; color: black">33</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; color: black">18</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; color: black">51</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; color: black">92</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; color: black">11</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; color: black">103</FONT></TD></TR>
  <TR>
    <TD STYLE="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="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; color: black">(49)</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; color: black">(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; color: black">(51)</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; color: black">-</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; color: black">-</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; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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 June 30,</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>3,106</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>3,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>4,077</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>309</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>4,386</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <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; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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 obligations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>Asset retirement obligations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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 obligations</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="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; color: black">Current</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; color: black">106</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; color: black">112</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; color: black">218</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; color: black">72</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; color: black">98</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; color: black">170</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">3,000</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">168</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">3,168</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="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; color: black"><B>Liability</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>3,106</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>280</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>3,386</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
  </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) Mainly refers to the increase in the discount
rate of the asset retirement obligation in Canada, which increased from 0.00% to 1.31% in the six-month period ended June 30, 2022. The
adjustment in provision was recorded as 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>


<!-- Field: Page; Sequence: 42 -->
    <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 -->41<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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>c) 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 of US$604 as of June 30, 2022 (2021: US$605), in connection with the asset retirement obligations for its Base Metals operations.</P>

<P STYLE="font: 8pt Times New Roman, Times, 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="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><A NAME="a_030"></A>24. &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Provisions</P>

<P STYLE="color: navy; font: bold 9pt Arial, 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="3" 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: 8pt; color: black"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="3" 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: 8pt; color: black"><B>Non-current liabilities</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 44%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">109</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: 8pt; color: black">93</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: 8pt; color: black">1,124</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: 8pt; color: black">1,012</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Employee post-retirement obligations (note 26)</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: 8pt; color: black">106</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: 8pt; color: black">99</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: 8pt; color: black">1,353</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: 8pt; color: black">1,533</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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>&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: 8pt; color: black">574</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: 8pt; color: black">816</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: 8pt; color: black">-</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: 8pt; color: black">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 1.45pt; padding-left: 1.45pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Onerous contracts</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: 8pt; color: black">46</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: 8pt; color: black">37</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: 8pt; color: black">-</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: 8pt; color: black">874</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>835</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>2,477</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

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

<P STYLE="color: #007E7A; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><A NAME="a_031"></A>25.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Litigations</P>

<P STYLE="color: #007E7A; font: bold 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"><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>

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

<P STYLE="color: navy; font: bold 9pt 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">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="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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 June 30, 2022 is US$440 (2021: US$402). This proceeding
is guaranteed by a judicial deposit in the amount of US$509 recorded as of June 30, 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="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: navy; font: bold 10pt Calibri, Helvetica, Sans-Serif; 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="color: navy; font: bold 9pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 12pt/115% Times New Roman, Times, 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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 34%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="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>Tax litigation</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>Civil litigation</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>Labor litigation</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>Environmental litigation</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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>Total of litigation provision </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>Balance at December 31, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>456</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>358</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,105</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Additions and reversals, net</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: 4.25pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">24</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">32</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">6</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">64</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">Payments</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; 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">(26)</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">(25)</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>
    <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">(52)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Indexation and interest</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">14</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">28</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">14</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>
    <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">56</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">Translation adjustment</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">29</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">15</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">25</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">1</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">70</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Held for sale (note 14) </FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(7)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(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"><B>Balance at June 30, 2022</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>499</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>318</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>402</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,233</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">15</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">23</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">64</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">6</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">108</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">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">484</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">295</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">338</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1,125</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>499</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>318</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>402</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,233</B></FONT></TD></TR>
  <TR>
    <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; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>Tax litigation</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>Civil litigation</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>Labor litigation</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>Environmental litigation</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>Total of litigation provision </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>Balance at December 31, 2020</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>485</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>260</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>335</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>11</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,091</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Additions and reversals, net</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: 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; 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">46</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">1</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">44</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">Payments</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">-</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">(15)</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">(29)</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">(4)</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">(48)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Indexation and interest</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">3</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">10</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">23</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>
    <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">36</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">Acquisition of NLC (note 14a)</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">-</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">1</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">5</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>
    <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">6</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">19</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">11</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">17</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">47</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>Balance at June 30, 2021</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>505</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>266</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>397</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,176</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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">9</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">17</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">76</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>
    <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">102</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">Non-current liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">496</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">249</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">321</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">1,074</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>505</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>266</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>397</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,176</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">&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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">6,180</FONT></TD>
    <TD STYLE="text-align: right">&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">5,177</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">1,392</FONT></TD>
    <TD STYLE="text-align: right">&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">1,503</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="vertical-align: bottom">&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">530</FONT></TD>
    <TD STYLE="text-align: right">&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">516</FONT></TD></TR>
  <TR>
    <TD STYLE="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="vertical-align: bottom">&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">1,052</FONT></TD>
    <TD STYLE="text-align: right">&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">954</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>9,154</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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"></FONT></P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><FONT STYLE="font-weight: normal">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"></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.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$395 (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$86 (R$453 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"><BR>
<BR>
</FONT></P>


