<SEC-DOCUMENT>0001292814-22-004178.txt : 20221028
<SEC-HEADER>0001292814-22-004178.hdr.sgml : 20221028
<ACCEPTANCE-DATETIME>20221027183929
ACCESSION NUMBER:		0001292814-22-004178
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		8
CONFORMED PERIOD OF REPORT:	20220930
FILED AS OF DATE:		20221028
DATE AS OF CHANGE:		20221027

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:		221338596

	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>vale20221027_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"> October 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>

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

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



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

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

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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="margin: 0pt"></P>

<P STYLE="font: 20pt/112% Vale Sans,sans-serif; color: #747678; margin-top: 0pt; margin-bottom: 0pt; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt"><FONT STYLE="color: white"><IMG SRC="vale202210276k_001.jpg" ALT="">&nbsp;</FONT></FONT></P>

<P STYLE="font: 20pt/112% Vale Sans,sans-serif; margin: 0pt; color: #747678; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><FONT STYLE="color: white">V</FONT>
<FONT STYLE="color: #007E7A"></FONT></FONT></P>

<P STYLE="font: 20pt/112% Vale Sans,sans-serif; margin: 0pt; color: #747678; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><FONT STYLE="color: #007E7A">Vale&rsquo;s performance in Q3 2022</FONT></FONT></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 13pt 12pt 7.1pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="text-align: justify; margin: 0"><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: gray; letter-spacing: 0pt">Rio de Janeiro, October 27<SUP>th</SUP>,
2022.</FONT> <FONT STYLE="font-family: Vale Sans,sans-serif; color: #007E7A"><I>&ldquo;Our operational performance in the quarter was
solid across our portfolio, with iron ore production reaching 90Mt and nickel and copper greatly increasing volumes. While the world is
facing growing inflationary pressures, we remain focused on cost discipline and improving operational reliability. In Sudbury, our nickel
production reached the highest quarterly level since 1Q21. We have also made progress in growing our supply of low-carbon nickel and other
critical minerals for the energy transition. We have successfully delivered the first phase of the Copper Cliff Complex South Mine Project,
which will nearly double ore production at Copper Cliff Mine. We achieved an important milestone in safety by delivering on the commitment
to de-characterize 5 dams this year, totaling 12 structures so far, 40% of our program. We are delivering on our commitments to a safer
and more reliable company.&rdquo;</I></FONT><I><FONT STYLE="font-family: Vale Sans Light,sans-serif; color: #007E7A">,</FONT></I> <FONT STYLE="font-family: Vale Sans Light,sans-serif; color: gray; letter-spacing: 0pt">commented
Eduardo Bartolomeo, Chief Executive Officer.</FONT></P>

<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #828282; line-height: 112%"><B>Selected financial indicators</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: teal">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Net operating revenues</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">9,929</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">11,157</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">12,330</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Total costs and expenses (ex-Brumadinho and de-characterization of dams)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">(6,730)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">(6,504)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">(5,917)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Expenses related to Brumadinho event and de-characterization of dams</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">(336)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">(280)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">(161)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Adjusted EBIT from continuing operations </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">2,891</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">4,444</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">6,257</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Adjusted EBIT margin (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">29%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">40%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">51%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Adjusted EBITDA from continuing operations </FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">3,666</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">5,254</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">6,906</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Adjusted EBITDA margin (%)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">37%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">47%</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">56%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Proforma adjusted EBITDA from continuing operations&sup1;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">4,002</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">5,534</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">7,077</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Net income from continuing operations attributable to Vale's stockholders</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">4,455</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">4,093</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">5,477</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Net debt &sup2;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">6,980</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">5,375</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">2,207</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">Capital expenditures</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">1,230</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">1,293</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #828282; line-height: 112%">1,199</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: #828282; line-height: 112%">&sup1; Excluding expenses related to Brumadinho and donations associated with COVID-19.</FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: #828282; line-height: 112%">&sup2; Including leases (IFRS 16).</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 12pt/112% Arial,sans-serif; margin: 6pt 0 12pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #007E7A; font: 12pt/112% Arial,sans-serif; margin: 6pt 0 12pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Highlights</B></FONT></P>

<P STYLE="color: #0ABB98; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Business
Results</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Proforma adjusted EBITDA from continued operations of US$ 4.002 billion,
US$ 1.532 billion lower than 2Q22, mainly reflecting the decline in iron ore and nickel prices.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Free Cash Flow from Operations of US$ 2.164 billion, stable q/q, reaching
a cash conversion of 54% of the proforma EBITDA, versus 41% in 2Q22. The better cash conversion is mainly explained by the positive impact
of working capital in the quarter and the lower income tax paid. </FONT></TD></TR></TABLE>

<P STYLE="color: #0ABB98; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Disciplined
capital allocation </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Capital expenditures of US$ 1.230 billion, including growth and sustaining
investments, down US$ 63 million from 2Q22, mainly due to lower disbursement in Sol do Cerrado solar project due to equipment deliveries
last quarter.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Gross debt and leases of US$ 12.204 billion as of September 30, 2022,
US$ 404 million lower q/q, largely due to bank loans amortization (US$ 300 million). </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify">Expanded Net Debt of US$ 13.3 billion, following a revision of its concept to be more aligned with market
practices and better inform management on capital allocation decisions. The revision was to exclude operating and regulatory commitments
yet keeping the target leverage range of US$ 10-20 billion.</TD></TR></TABLE>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
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<P STYLE="color: #0ABB98; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Value
creation and distribution</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Dividends and interest on capital of US$ 3.1 billion paid in September,
as part of our Shareholder Remuneration Policy. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 6pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.5pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Share buyback 25% complete, with around 126 million shares</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>1</SUP></FONT>
<FONT STYLE="letter-spacing: 0pt">repurchased, for a total of US$ 1.9 billion, as of the date of this report.</FONT></TD></TR></TABLE>

<P STYLE="color: #0ABB98; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Focusing
and strengthening the core </B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Approval of the Bahodopi nickel project, in July. The project is expected
to start-up in 2025. The RKEF front of the project is a partnership between PTVI, Tisco &amp; Xinhai with 73 ktpy capacity. PTVI ownership
in the processing facility is 49%, and 100% of the mine. The mine will supply ore in accordance with PTVI equity stake in the JV. The
project estimated CAPEX is around US$2.2 billion<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; line-height: 150%"><SUP>2</SUP></FONT>
for the RKEF plant and around US$ 400 million for the mine.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Reorganization of base metals operations in Brazil to combine copper
and nickel assets into two entities, enabling more efficient processes and management. Both copper and nickel assets will continue to
be consolidated and wholly owned by Vale. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Approval for the construction of On&ccedil;a Puma&rsquo;s 2<SUP>nd</SUP>
furnace, with an investment of US$ 555 million for a capacity addition of 12-15 ktpy of nickel. The project is expected to come online
in 1H25. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 6.55pt"></TD><TD STYLE="width: 7.65pt"><FONT STYLE="font-family: Symbol">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Opening of the first phase of the C$ 945 million Copper Cliff Complex
South Mine Project in Sudbury, Canada. More than 12km of tunnels were developed to reunite the south and north shafts of Copper Cliff
Mine. Phase 1 is expected to nearly double ore production at Copper Cliff Mine, adding roughly 10 ktpy of contained nickel and 13 ktpy
of copper</FONT>.</TD></TR></TABLE>

<P STYLE="color: #0ABB98; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>New
pact with society</B></FONT></P>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">The upstream dam de-characterization program is 40% concluded. Since
2019, Vale has eliminated 12 structures, 5 in 2022. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Emergency-level removal of 5 dams in Minas Gerais. The structures also
received the declaration of stability (DCE), attesting the safety of the structures. Since the beginning of the year, 7 structures had
their emergency level revoked. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 7.1pt"></TD><TD STYLE="width: 7.1pt"><FONT STYLE="font-family: Symbol; letter-spacing: 0pt">&middot;</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Continued progress on the decarbonization agenda: </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 10.95pt"><FONT STYLE="letter-spacing: 0pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Sol do Cerrado solar project is commissioning, and its </FONT>electrification
will ramp up until July 2023<FONT STYLE="letter-spacing: 0pt">. The solar park is comprised of 17 sub-parks with an installed capacity
of 766 MWp, one of the largest solar energy projects in Latin America. The project meets 16% of Vale&rsquo;s electricity needs in Brazil
in 2025 and is part of the initiatives to reduce 33% of scopes 1 and 2 emissions by 2030.</FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 10.95pt"><FONT STYLE="letter-spacing: 0pt">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Vale and the Germany steelmaker Stahl-Holding-Saar signed a Memorandum
of Understanding to pursue solutions focused on carbon-neutral steelmaking process. Since 2021, Vale engaged with around 30 ironmaking
clients representing approximately 50% of company&rsquo;s Scope 3 emissions. </FONT></TD></TR></TABLE>

<TABLE CELLPADDING="0" CELLSPACING="0" WIDTH="100%" STYLE="color: gray; font: 10pt/112% Arial,sans-serif; letter-spacing: -0.1pt; margin-top: 6pt; margin-bottom: 12pt"><TR STYLE="vertical-align: top">
<TD STYLE="width: 10.35pt"></TD><TD STYLE="width: 10.95pt"><FONT STYLE="font-size: 12pt; letter-spacing: 0pt; line-height: 112%">-</FONT></TD><TD STYLE="text-align: justify"><FONT STYLE="letter-spacing: 0pt">Vale received in Brazil and Indonesia two battery-powered 72t off-road
trucks. Emissions from off-road trucks running on diesel represent about 9% of Vale&rsquo;s total scope 1 and 2 emissions. The electric
trucks do not emit CO<SUB>2</SUB> as they replace diesel with electricity from renewable sources. They also minimize the noise impact
to the surrounding communities.</FONT></TD></TR></TABLE>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt; line-height: 150%"><SUP>1</SUP></FONT>Related
to the April 2022 3rd buyback program for a total of 500 million shares. As reflected in our 3Q22 Financial Statement, until Sep 30, 2022,
the Company had repurchased approximately 119.6 million ordinary shares in the total amount of US$ 1.8 billion.</P>

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt; line-height: 150%"><SUP>2</SUP></FONT>
100% basis. Excluding contingency.</P>

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<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 0">Adjusted EBITDA</P>

<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,929</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,157</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">12,330</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6,301)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5,950)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5,472)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">SG&amp;A</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(119)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(127)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(114)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Research and development</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(170)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(151)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(135)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(89)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(111)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(165)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Expenses related to Brumadinho event &amp; de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(336)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(280)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(161)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Expenses related to COVID-19 donations</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(10)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other operational expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(51)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(165)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(21)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dividends and interests on associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">28</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">71</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBIT from continuing operations </B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2,891</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,444</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,257</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation, amortization &amp; depletion</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">775</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">810</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">649</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,666</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,254</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,906</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Proforma Adjusted EBITDA from continuing operations&sup1;</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,002</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,534</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>7,077</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Discontinued operations - Coal</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">32</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBITDA total</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,666</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,254</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,938</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Proforma Adjusted EBITDA total&sup1;</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,002</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,534</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>7,109</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; line-height: 112%">&sup1; Excluding expenses related to Brumadinho and COVID-19 donations.</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 49%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 18%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Proforma
EBITDA - 3Q22 vs. 2Q22</B></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: center"><IMG SRC="vale202210276k_003.jpg" ALT=""></P>

<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 4 -->
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<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Sales
&amp; price realization</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Volume sold - Minerals and metals</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 46%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>&lsquo;000 metric tons</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 18%; padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">65,381</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">62,769</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">66,185</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">ROM</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,668</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,550</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">540</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pellets</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8,521</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8,843</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8,037</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Nickel</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">44</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">39</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">42</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">71</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">52</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">65</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gold as by-product ('000 oz)</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">79</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">62</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">92</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Silver as by-product ('000 oz)</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">346</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">391</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">210</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">PGMs ('000 oz)</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">65</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">46</FONT></TD>
    <TD STYLE="padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cobalt (metric ton)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">569</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">450</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; padding-left: 10.8pt; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">538</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Average realized prices</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>&nbsp;</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$/metric ton</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines Vale CFR reference (dmt)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">103.3</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">137.9</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">162.9</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines Vale CFR/FOB realized price</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">92.6</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">113.3</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">127.2</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pellets CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">194.3</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">201.3</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">249.9</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Nickel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">21,672</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">26,221</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">18,211</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6,479</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6,411</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,933</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gold (US$/oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,748</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,884</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,798</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Silver (US$/oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">21</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">24</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cobalt (US$/t)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">49,228</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">81,915</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">56,859</FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; line-height: 112%">&sup1; Considers operations in Salobo, Sossego and North Atlantic. </FONT></TD></TR>
  <TR>
    <TD STYLE="width: 45%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Costs
</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>COGS by business segment</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 46%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 18%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 18%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 18%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Ferrous Minerals</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">4,317</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">4,248</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">4,106</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Base Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,882</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,424</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,187</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">102</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">278</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">179</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total COGS of continuing operations&sup1;</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,301</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,950</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,472</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">752</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">777</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">603</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>COGS of continuing operations, ex-depreciation</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,549</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,173</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,869</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; line-height: 112%">&sup1; COGS currency exposure in 3Q22 was as follows: 50.9% USD, 42.0% BRL, 6.8% CAD and 0.3% Other currencies.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Expenses</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Operating expenses</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">SG&amp;A</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">119</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">127</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">114</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;Administrative</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">103</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">103</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">90</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Personnel</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">42</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">44</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">29</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Services</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">28</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">30</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">29</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">9</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">12</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">11</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">24</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">17</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">21</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;Selling </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">16</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">24</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">24</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">R&amp;D</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">170</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">151</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">135</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">89</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">111</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">165</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Expenses related to Brumadinho event and de-characterization of dams</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">336</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">280</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">161</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Expenses related to COVID-19 donations</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other operating expenses</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">51</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">165</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">21</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total operating expenses</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>765</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>834</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>606</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">23</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">33</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">46</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Operating expenses, ex-depreciation</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>742</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>801</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>560</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 47%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 19%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 9%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 5 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Brumadinho</B></FONT></P>