<!-- Field: Page; Sequence: 44 -->
    <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 -->43<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

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

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

<P STYLE="font: 12pt 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 STYLE="width: 66%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Tax litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">1,042</FONT></TD>
    <TD STYLE="text-align: right">&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">957</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Civil litigations </FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">118</FONT></TD>
    <TD STYLE="text-align: right">&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">100</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Labor litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">143</FONT></TD>
    <TD STYLE="text-align: right">&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">141</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Environmental litigations</FONT></TD>
    <TD STYLE="vertical-align: bottom">&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">25</FONT></TD>
    <TD STYLE="text-align: right">&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">22</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Total</B></FONT></TD>
    <TD STYLE="vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>1,328</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>1,220</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$2.2 billion in guarantees for its lawsuits, as an alternative to judicial
deposits.</P>

<P STYLE="font: 11pt Times New Roman, Times, 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_032"></A>26.&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Employee
post-retirement obligations</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 to retain and stimulate their
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 Matching program started
and the fair value estimate was based on the Company's share price and their respective ADRs at the grant date, which was R$95.87 and
US$20.03 per share. The Company will grant 1,437,588 shares for the new cycle (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; text-align: justify">&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 balance sheet</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0 0 0 14.2pt; text-align: justify; text-indent: -14.2pt">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="11" STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right">&nbsp;</TD></TR>
  <TR>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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>
    <TD STYLE="width: 34%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Other benefits</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Overfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Underfunded pension plans</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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"><B>Other benefits</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at beginning of the period</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>919</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>864</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Interest income</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">5</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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 STYLE="text-align: right">&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">58</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Changes on asset ceiling</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">240</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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 STYLE="text-align: right">&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">60</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Translation adjustment</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">59</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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 STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(63)</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Balance at end of the period</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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>1,223</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>919</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>
  <TR>
    <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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD COLSPAN="13" STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Amount recognized in the balance sheet</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Present value of actuarial liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(5,386)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(621)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,175)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(2,833)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(3,983)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(1,428)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Fair value of assets</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">6,609</FONT></TD>
    <TD STYLE="text-align: right">&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">337</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&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">3,752</FONT></TD>
    <TD STYLE="text-align: right">&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">3,779</FONT></TD>
    <TD STYLE="text-align: right">&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></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Effect of the asset ceiling</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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">(1,223)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(919)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(284)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(1,175)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(204)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(1,428)</B></FONT></TD></TR>
  <TR>
    <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></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Current liabilities</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 STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(65)</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(47)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">(52)</FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Non-current liabilities</FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(243)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,110)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(157)</FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1,376)</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Liabilities</B></FONT></TD>
    <TD>&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(284)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(1,175)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(204)</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>(1,428)</B></FONT></TD></TR>
  </TABLE>
<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt">&nbsp;</P>

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


<!-- Field: Page; Sequence: 45 -->
    <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 -->44<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="font: 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify; color: #00807A"><A NAME="a_033"></A><B>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 June 30,
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="color: navy; font: bold 9pt Arial, 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>
    <TD>&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD COLSPAN="5" STYLE="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>June 30, 2022</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="background-color: #EBF1DE">
    <TD STYLE="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="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; color: black"><B>1,319,727,671</B></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; color: black"><B>-</B></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; color: black"><B>1,319,727,671</B></FONT></TD></TR>
  <TR>
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Previ</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; color: black">411,270,356</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; color: black">-</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; color: black">411,270,356</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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; color: black">319,508,101</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; color: black">-</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; color: black">319,508,101</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="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; color: black">302,602,159</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; color: black">-</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; color: black">302,602,159</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="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; color: black">286,347,055</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; color: black">-</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; color: black">286,347,055</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt; color: black">Free floating</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; color: black">3,271,534,308</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; color: black">-</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; color: black">3,271,534,308</FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="background-color: white">
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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>4,591,261,979</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>4,591,261,991</B></FONT></TD></TR>
  <TR STYLE="background-color: #EBF1DE">
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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">407,778,072</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; border-bottom: #007E7A 1pt solid; text-align: right">&nbsp;</TD>
    <TD STYLE="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">407,778,072</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="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="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; border-bottom: #007E7A 2.25pt double; text-align: right">&nbsp;</TD>
    <TD STYLE="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$2,830 was recorded in shareholders' equity as &ldquo;Treasury shares used and cancelled&rdquo; for the six-month period
ended June 30, 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 July 28, 2022 (subsequent event), the Board of
Directors approved the cancellation of 220,150,800 common shares issued by the Company and held in treasury, without reducing the value
of its share capital.</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">On February 24,
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"><FONT STYLE="font-weight: normal">On July 28, 2022
(subsequent event), the Board of Directors approved the stockholder&rsquo;s remuneration in the total amount of US$3,000, which will be
paid in September 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"><FONT STYLE="font-weight: normal">On February 25,
2021, based on the Company&rsquo;s dividends policy, the Board of Directors approved the stockholder&rsquo;s remuneration in the amount
of US$3,972, which was fully paid on March 15, 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">On June 17, 2021,
the Board of Directors approved an additional stockholder&rsquo;s remuneration in the total amount of US$2,200, which was fully paid
on June 30, 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; 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 up to 18 months. These programs were concluded and the Company repurchased
178,815,500 common shares and their respective ADRs during the six-month period ended June 30, 2022, corresponding to US$3,251, of which
US$1,750 were acquired through wholly owned subsidiaries and US$1,501 by the Parent Company (2021: 93,088,200 shares, corresponding to
US$2,004). As of June 30, 2022, the subsidiaries hold 189,153,851 shares, corresponding to US$3,290, and the remaining shares were transferred
to the Parent Company.</P>

<P STYLE="font: 10pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">On May 16, 2022, the Company approved a new share
buyback program to repurchase 500,000,000 common shares and their respective ADRs over the next 18 months. During the six-month period
ended June 30, 2022, the Company repurchased 70,443,798 common shares and their respective ADRs, corresponding to US$1,133, of which US$606
were acquired through wholly owned subsidiaries and US$527 by the Parent Company.</P>

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


<!-- Field: Page; Sequence: 46 -->
    <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 -->45<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="font: 11pt/115% Calibri, Helvetica, Sans-Serif; margin: 0 0 10pt; color: #00807A"><B>&nbsp;</B></P>

<P STYLE="color: #00807A; font: bold 11pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify"><A NAME="a_034"></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>

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

<P STYLE="color: navy; font: bold 9pt Arial, Helvetica, Sans-Serif; margin: 0; text-align: justify">&nbsp;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="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"><B>Three-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; 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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; 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="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial result</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial result</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>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>140</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(269)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(8)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>180</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(203)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="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">126</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>
    <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">4</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">180</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>
    <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">(5)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</FONT></TD>
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    <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>
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    <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">(28)</FONT></TD>
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    <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>
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    <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>
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    <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">(22)</FONT></TD>
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    <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>
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    <TD STYLE="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>
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    <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>
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    <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">(98)</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">(11)</FONT></TD>
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    <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>
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    <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">(68)</FONT></TD>
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    <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></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
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    <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>
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    <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">(111)</FONT></TD>
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    <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>
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    <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>
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    <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">(81)</FONT></TD>
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    <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>
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    <TD STYLE="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;Norte Energia S.A.</FONT></TD>
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    <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>
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    <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">(32)</FONT></TD>
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    <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>
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    <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>
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    <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">(30)</FONT></TD>
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    <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>
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    <TD STYLE="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;Other</FONT></TD>
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    <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">19</FONT></TD>
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    <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>
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    <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>
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    <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>
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    <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>
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    <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>
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    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">83</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(7)</FONT></TD>
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    <TD STYLE="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">2</FONT></TD>
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    <TD STYLE="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">67</FONT></TD>
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    <TD STYLE="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">(4)</FONT></TD>
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    <TD STYLE="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">-</FONT></TD></TR>
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    <TD STYLE="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="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">83</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">(7)</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>
    <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">68</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">(4)</FONT></TD>
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    <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>
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    <TD STYLE="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;Other</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>
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    <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>
    <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">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">(1)</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>
    <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 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>Major stockholders</B></FONT></TD>
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    <TD STYLE="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>79</B></FONT></TD>
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    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(103)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>61</B></FONT></TD>
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    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>185</B></FONT></TD></TR>
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    <TD STYLE="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="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>
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    <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>
    <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">(103)</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>
    <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>
    <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">184</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</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">79</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>
    <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>
    <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">61</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>
    <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>
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    <TD STYLE="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>
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    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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</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>Total of continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>302</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(276)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(109)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>308</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(207)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>177</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Discontinued operation - Coal (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">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"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>302</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(276)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(109)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>308</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(252)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>179</B></FONT></TD></TR>
  </TABLE>