<P STYLE="color: #818181; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Impact of
Brumadinho and De-characterization in 3Q22 </B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: teal">
    <TD STYLE="white-space: nowrap; width: 42%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 14%">
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Provisions
    balance </FONT></P>
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">30jun22</FONT></P></TD>
    <TD STYLE="width: 11%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%">EBITDA impact</FONT></TD>
    <TD STYLE="width: 11%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%">Payments</FONT></TD>
    <TD STYLE="width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%">FX and other adjustments<SUP>2</SUP></FONT></TD>
    <TD STYLE="width: 10%">
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">Provisions
    balance </FONT></P>
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">30sep22</FONT></P></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">De-characterization</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">3,544</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">35</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(95)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(30)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">3,454</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">Agreements &amp; donations&sup1;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">3,680</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">141</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(423)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(167)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">3,231</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>7,224</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>176</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>(518)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>(197)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>6,685</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">Incurred Expenses</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">160</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(160)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>7,224</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>336</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>(678)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>(197)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>6,685</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="white-space: nowrap">
    <P STYLE="color: #818181; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&sup1;
    Includes Integral Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works.</FONT></P>
    <P STYLE="color: #818181; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2
    </SUP>Includes foreign exchange, present value and other adjustments.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #818181; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Impact of
Brumadinho and De-characterization from 2019 until 3Q22</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: teal">
    <TD STYLE="white-space: nowrap; width: 39%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 16%">
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">EBITDA</FONT></P>
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">impact</FONT></P></TD>
    <TD STYLE="width: 16%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%">Payments</FONT></TD>
    <TD STYLE="width: 13%">
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">PV
    &amp; FX </FONT></P>
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><FONT STYLE="letter-spacing: 0pt">adjust
    &sup2;</FONT></P></TD>
    <TD STYLE="width: 16%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%">Provisions balance 30/sep/22</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">De-characterization</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">5,038</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(1,036)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(548)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">3,454</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">Agreements &amp; donations&sup1;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">8,524</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(4,714)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(579)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">3,231</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>Total Provisions</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>13,562</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>(5,750)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>(1,127)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>6,685</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">Incurred expenses</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">2,327</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">(2,327)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">Others</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">122</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>16,011</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>(8,077)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>(1,127)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; letter-spacing: 0pt; line-height: 112%"><B>6,685</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="5" STYLE="white-space: nowrap">
    <P STYLE="color: #818181; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&sup1;
    Includes Integral Reparation Agreement, individual, labor and emergency indemnifications, tailing removal and containment works.</FONT></P>
    <P STYLE="color: #818181; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&sup2;
    Includes foreign exchange, present value and other adjustments</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="font: 10pt/112% Arial,sans-serif; color: #747678; margin-top: 6pt; margin-bottom: 0; letter-spacing: -0.1pt; text-align: center">&nbsp;<IMG SRC="vale202210276k_004.jpg" ALT=""></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 6 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 0">Net income</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Reconciliation of proforma EBITDA to net income</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 55%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>EBITDA Proforma</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,002</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,534</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>7,109</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Brumadinho event and de-characterization of dams &amp; COVID-19 donations</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(336)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(280)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(171)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">EBITDA Coal (Discontinued operation)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">32</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,666</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,254</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,906</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Impairment &amp; disposal of non-current assets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(82)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(63)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Dividends received</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(28)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(71)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(5)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Equity results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">89</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(108)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">99</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">2,347</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">821</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(350)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(804)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(911)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(461)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Depreciation, depletion &amp; amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(775)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(810)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">(649)</FONT></TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>Net income from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>4,455</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>4,093</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>5,477</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Financial results</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Financial expenses</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(221)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(372)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(240)</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Gross interest</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(140)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(162)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(156)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Capitalization of interest</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">14</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(48)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(188)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(81)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Financial expenses (REFIS)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(42)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(39)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(17)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Financial income</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>141</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>137</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>90</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Shareholder Debentures</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>470</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>537</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>152</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Financial Guarantee</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>356</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(34)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Derivatives&sup1;</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>190</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(270)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(458)</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Currency and interest rate swaps</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">232</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(287)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(472)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Others (commodities, etc)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(42)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">14</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Foreign Exchange</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>201</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>464</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>372</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Reclassification of cumulative translation adjustment on to income statement</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,608</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>10</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Monetary variation</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(42)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(31)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(242)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Financial result, net</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2,347</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>821</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(350)</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="6" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 7pt; color: gray; line-height: 112%">&sup1; The cash effect of the derivatives was a gain of US$ 100 million in 3Q22.</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 53%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Main factors
that affected net income for 3Q22 vs. 2Q22</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 39%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 12%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>US$ million</B></FONT></TD>
    <TD STYLE="width: 49%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>2Q22 Net income from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,093</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT> <FONT STYLE="font-size: 8pt; line-height: 112%">EBITDA proforma</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,532)</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Lower iron ore and nickel prices.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT> <FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">Brumadinho event and de-characterization of dams &amp; COVID-19 donations</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(56)</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT> <FONT STYLE="font-size: 8pt; line-height: 112%">Impairment &amp; disposal of non-current assets</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">42</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT> <FONT STYLE="font-size: 8pt; line-height: 112%">Dividends received</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">43</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT> <FONT STYLE="font-size: 8pt; line-height: 112%">Equity results</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">197</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Better results in pelletizing joint-ventures, MRS and VLI.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT> <FONT STYLE="font-size: 8pt; line-height: 112%">Financial results</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,526</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Reclassification of the cumulative translation adjustment of US$ 1.543 billion after the capital reduction of a wholly-owned subsidiary.</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT> <FONT STYLE="font-size: 8pt; line-height: 112%">Income taxes</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">107</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT> <FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation, depletion &amp; amortization</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">35</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3E0D6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>3Q22 Net income from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,455</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="3" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Symbol; font-size: 8pt; line-height: 112%">D</FONT><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; line-height: 112%">: difference between 3Q22 and 2Q22 figures</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>&nbsp;</B></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 0; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 7 -->
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<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 0">CAPEX</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Growth and sustaining projects execution</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 34%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Growth projects</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>375</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>30.5</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>449</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>34.7</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>285</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>23.8</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Ferrous Minerals</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">200</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">16.3</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">199</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">15.4</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">136</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11.3</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Base Metals</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">81</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.6</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">90</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7.0</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">113</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9.4</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">19</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1.5</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.7</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.4</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">62</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.0</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">81</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.3</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">108</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9.0</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Energy and others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">94</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7.6</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">160</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">12.4</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">36</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3.0</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Sustaining projects</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>855</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>69.5</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>844</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>65.3</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>914</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>76.2</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Ferrous Minerals</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">497</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">40.4</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">477</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">36.9</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">583</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">48.6</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Base Metals</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">341</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">27.7</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">343</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">26.5</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">325</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">27.1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">288</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">23.4</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">293</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22.7</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">290</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">24.2</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">53</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.3</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">50</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3.9</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">35</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2.9</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Energy and others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1.4</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">24</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1.9</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.5</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,230</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100.0</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,293</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100.0</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,199</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100.0</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 18pt 0 0">Growth projects</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Investments
in growth projects under construction totaled US$ 375 million in 3Q22, 16% lower q/q, mainly driven by lower disbursements at the Sol
do Cerrado project due to equipment deliveries last quarter.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Sol do Cerrado,
one of the largest solar energy projects <FONT STYLE="color: gray; letter-spacing: 0pt">in Latin America</FONT>, started the commissioning
in October and is anticipated to be fully operating in July 2023. The project has an <FONT STYLE="color: gray; letter-spacing: 0pt">installed
capacity of 766 MWp.</FONT></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Vale&rsquo;s
Board of Directors approved the construction of the On&ccedil;a Puma second furnace and its supporting infrastructure. The furnace is
expected to start-up in 1H25, adding 12-15 ktpy to the current nickel capacity of 25 ktpy.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Bahodopi nickel
project in Indonesia was approved and it is expected to start-up in 2025. The RKEF plant front is a partnership between PTVI, Tisco &amp;
Xinhai with 73 ktpy capacity. PTVI ownership in processing facility is 49% and 100% of the mine that will supply the ore in accordance
with its equity stake in the JV. The project estimated capex is US$ 2.2 billion<FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #747678; letter-spacing: -0.1pt; line-height: 150%"><SUP>3</SUP></FONT>
for the RKEF plant and around US$ 400 million for the mine.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Vale and Ningbo
Zhoushan Port Company Limited decided to terminate the West III Project due to the change of Chinese national policies. The West III project
consisted of expanding the Shulanghu port facilities in China.</P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="line-height: 112%"><B>Growth
projects progress indicator</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; letter-spacing: -0.1pt; line-height: 150%"><SUP>4</SUP></FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 8.2pt; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Projects</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Capex 3Q22</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Physical progress</B></FONT></TD>
    <TD STYLE="width: 44%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Ferrous Minerals </B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Northern
    System 240 Mtpy</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    10 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H22</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 772 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">23</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">62%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">85%<SUP>2</SUP></FONT></TD>
    <TD>
    <P STYLE="color: gray; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">Project
    has been almost fully commissioned. Silos at the train load out area are expected to be completed by Jan/23.</FONT></P>
    <P STYLE="color: gray; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>
    <P STYLE="color: gray; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">In
    the logistics front, the environmental license is required for implementation of remaining scope of EFC. The works at the Ponta da Madeira
    Maritime Terminal are on schedule.</FONT></P></TD></TR>
  </TABLE>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt; line-height: 150%"><SUP>3</SUP></FONT>
<FONT STYLE="letter-spacing: 0pt">100% basis. Excluding contingency</FONT></P>