<P STYLE="margin-top: 0; margin-bottom: 0">&nbsp;</P>
<P STYLE="font: 8pt Calibri, Helvetica, Sans-Serif; margin: 0; text-align: justify">
<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;<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="11" STYLE="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"><B>Six-month period ended June 30,</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; 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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD COLSPAN="5" STYLE="border-bottom: #007E7A 1pt solid; white-space: nowrap; 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="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 28%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial result</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Cost and operating expenses</B></FONT></TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; width: 11%; padding-right: 2pt; padding-left: 2pt; text-align: right"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Financial result</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>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>275</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(465)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(23)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>341</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(329)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(8)</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="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">255</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>
    <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">(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">339</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>
    <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">(2)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Alian&ccedil;a Gera&ccedil;&atilde;o de Energia S.A.</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>
    <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">(53)</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>
    <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">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">(50)</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 STYLE="vertical-align: bottom">
    <TD STYLE="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="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>
    <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">(168)</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">(20)</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>
    <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">(90)</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">(6)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</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">1</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">(178)</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>
    <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>
    <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">(130)</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 STYLE="vertical-align: bottom">
    <TD STYLE="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;Norte Energia S.A.</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>
    <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">(63)</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>
    <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>
    <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">(54)</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 STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</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">19</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">(3)</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">(1)</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>
    <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">(5)</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; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt"><B>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">146</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(12)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">127</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(9)</FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI</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">146</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">(12)</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">(1)</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">127</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">(9)</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">(1)</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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;Other</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>
    <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>
    <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>
    <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>
    <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>
    <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 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>Major stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>157</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>182</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>114</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>82</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="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>
    <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>
    <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">182</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>
    <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>
    <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">81</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</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">157</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>
    <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>
    <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">114</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>
    <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 STYLE="vertical-align: bottom">
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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</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>Total of continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(477)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>158</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>582</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(338)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>73</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; padding-right: 2pt; padding-left: 2pt"><FONT STYLE="font-family: Calibri, Helvetica, Sans-Serif; font-size: 8pt">Discontinued operation - Coal (note 14)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">(95)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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">15</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>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>578</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(477)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>158</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>582</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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"><B>(433)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>88</B></FONT></TD></TR>
  </TABLE>