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt; line-height: 150%"><SUP>4</SUP></FONT>
<FONT STYLE="letter-spacing: 0pt">Pre-operating expenses included in the total estimated capex information, in line with Vale&rsquo;s
Board of Directors approvals.</FONT></P>
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<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 8.2pt; font-size: 10pt">
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="width: 26%; border-bottom: #BFBFBF 1pt solid">
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Capanema&rsquo;s
    Maximization</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    18 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H24</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 913 MM</I></FONT></P></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">29</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">11%</FONT></TD>
    <TD STYLE="width: 10%; border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">21%</FONT></TD>
    <TD STYLE="width: 44%; border-bottom: #BFBFBF 1pt solid">
    <P STYLE="color: gray; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">Work
    continues on the crushing circuit with concrete work completed at secondary and tertiary crushing. Earthworks have been completed at the
    primary crusher site. Electromechanical assembly of the screening plant has begun.</FONT></P>
    <P STYLE="color: gray; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P>
    <P STYLE="color: gray; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">Construction
    and assembly was initiated on the long-distance conveyors and the stackers and reclaimers at Capanema site. </FONT></P></TD></TR>
  <TR STYLE="background-color: white">
    <TD>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Serra
    Sul 120 Mtpy<SUP>3</SUP></B></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    20 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H25</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 1,502 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">55</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">23%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">31%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Earthworks have begun. The civil packages have been awarded and mobilization is in progress.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Briquettes
    Tubar&atilde;o</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    6 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H23 (Plant 1) and 2H23 (Plant 2)</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 182 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">27</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">41%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">53%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Installation of the two dryers is completed.&nbsp;&nbsp;Welding is in progress for the modules that make up the iron ore silos.</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Base Metals</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Salobo
    III</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    30-40 ktpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H22</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 1,056 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">60</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">82%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">98%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">The primary crushing circuit has been fully commissioned.&nbsp;&nbsp;Hot commissioning of the conveyor system, secondary crushing and grinding circuits is well advanced. Wet commissioning of the flotation circuit is also underway</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>On&ccedil;a
    Puma 2<SUP>nd</SUP> Furnace</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    12-15 ktpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H25</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 555 MM</I></FONT></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; line-height: 112%">1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; line-height: 112%">3%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; line-height: 112%">0<FONT STYLE="color: gray; letter-spacing: 0pt">%</FONT></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Project was approved by Board of Directors in September 2022 and is currently advancing the major work packages.</FONT></TD></TR>
  <TR STYLE="vertical-align: top; background-color: white">
    <TD COLSPAN="5">
    <P STYLE="color: #A6A6A6; font: 7pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    CAPEX disbursement until end of 3Q22 vs. CAPEX expected. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    Considering mine-plant-logistics project front physical progress.</FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>3</SUP>
    The project consists of increasing the S11D mine-plant capacity by 20 Mtpy.</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 6pt 0 0">Sustaining projects</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 12pt; letter-spacing: -0.1pt; text-align: justify">Investments
in sustaining our operations totaled US$ 855 million in 3Q22, in line with 2Q22.</P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="line-height: 112%"><B>Sustaining
projects progress indicator</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; letter-spacing: -0.1pt; line-height: 150%"><SUP>5</SUP></FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; margin-bottom: 8.2pt; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Projects</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Capex 3Q22</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Financial progress<SUP>1</SUP></B></FONT></TD>
    <TD STYLE="width: 10%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Physical progress</B></FONT></TD>
    <TD STYLE="width: 44%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Ferrous Minerals </B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Gelado</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    10 Mtpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    2H22</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 428 MM</I></FONT></P></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">14</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">72%</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">97%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Commissioning at Gelado is near complete. The Gelado project is expected to start-up in 4Q22 with 5 Mtpy capacity in the initial years, as it requires Usina 1 conversion to dry processing to achieve full capacity (10 Mtpy).</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Base Metals</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid">
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Voisey&rsquo;s
    Bay Mine Extension</B></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capacity:
    45 ktpy</I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Start-up:
    1H21<SUP>2</SUP></I></FONT></P>
    <P STYLE="color: #747678; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><I>Capex:
    US$ 2,690 MM</I></FONT></P></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">137</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">67%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: gray; letter-spacing: 0pt; line-height: 112%">78%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Surface activities are well advanced with the port fuel tanks and Eastern Deeps mine fresh air infrastructure completed.&nbsp;&nbsp;Installation of the compressors systems for the paste plant is in progress.&nbsp;&nbsp;In the underground, the Reid Brook bulk Material Handling System is advancing on schedule. For Eastern Deeps, lateral development advancement remains the priority.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="5">
    <P STYLE="color: #A6A6A6; font: 7pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    CAPEX disbursement until end of 3Q22 vs. CAPEX expected. </FONT></P>
    <P STYLE="color: #A6A6A6; font: 7pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    In 2Q21, Vale achieved the first ore production of Reid Brook deposit, the first of two underground mines to be developed in the project.
    Eastern Deeps, the second deposit, has started to extract development ore from the deposit and is scheduled to start the main production
    ramp-up in the second half of 2023.</FONT></P>
    <P STYLE="color: gray; font: 7pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">&nbsp;</FONT></P></TD></TR>
  </TABLE>
<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="5" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Sustaining capex by type - 3Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 44%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Ferrous Minerals</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Base Metals</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Energy and others</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Enhancement of operations</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">248</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">159</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">407</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Replacement projects</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">20</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">138</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">158</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Filtration and dry stacking projects</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">66</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">66</FONT></TD></TR>
  </TABLE>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt; line-height: 150%"><SUP>5</SUP></FONT>
<FONT STYLE="letter-spacing: 0pt">Pre-operating expenses included in the total estimated capex column, in line with Vale&rsquo;s Board
of Directors approvals</FONT></P>
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<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="width: 44%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dam management</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">15</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">4</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">19</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other investments in dams and waste dumps</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">36</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">8</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">44</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Health and Safety</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">45</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">24</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">69</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Social investments and environmental protection</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">34</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">3</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">37</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Administrative &amp; Others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">33</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">5</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">55</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>497</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>341</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>17</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>855</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt">Free
cash flow </FONT></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">The Free Cash
Flow from Operations reached US$ 2.164 billion in 3Q22, only US$ 131 million lower than in 2Q22 despite the US$ 1.532 billion decrease
of the Proforma EBITDA.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">The main drivers
that allowed for a greater cash conversion in 3Q22 were: (i) working capital initiatives with improvement in days payable outstanding;
and (ii) lower income taxes paid (US$ 631million lower vs. 2Q22) as a result of the tax shield from the payment of interest on capital,
as part of the shareholders&rsquo; remuneration.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">The cash &amp;
cash equivalents position decreased by US$ 1.790 billion in the quarter as Vale distributed US$ 3.123 billion to shareholders and repurchased
US$ 686 million of its shares as part of the share buyback program.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify"><B>Free Cash
Flow 3Q22</B></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: center"><IMG SRC="vale202210276k_005.jpg" ALT=""></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 0">Debt</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Debt indicators</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 55%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Gross debt &sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>10,666</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>11,031</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>11,951</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Lease (IFRS 16)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,538</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,577</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,634</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Gross debt and leases</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>12,204</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>12,608</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>13,585</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cash, cash equivalents and short-term investments</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,224</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,233</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,378</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,980</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,375</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2,207</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Currency swaps&sup2;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">119</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">241</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">786</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Brumadinho provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,231</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,680</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4,356</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Samarco &amp; Renova Foundation provisions&sup3;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,954</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,191</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,061</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Expanded net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>13,284</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>12,487</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>9,410</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Average debt maturity (years)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9.1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8.7</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cost of debt after hedge (% pa)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.6</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Total debt / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.4</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net debt / adjusted LTM EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">33.7</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">38.1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">43.1</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="white-space: nowrap">
    <P STYLE="color: #A7A7A7; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Does not
    include leases (IFRS 16).<BR>
    &sup2; Includes interest rate swaps.</P>
    <P STYLE="color: #A7A7A7; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup3; Does not
    include provision for de-characterization of Germano dam in the amount of US$ 191 million in 3Q22, US$ 195 million in 2Q22 and US$ 202
    million in 3Q21.</P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Gross debt
and leases totaled US$ 12.204 billion as of September 30, 2022, US$ 404 million lower q/q, mainly due to bank loans amortization (US$
300 million).</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 0 0 12pt; letter-spacing: -0.1pt; text-align: justify"><B>Expanded
Net Debt concept revision</B></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">Vale revised the Expanded
Net Debt concept, seeking to be more aligned with market practices and have an indicator that better informs management on capital allocation
decisions. The revised Expanded Net Debt now encompasses: (i) net debt, lease (IFRS 16) and currency swaps, and (ii) the provisions for
the reparation of Brumadinho and Mariana, whose annual cash commitments are more concentrated in the early years. Operating and regulatory
commitments previously included, such as the Refis tax renegotiation program and the upstream dam de-characterization provision are now
excluded from the Expanded Net Debt concept. Those commitments are expected to have a more stable and longer annual cash outlays. The
Expanded Net Debt target range of US$ 10 billion to US$ 20 billion remains unchanged.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">Expanded net debt
increased by US$ 797 million q/q, to US$ 13.284 billion, mainly due to the US$ 3.1 billion paid to shareholders in dividends and interest
on equity and the US$ 686 million used to repurchase Vale&rsquo;s shares. This was partially offset by the non-cash positive effect of
the BRL depreciation on Brumadinho, Dam De-characterization and Samarco &amp; Renova provisions.</P>


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<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 0">Performance of the business segments</P>

<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Proforma Adjusted EBITDA from continuing operations, by business area</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 46%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 18%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 18%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 18%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Ferrous Minerals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,773</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,147</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,690</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,806</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,975</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,280</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">933</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,140</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,384</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other Ferrous Minerals</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">34</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">32</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">26</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Base Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>364</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>603</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>505</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">209</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">580</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">99</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">155</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">23</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">406</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(135)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(216)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(118)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,002</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,534</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>7,077</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Segment information 3Q22, as per footnote of financial statements</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>&nbsp;</I></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>&nbsp;</I></FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Expenses</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 32%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Net operating revenues</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Cost&sup1;</B></FONT></TD>
    <TD STYLE="width: 9%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>SG&amp;A and others&sup1;</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; border-top: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>R&amp;D&sup1;</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Pre operating &amp; stoppage&sup1;</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Dividends and interest received&nbsp;&nbsp;from associates and JVs</B></FONT></TD>
    <TD STYLE="width: 9%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Adjusted EBITDA</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Ferrous Minerals</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;7,827 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(3,891)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(47)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(49)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(72)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;5 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;3,773 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;6,053 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(3,095)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(44)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(46)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(63)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;1 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;2,806 </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;1,656 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(714)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(7)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(1)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(5)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;4 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;933 </FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Others ferrous</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;118 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(82)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;4 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(2)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(4)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;- </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;34 </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Base Metals</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;2,042 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(1,600)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(6)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(69)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(3)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;364 </B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Nickel&sup2;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;1,563 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(1,325)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;2 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(31)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;- </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;- </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;209 </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Copper&sup3;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;479 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(275)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(8)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(38)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(3)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;- </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;155 </FONT></TD></TR>
  <TR>
    <TD>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>Brumadinho event and
    </B></P>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>de-characterization
    of dams</B></P></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(336)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(336)</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;60 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(58)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(108)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(52)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;- </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;23 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(135)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;9,929 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(5,549)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(497)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(170)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(75)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;28 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;3,666 </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="8" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: #7F7F7F; line-height: 112%">&sup1; Excluding depreciation, depletion and amortization.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="8" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: #7F7F7F; line-height: 112%">&sup2; Including copper, by-products from our nickel operations and marketing activities.</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="8" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 7pt; color: #7F7F7F; line-height: 112%">&sup3; Including by-products from our copper operations.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>



<!-- Field: Page; Sequence: 13 -->
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<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 0">Ferrous Minerals</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Selected financial indicators - Ferrous Minerals</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net Revenues</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,827</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,025</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10,566</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Costs&sup1;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3,891)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3,771)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3,714)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">SG&amp;A and Other expenses&sup1;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(47)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(32)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(72)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(86)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(75)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">R&amp;D expenses</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(49)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(46)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(55)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dividends and interests on associates and JVs</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">71</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,773</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,147</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,690</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(442)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(497)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(408)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBIT</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,331</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,650</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,282</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBIT margin (%)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>42.6</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>51.5</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>59.5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: #A7A7A7; line-height: 112%">&sup1; Net of depreciation and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 58%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Ferrous Minerals EBITDA Variation 3Q22 vs 2Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Drivers</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; width: 28%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Prices</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;3,975 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;135 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(1,391)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;87 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(1,169)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;2,806 </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;1,140 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(38)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(72)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(97)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(207)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;933 </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;32 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(13)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;15 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;34 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Ferrous Minerals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;5,147 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;97 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(1,476)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;5 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(1,374)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;3,773 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 0 0 6pt; letter-spacing: -0.1pt; text-align: justify"><BR>
The 27% q/q EBITDA decline is largely explained by lower sales price (US$ 1.476 billion), driven by a 25% decrease of average iron ore
reference price.</P>

<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Revenues</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; width: 58%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Volume sold ('000 metric tons)</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Iron ore fines</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">65,381</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">62,769</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">66,185</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">ROM</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">3,668</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">1,550</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">540</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Pellets</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">8,521</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">8,843</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">8,037</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Share of premium products&sup1; (%)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">78%</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">77%</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">81%</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Average prices (US$/t)</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">&nbsp;&nbsp;&nbsp;Iron ore - 62% Fe reference price </FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">103.3</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">137.9</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">162.9</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Iron ore - Metal Bulletin 62% low alumina index</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">105.1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">141.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">164.7</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Iron ore - Metal Bulletin 65% index</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">115.8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">160.8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">190.4</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Provisional price at the end of the quarter</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">95.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">119.9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">117.1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Iron ore fines Vale CFR reference (dmt)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">103.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">128.9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">143.2</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Iron ore fines Vale CFR/FOB realized price</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">92.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">113.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">127.2</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Pellets CFR/FOB (wmt)</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">194.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">201.3</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">249.9</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Iron ore fines and pellets quality premium (US$/t)</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Iron ore fines quality premium</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.6</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1.1</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1.9</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Pellets weighted average contribution</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.0</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.2</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.7</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Total</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.6</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7.3</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.6</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net operating revenue by product (US$ million)</B></FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6,053</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,113</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8,418</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">29</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">29</FONT></TD>
    <TD STYLE="border-bottom: white 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,656</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,780</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,009</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">89</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">103</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">122</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;&nbsp;&nbsp;Total</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>7,827</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>9,025</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>10,566</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 7pt; color: gray; line-height: 112%"><SUP>1 </SUP>Pellets, Caraj&aacute;s (IOCJ), Brazilian Blend Fines (BRBF) and pellet feed. </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>

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<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 0 0 6pt; text-align: justify"><FONT STYLE="color: #747678">The share
of premium products in total sales totaled 78% in 3Q22. Iron ore premium totaled US$ 6.6/t (vs. US$ 7.3/t in 2Q22) due to lower market
premiums for low-alumina products and the absence of seasonal JV&rsquo;s dividends. The negative effect was partially offset by record
contractual pellet premiums and </FONT>a better mix of high-quality products, <FONT STYLE="color: #747678">with a larger share of blended
products.</FONT></P>

<P STYLE="color: #007E7A; font: 13pt/112% Arial,sans-serif; margin: 18pt 0 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Iron
ore fines, excluding Pellets and ROM</B></FONT></P>

<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Revenues
&amp; price realization</B></FONT></P>

<P STYLE="color: #7F7F83; font: bold 11pt/112% Arial,sans-serif; margin: 12pt 0 2pt; text-align: justify">Price realization iron ore fines
&ndash; US$/t, 3Q22</P>

<P STYLE="font: 10pt/112% Arial,sans-serif; color: #747678; margin-top: 6pt; margin-bottom: 0; letter-spacing: -0.1pt; text-align: center"><IMG SRC="vale202210276k_006.jpg" ALT=""></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">Vale&rsquo;s realized
price totaled US$ 92.6/t, US$ 20.7/t lower than in 2Q22, mainly explained by a lower average reference price (US$ 34.6/t). This was partially
offset by a lower impact of pricing system adjustments vs. Q2 (US$ 9.4/t), mainly due to a positive effect of lagged prices, with 13%
of sales priced at an average price of US$ 135.9/t vs. US$ 103.3/t average reference price in Q3.</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Iron Ore fines pricing system breakdown (%)</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 57%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Lagged</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">13</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">16</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">14</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Current</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">61</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">63</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">52</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Provisional</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">26</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">21</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">34</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: bold 12pt/112% Arial,sans-serif; margin: 6pt 0; text-transform: uppercase"><FONT STYLE="text-transform: none"><BR>
Costs</FONT></P>

<P STYLE="color: #7F7F7F; font: 11pt/150% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><B>Iron ore fines
cash cost and freight</B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 58%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Costs (US$ million)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Vale&rsquo;s iron ore fines C1 cash cost (A)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,489</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,520</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,475</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Third-party purchase costs&sup1; (B)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">343</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">302</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">397</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Vale&rsquo;s C1 cash cost ex-third-party volumes (C = A &ndash; B)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,146</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,218</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,078</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Sales Volumes (Mt)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Volume sold (ex-ROM) (D)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">65.4</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">62.8</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">66.2</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Volume sold from third-party purchases (E)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.2</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.5</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.8</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Volume sold from own operations (F = D &ndash; E)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">59.2</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">58.2</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">61.3</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Iron ore fines cash cost (ex-ROM, ex-royalties), FOB (US$ /t)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Vale&rsquo;s C1 cash cost ex-third-party purchase cost (C/F)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">19.4</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">20.9</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17.6</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Average third-party purchase C1 cash cost (B/E)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">55.3</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">66.6</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">81.9</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Vale's iron ore cash cost (A/D)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22.8</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">24.2</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22.3</FONT></TD></TR>
  </TABLE>