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


<!-- Field: Page; Sequence: 47 -->
    <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 -->46<!-- Field: /Sequence -->&nbsp;</P></DIV>
    <DIV STYLE="break-before: page; margin-top: 6pt; margin-bottom: 12pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="border-collapse: collapse; font: 11pt Calibri, Helvetica, Sans-Serif; width: 100%"><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; text-align: left; width: 50%; vertical-align: bottom"><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></TD><TD STYLE="border-bottom: rgb(0,126,122) 1pt solid; vertical-align: bottom; text-align: right; width: 50%">&nbsp;<IMG SRC="valedfifrs2q226k_002.jpg" ALT=""></TD></TR><TR STYLE="vertical-align: top; text-align: left"><TD STYLE="text-align: left; vertical-align: bottom">&nbsp;</TD><TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD></TR></TABLE></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)&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 Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD COLSPAN="5" STYLE="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="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="6" STYLE="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="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="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 31%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="white-space: nowrap; width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="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>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>81</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>61</B></FONT></TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">
    <TD STYLE="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="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">-</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">77</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">17</FONT></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>
    <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">74</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">39</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pelletizing companies (i)</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">-</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>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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>
    <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>
    <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>
    <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">37</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="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">-</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>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">20</FONT></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>
    <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>
    <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">19</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</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">-</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">4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">24</FONT></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>
    <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">1</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">1</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="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"><B>-</B></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"><B>35</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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"><B>-</B></FONT></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"><B>-</B></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"><B>18</B></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"><B>3</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;VLI </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">-</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">32</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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>
    <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>
    <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">16</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 STYLE="vertical-align: bottom">
    <TD STYLE="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;Other</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">-</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">3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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>
    <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>
    <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">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">3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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>Major stockholders</B></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"><B>296</B></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"><B>3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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"><B>37</B></FONT></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"><B>1,825</B></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"><B>4</B></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"><B>5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="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">284</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>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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">37</FONT></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">1,746</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>
    <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">5</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;Mitsui</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">-</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">3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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>
    <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>
    <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">4</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 STYLE="vertical-align: bottom">
    <TD STYLE="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="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">12</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>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</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>
    <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">79</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>
    <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 STYLE="vertical-align: bottom; 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>Pension plan</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>14</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>296</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>133</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>98</B></FONT></TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="font: 12pt Times New Roman, Times, Serif; width: 100%; border-collapse: collapse">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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>June 30, 2022</B></FONT></TD>
    <TD COLSPAN="3" STYLE="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="vertical-align: bottom">
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="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="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="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; width: 45%">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 1%">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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; 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="width: 1%; text-align: right">&nbsp;</TD>
    <TD STYLE="border-bottom: #007E7A 1pt solid; 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="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>Joint Ventures</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>205</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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>171</B></FONT></TD>
    <TD STYLE="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="vertical-align: bottom; text-align: right">&nbsp;</TD>
    <TD STYLE="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="vertical-align: bottom">
    <TD STYLE="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="white-space: nowrap">&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">142</FONT></TD>
    <TD STYLE="text-align: right">&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">171</FONT></TD>
    <TD STYLE="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="text-align: right">&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">393</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;MRS Log&iacute;stica S.A.</FONT></TD>
    <TD STYLE="white-space: nowrap">&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">35</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="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="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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;Other</FONT></TD>
    <TD STYLE="white-space: nowrap">&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">28</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="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="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom; 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>Associates</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&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"><B>13</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>129</B></FONT></TD>
    <TD STYLE="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="text-align: right">&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"><B>47</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="white-space: nowrap">&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">7</FONT></TD>
    <TD STYLE="text-align: right">&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">129</FONT></TD>
    <TD STYLE="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="text-align: right">&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">47</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Other</FONT></TD>
    <TD STYLE="white-space: nowrap">&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">6</FONT></TD>
    <TD STYLE="text-align: right">&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 STYLE="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="text-align: right">&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></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="white-space: nowrap">&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"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right">&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"><B>163</B></FONT></TD>
    <TD STYLE="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="text-align: right">&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"><B>267</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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">&nbsp;&nbsp;&nbsp;&nbsp;Bradesco</FONT></TD>
    <TD STYLE="white-space: nowrap">&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 STYLE="text-align: right">&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">163</FONT></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 STYLE="text-align: right">&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">265</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="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="white-space: nowrap">&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 STYLE="text-align: right">&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 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 STYLE="text-align: right">&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">2</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; 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>Pension plan</B></FONT></TD>
    <TD STYLE="white-space: nowrap">&nbsp;</TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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>
    <TD STYLE="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="white-space: nowrap; vertical-align: bottom">&nbsp;</TD>
    <TD STYLE="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>228</B></FONT></TD>
    <TD STYLE="text-align: right">&nbsp;</TD>
    <TD STYLE="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>463</B></FONT></TD>
    <TD STYLE="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="text-align: right">&nbsp;</TD>
    <TD STYLE="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="margin: 0pt"></P>

<P STYLE="font: 14pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"></P>

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

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

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

<P STYLE="margin: 0pt"></P>

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

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

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

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

<TABLE CELLPADDING="0" CELLSPACING="0" STYLE="font-size: 10pt; border-collapse: collapse; width: 100%">
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: center; font: 10pt Times New Roman, Times, Serif">Vale S.A.<BR>
    (Registrant) &nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt; width: 50%">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 3%"></TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; width: 47%"></TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date: July 28, 2022</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif">&nbsp;</TD>
    <TD STYLE="font: 10pt Times New Roman, Times, Serif; padding-left: 0in"></TD></TR>
  </TABLE>



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



<P STYLE="margin: 0pt"></P>



<P STYLE="margin: 0pt"></P>

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