<!-- Field: Page; Sequence: 15 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-top: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Freight</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Maritime freight costs (G)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,230</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,053</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,062</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">% of CFR sales (H)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">84%</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">79%</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">80%</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Volume CFR (Mt) (I = D x H)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">54.9</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">49.4</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">53.0</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Vale's iron ore unit freight cost (US$/t) (G/I)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22.4</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">21.3</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">20.1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; line-height: 112%">&sup1; Includes logistics costs related to third-party purchases</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Iron ore COGS - 2Q22 x 3Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Drivers</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>&nbsp;</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; width: 28%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; border-top: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total variation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">C1 cash costs</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;1,520 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;60 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(60)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(31)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;1,489 </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Freight</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;1,053 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;120 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;57 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;177 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;1,230 </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Distribution costs</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;137 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;6 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;145 </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Royalties &amp; others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;261 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;10 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;- </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(30)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;231 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total costs before depreciation and amortization</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;2,971 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;196 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(60)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(12)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;124 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;3,095 </B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;334 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;13 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(47)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;(45)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;289 </FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;3,305 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;209 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(71)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;(59)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;80 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;3,384 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #7F7F83; font: bold 11pt/112% Arial,sans-serif; margin: 12pt 0 2pt; text-align: justify">C1 cash cost variation (excluding
3<SUP>rd</SUP> party purchases) &ndash; US$/t (3Q22 x 2Q22)</P>

<P STYLE="font: 10pt/112% Arial,sans-serif; color: #747678; margin-top: 12pt; margin-bottom: 12pt; letter-spacing: -0.1pt; text-align: center"><IMG SRC="vale202210276k_007.jpg" ALT=""></P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">Vale&rsquo;s
C1 cash cost, ex-third-party purchases, reduced by US$ 1.5/t q/q, mainly driven by (i) stronger production volumes in Q3 allowing for
higher dilution of fixed costs; (ii) positive effect of exchange rate; and (iii) seasonally lower demurrage costs. These effects were
partially offset by (i) consumption of inventories from Q2 with higher costs; and (ii) higher diesel costs as a lagged effect in Brazil.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt">The
effects from higher third-party purchases in Q3 were immaterial, as they were offset by lower iron ore prices. </FONT></P>

<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; text-align: justify">Vale's maritime freight cost was US$ 22.4/t
in 3Q22, US$ 1.1/t higher q/q. The increase was mainly driven by (i) a seasonally larger spot affreightment (+US$ 1.4/t), increasing the
average inventories costs consumed in the quarter; and (ii) a lagged effect of higher bunker fuel costs (+US$ 0.4/t) in the end of Q2,
partially offset by lower spot freight rates (-US$ 0.7/t). In line with the lag effect, the market bunker cost decrease noticed in the
end of Q3 will be recognize in the Q4 Vale&rsquo;s average freight cost.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">CFR sales totaled
54.9 Mt in 3Q22, increasing to 84% of total sales volumes, as a result of higher sales to China. Sales to China are predominantly CFR-based,
due to Vale&rsquo;s blending strategy and customers&rsquo; usual choice.</P>

<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>


<!-- Field: Page; Sequence: 16 -->
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<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Expenses</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 56%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ millions</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>SG&amp;A</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>14</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>16</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>18</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>R&amp;D</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>46</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>45</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>53</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Pre-operating and stoppage expenses</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>63</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>74</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>61</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Other expenses</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>30</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>32</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>13</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total expenses</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>153</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>167</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>145</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 6pt 0">Iron ore pellets</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; width: 34%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Pellets &ndash; EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 7%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 45%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net revenues / Realized prices</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,656 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,780 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,009 </FONT></TD>
    <TD>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Lower sales volumes (-4%
    q/q).</P>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Realized prices averaged
    US$ 194.3/t in 3Q22 (-US$ 6.9/t q/q), driven by a decline in the 65%Fe price index, which was partially offset by higher contractual pellet
    premium and positive effect of lagged prices.</P></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dividends from leased pelletizing plants</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">71 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0 </FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cash costs (Iron ore, leasing, freight, overhead, energy and other)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(714)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(707)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(612)</FONT></TD>
    <TD>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Mainly due to higher fuel
    costs and lower pellet feed availability (+US$ 59 million), partially offset by a positive exchange rate effect (-US$ 25 million).</P>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>
    <P STYLE="color: #747678; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">FOB sales totalled 57%
    of total sales (vs. 63% in 2Q22).</P></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pre-operational &amp; stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(10)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Expenses (Selling, R&amp;D and other)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(8)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>EBITDA</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>933 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,140 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,384 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>EBITDA/t</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>109 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>129 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>172 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 18pt 0 0">Iron ore fines and pellets cash break-even landed in
China<FONT STYLE="font-family: Arial,sans-serif; font-size: 13pt; line-height: 150%"><B><SUP>6</SUP></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$/t</I></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Vale's C1 cash cost ex-third-party purchase cost</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">19.4</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">20.9</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">17.6</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Third party purchases cost adjustments</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">3.4</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">3.3</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">4.7</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Vale's iron ore cash cost (ex-ROM, ex-royalties), FOB (US$ /t)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22.8</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">24.2</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22.3</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines freight cost (ex-bunker oil hedge)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22.4</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">21.3</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">20.1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines distribution cost</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2.2</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2.2</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1.2</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines expenses<SUP>1</SUP> &amp; royalties</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.8</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.9</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7.8</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines moisture adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.7</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.9</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.5</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines quality adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(0.6)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1.1)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1.9)</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Iron ore fines EBITDA break-even (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>57.3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>58.4</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>54.0</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines pellet adjustment</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6.0)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6.2)</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(4.7)</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Iron ore fines and pellets EBITDA break-even (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>51.3</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>52.2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>49.3</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Iron ore fines sustaining investments</FONT></TD>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.9</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6.8</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8.2</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD5">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Iron ore fines and pellets cash break-even landed in China (US$/dmt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>58.2</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>59.0</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>57.5</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: #A7A7A7; line-height: 112%">&sup2; Net of depreciation and includes dividends received. Including stoppage expenses.</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 16%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD></TR>
  </TABLE>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt; line-height: 150%"><SUP>6</SUP></FONT>
<FONT STYLE="letter-spacing: 0pt">Measured by unit cost + expenses + sustaining investment adjusted for quality. Does not include the
impact from the iron ore fines and pellets pricing system mechanism.</FONT></P>
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<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt">Base
Metals</FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="9" STYLE="background-color: white; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Base Metals EBITDA overview &ndash; 3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 11%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Sudbury</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Voisey&rsquo;s Bay &amp; Long Harbour</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>PTVI (site)</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>On&ccedil;a Puma</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Sossego</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Salobo</B></FONT></TD>
    <TD STYLE="width: 6%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="width: 9%">
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><B>Subtotal</B></P>
    <P STYLE="color: white; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: center"><B>Base Metals</B></P></TD>
    <TD STYLE="width: 9%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Marketing activities</B></FONT></TD>
    <TD STYLE="width: 8%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total Base Metals</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net Revenues</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">902</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">205</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">309</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">75</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">163</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">316</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(236)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,734</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">308</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,042</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Costs</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(826)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(183)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(202)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(46)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(94)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(181)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">229</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,303)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(297)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,600)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Selling and other expenses</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(2)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">R&amp;D</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(20)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(4)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(11)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(30)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(69)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(69)</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>EBITDA</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>51</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>17</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>103</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>28</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>56</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>128</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>(30)</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>353</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>11</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>364</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: #007E7A; font: 13pt/112% Arial,sans-serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Nickel
operations</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="6" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F83; line-height: 112%"><B>Selected financial indicators, ex- marketing activities</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net Revenues</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,255</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,262</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">780</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Costs&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,028)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(652)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(670)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">SG&amp;A and other expenses&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(12)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">57</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(52)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">R&amp;D expenses</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(31)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(26)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(20)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Adjusted EBITDA</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">198</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">572</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">95</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation and amortization</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(254)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(192)</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(145)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Adjusted EBIT</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(56)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">380</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(50)</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Adjusted EBIT margin (%)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(4.4)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">30.1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6.4)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; line-height: 112%">&sup1; Net of depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>EBITDA variation - US$ million (3Q22 x 2Q22)</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #F2F2F2 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Drivers</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 22%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Prices</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>By-products</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Nickel excl. marketing</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">572</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">61</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(288)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">64</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(211)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(374)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">198</FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="5" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>EBITDA by operations, ex-marketing activities </B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 31%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 6%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 51%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22 Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Sudbury&sup1;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">51 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">209 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(150)</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Decline q/q due to (i) lower nickel realized prices, (ii) higher consumption of third-party feed and (iii) temporary carry over effect of inventories from Q2 (maintenance period), which was partially offset by higher nickel sales volumes and by-product revenues.</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Voisey&rsquo;s Bay &amp; Long Harbour</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">125 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">112 </FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Decline q/q due to lower nickel realized prices partially offset by higher by-products credits</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">PTVI</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">103 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">163 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">125 </FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Decline q/q due to lower nickel prices and higher fuel costs, partially offset by higher nickel sales volumes</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">On&ccedil;a Puma</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">28 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">87 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">30 </FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Decline q/q due to lower nickel realized prices and sales volumes. </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Others&sup2;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(12)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(22)</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>198 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>572 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>95 </B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="5">
    <P STYLE="color: #A7A7A7; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Includes
    the Thompson operations and Clydach refinery.</P>
    <P STYLE="color: #A7A7A7; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Includes
    Japanese operations, intercompany eliminations, purchase of finished nickel. Hedge results have been relocated to each nickel business
    operation..</P></TD></TR>
  </TABLE>

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<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 18pt 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Revenues
&amp; price realization</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 56%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Volume sold ('000 metric tons)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Nickel&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">44</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">39</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">42</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">18</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gold as by-product ('000 oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Silver as by-product ('000 oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">152</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">198</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">34</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">PGMs ('000 oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">65</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">46</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cobalt (metric ton)</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">569</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">450</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">538</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Average realized prices (US$/t)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Nickel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">21,672</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">26,221</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">18,211</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,925</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6,240</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8,187</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gold (US$/oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,578</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,780</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,798</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Silver (US$/oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">15</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">19</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">24</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cobalt</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">49,228</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">81,915</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">56,859</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Net revenue by product - ex marketing activities (US$ million)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Nickel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">960</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,032</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">761</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">104</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">105</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gold as by-product (US$/oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">16</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">18</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Silver as by-product (US$/oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">2</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">PGMs</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">129</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">65</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(20)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cobalt</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">28</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">37</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">31</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">16</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">1</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(4)</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>1,255</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>1,262</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>780</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; line-height: 112%">&sup1; Nickel sales volumes were adjusted in the financial report to reflect VNC divestment</FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD COLSPAN="4" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Breakdown of nickel volumes sold, realized price and premium</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 57%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Volumes (kt)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Upper Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">25.1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">19.8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">22.6</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">- of which: EV Battery</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">1.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">1.0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">1.0</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Lower Class I nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">5.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">6.8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">6.0</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Class II nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">8.7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">11.1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">9.3</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Intermediates</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">5.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">1.7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">3.9</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Nickel realized price (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">LME average nickel price</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">22,063</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">28,940</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">19,125</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Average nickel realized price</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">21,672</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">26,221</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">18,211</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Contribution to the nickel realized price by category:</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Nickel average aggregate premium</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">190</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">100</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(120)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Other timing and pricing adjustments contributions&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(581)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(2,819)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(794)</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%"><B>Premium/discount by product (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Upper Class I nickel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">1,770</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">1,540</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">790</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Lower Class I nickel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">750</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">770</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">200</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Class II nickel</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(1,920)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(1,880)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(770)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Intermediates</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(4,310)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(6,100)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">(4,410)</FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; line-height: 112%">&sup1; Comprises (i) the Quotational Period effects (based on sales distribution in the prior three months, as well as the differences between the LME price at the moment of sale and the LME average price), with a negative impact of US$ 80 /t , (ii) fixed-price sales, with a positive impact of US$ 44/t (iii) the effect of the hedging on Vale&rsquo;s nickel price realization, with a negative impact of US$ 549/t&nbsp;&nbsp;&nbsp;in the quarter and (iv) other effects with a positive impact of US$ 4/t.</FONT></TD></TR>
  </TABLE>
<P STYLE="font: 10pt/112% Arial,sans-serif; color: gray; margin: 9pt 0pt 12pt; letter-spacing: -0.1pt; text-align: justify">Nickel realized
price in 3Q22 decreased 17% q/q mainly due to 24% lower LME nickel average price. This was partially offset by 90% higher nickel average
aggregate premium, largely attributed to (i) the higher proportion of Upper Class 1 products in the sales mix, following the resumption
of the refineries in North Atlantic and (ii) higher upper Class 1 premium on the back of a rise in market demand for non-Russian material.</P>

<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 2pt 0 12pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: gray; line-height: 112%">Timing
and pricing adjustments improved q/q mainly due to a shorter spread between market prices and nickel hedge</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #747678; letter-spacing: -0.1pt; line-height: 150%"><SUP>7</SUP></FONT>
<FONT STYLE="color: gray; line-height: 112%">strike price in the quarter (circa US$ 20,210/t).</FONT></P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 10pt Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="font-size: 8pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>7</SUP></FONT>
<FONT STYLE="font-size: 9pt">In 2022 we started the implementation of the Nickel Revenue Hedging Program for 2023. The nickel realized
price for 3Q22 was impacted by strike price in the quarter of circa US$ 20,210/t. The average price for the complete hedge position has
increased from US$ 23,117/t to US$ 25,113/t.</FONT></P>
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<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="6" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: gray; line-height: 112%"><B>Product type by operation</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>% of source sales</I></FONT></TD>
    <TD STYLE="width: 20%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>North Atlantic</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>PTVI</B></FONT></TD>
    <TD STYLE="width: 13%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>On&ccedil;a Puma</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total 3Q22</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total 2Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Upper Class I</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">76.3</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">56.7</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">50.3</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Lower Class I</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">15.7</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11.6</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17.2</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Class II</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2.4</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">43.5</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">100</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">19.6</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">28.1</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Intermediates</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.5</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">50.1</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">12.0</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.4</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 18pt 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Costs
</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Nickel COGS, excluding marketing activities - 3Q22 x 2Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #F2F2F2 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Drivers</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Volume</B></FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total variation</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Nickel operations</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">652</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">155</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(16)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">236</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">376</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,028</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">192</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">46</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(4)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">20</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">62</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">254</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD COLSPAN="2" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>844</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>201</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(20)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>256</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>438</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,282</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="11" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD COLSPAN="11" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Unit cash cost of sales by operation, net of by-product credits </B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$/t</I></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22 Comments</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Sudbury&sup1;,&sup2;</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">19,078</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">17,879</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">24,931</FONT></TD>
    <TD COLSPAN="5" STYLE="background-color: #F3F3F3; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Negatively impacted q/q by higher feed from third-party purchased in Q2 and processed in Q3, and temporary carry over effect of inventories from Q2 (maintenance period) partially offset by higher by products credits</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Voisey&rsquo;s Bay &amp; Long Harbour&sup2;</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">16,704</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">16,639</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,618</FONT></TD>
    <TD COLSPAN="5" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Flat q/q, as the consumption of a higher proportion of feed from Thompson at Long Habour and the VBME ramp-up were offset by higher by-products credits</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: #F2F2F2; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">PTVI</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,637</FONT></TD>
    <TD STYLE="background-color: #F3F3F3; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,876</FONT></TD>
    <TD COLSPAN="2" STYLE="background-color: #F3F3F3; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,813</FONT></TD>
    <TD COLSPAN="5" STYLE="background-color: #F3F3F3; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Relatively flat q/q as higher dilution of fixed costs and lower material costs offset the increase in fuel costs</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">On&ccedil;a Puma</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,882</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10,678</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10,928</FONT></TD>
    <TD COLSPAN="5" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Decreased q/q mainly due to higher dilution of fixed costs </FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="11">
    <P STYLE="color: silver; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Sudbury figures
    include Thompson and Clydach costs.</P>
    <P STYLE="color: silver; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; A large portion
    of Sudbury, including Clydach, and Long Harbour finished nickel production is derived from intercompany transfers, as well as from the
    purchase of ore or nickel intermediates from third parties. These transactions are valued at fair market value.</P></TD></TR>
  <TR>
    <TD STYLE="width: 23%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 8%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 11%">&nbsp;</TD>
    <TD STYLE="width: 15%">&nbsp;</TD>
    <TD STYLE="width: 10%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 18pt 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="font-size: 12pt; color: #0ABB98; letter-spacing: 0pt; line-height: 112%"><B>EBITDA
break-even</B><B><FONT STYLE="font-family: Arial,sans-serif; letter-spacing: 0pt; line-height: 150%"><SUP>8</SUP></FONT></B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 56%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$/t</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">COGS&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">23,214</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">16,591</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">16,040</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">By-product revenues&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6,663)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5,863)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(456)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">COGS after by-product revenues</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">16,551</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10,728</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">15,584</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other expenses </FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">705</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">592</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">334</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total Costs</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>17,256</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>11,320</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>15,918</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Nickel average aggregate premium (discount)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>190</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(120)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>EBITDA breakeven</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>17,066</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>11,220</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>16,038</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="4">
    <P STYLE="color: #A7A7A7; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Excluding
    marketing activities</P>
    <P STYLE="color: #A7A7A7; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Includes
    R&amp;D, sales expenses and pre-operating &amp; stoppage</P></TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: 13pt/112% Arial,sans-serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>
<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">
<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0 0 0 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 9pt; line-height: 150%"><SUP>8</SUP></FONT>
Considering only the cash effect of US$ 400/oz that Wheaton Precious Metals pays for 70% of Sudbury&rsquo;s gold by-product, nickel operations
EBITDA break-even would increase to US$ 17,224/t.</P>

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<P STYLE="color: #007E7A; font: 13pt/115% Arial,sans-serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #007E7A; font: 13pt/112% Arial,sans-serif; margin: 12pt 0 6pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Copper
operations &ndash; Salobo and Sossego</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F83; line-height: 112%"><B>Selected financial indicators - Copper operations, ex-marketing activities</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net Revenues</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">479</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">328</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">679</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Costs&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(275)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(268)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(242)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">SG&amp;A and other expenses&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(8)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pre-operating and stoppage expenses&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">R&amp;D expenses</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(38)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(31)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(23)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Adjusted EBITDA</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">155</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">23</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">406</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation and amortization</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(30)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(35)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(36)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Adjusted EBIT</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">125</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(12)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">370</FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Adjusted EBIT margin (%)</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">26.1</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3.7)</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">54.4</FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; line-height: 112%">&sup1; Net of depreciation and amortization</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 55%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 17%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="8" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>EBITDA variation - US$ million (3Q22 x 2Q22)</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD COLSPAN="4" STYLE="border-bottom: #F2F2F2 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Drivers</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 22%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Prices</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>By-products</B></FONT></TD>
    <TD STYLE="width: 11%; border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 10%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD></TR>
  <TR>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">23</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">102</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">132</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">155</FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="4" STYLE="background-color: white; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>EBITDA by operation</B></FONT></TD>
    <TD STYLE="white-space: nowrap; vertical-align: bottom; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 24%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 8%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 52%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Comments</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Salobo</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">128 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">110 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">270 </FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Increased q/q mainly due to lower unit cash costs, as Salobo plant performance improved in the quarter. </FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Sossego</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">56 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(65)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">154 </FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Increased q/q following the conclusion of extended SAG mill maintenance in 2Q22, resulting in lower costs, higher sales volumes and by-product revenues</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Others copper&sup1;</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(29)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(22)</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(18)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>155 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>23 </B></FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>406 </B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="4" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: #A7A7A7; line-height: 112%">&sup1; Includes US$ 29 million in research expenses related to the Hu&rsquo;u project in 3Q22.</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 18pt 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Revenues
&amp; price realization</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; width: 56%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Volume sold (000 metric tons)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Copper</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">53</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">35</FONT></TD>
    <TD STYLE="background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">62</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Gold as by-product</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">69</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">52</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">91</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Silver as by-product</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">194</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">193</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; background-color: white; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">176</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Average prices (US$/t)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Average LME copper price</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,745</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,513</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,372</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Average copper realized price</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,663</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,493</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>8,187</B></FONT></TD></TR>
  <TR>
    <TD STYLE="background-color: white; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gold (US$/oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,773</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,904</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,770</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Silver (US$/oz)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">19</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">26</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Revenue (US$ million)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">353</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">225</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">510</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gold as by-product</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">123</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">99</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">164</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Silver as by-product</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>479</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>328</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>678</B></FONT></TD></TR>
  </TABLE>

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<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 2pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt"><B>Price
realization &ndash; copper operations</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 56%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">US$/t</FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Average LME copper price</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,745</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,513</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,372</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Current period price adjustments&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(390)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,119)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(389)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper gross realized price</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,355</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8,394</FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8,983</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Prior period price adjustments&sup2;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(246)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,436)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(358)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Copper realized price before discounts</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>7,110</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,958</B></FONT></TD>
    <TD STYLE="border-bottom: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>8,625</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">TC/RCs, penalties, premiums and discounts&sup3;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(452)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(465)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(438)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Average copper realized price</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,663</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,493</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>8,187</B></FONT></TD></TR>
  <TR STYLE="vertical-align: top">
    <TD COLSPAN="4">
    <P STYLE="color: #747678; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup1; Current-period
    price adjustments: at the end of the quarter, mark-to-market of open invoices based on the copper price forward curve. Includes a small
    number of final invoices that were provisionally priced and settled within the quarter.</P>
    <P STYLE="color: #747678; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup2; Prior-period
    price adjustment: based on the difference between the price used in final invoices (and in the mark-to-market of invoices from previous
    quarters still open at the end of the quarter) and the provisional prices used for sales in prior quarters</P>
    <P STYLE="color: #747678; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&sup3; TC/RCs,
    penalties, premiums, and discounts for intermediate products</P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="color: gray">Vale&rsquo;s
copper products are sold on a provisional pricing basis</FONT><FONT STYLE="font-family: Arial,sans-serif; font-size: 10pt; color: #747678; letter-spacing: -0.1pt; line-height: 150%"><SUP>9</SUP></FONT>
<FONT STYLE="color: gray">during the quarter, with final prices determined in a future period, generally one to four months forward. </FONT></P>

<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">The negative effects
of the prior-period price adjustments of US$ 246/t and the current-period price adjustments US$ 390/t were mainly due to the forward price
decrease during the third quarter.</P>

<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 6pt 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>Costs
</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>COGS - 3Q22 x 2Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="border-bottom: #F2F2F2 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Drivers</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%">&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 26%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Volume</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Exchange rate</B></FONT></TD>
    <TD STYLE="width: 12%; border-top: #F2F2F2 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="width: 16%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Total variation</B></FONT></TD>
    <TD STYLE="width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Copper operations</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">268</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">122</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(104)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">275</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">35</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(15)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">30</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>303</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>133</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(12)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(119)</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>305</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="text-transform: uppercase; letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="5" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: gray; line-height: 112%"><B>Copper operations &ndash; unit cash cost of sales, net of by-product credits</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 9%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 12%; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD STYLE="width: 55%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>Commments</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Salobo</FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,343 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,329 </FONT></TD>
    <TD STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">700 </FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Increased q/q mainly due to higher dilution of fixed costs.</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Sossego</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,491 </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">40,407 </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,911 </FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Lower q/q mainly due to higher dilution of fixed costs, following the completion of the extended maintenance in 1H22, and higher by-product revenues.</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #0ABB98; font: 12pt/112% Arial,sans-serif; margin: 12pt 0 2pt; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: 0pt; line-height: 112%"><B>EBITDA
break-even &ndash; copper operations</B></FONT><B><FONT STYLE="font-family: Arial,sans-serif; letter-spacing: 0pt; line-height: 150%"><SUP>10</SUP></FONT></B></P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 56%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$/t</I></FONT></TD>
    <TD STYLE="width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 15%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">COGS</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,170</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,734</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,884</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">By-product revenues</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(2,390)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(2,977)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(2,704)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>COGS after by-product revenues</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2,780</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,757</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,180</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other expenses&sup1;</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">952</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,051</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">497</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total costs</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,732</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,808</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,676</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">TC/RCs penalties, premiums and discounts</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">452</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">465</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">438</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>EBITDA breakeven</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,184</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,273</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2,114</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<P STYLE="color: gray; font: 10pt/112% Arial,sans-serif; margin: 6pt 0 0; letter-spacing: -0.1pt; text-align: justify">The realized price
to be compared to the EBITDA break-even should be the copper realized price before discounts (US$ 7,110/t), given that TC/RCs, penalties
and other discounts are already part of the EBITDA break-even build-up.</P>

<HR ALIGN="LEFT" SIZE="1" STYLE="width: 33%">

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify"><FONT STYLE="letter-spacing: -0.1pt; line-height: 150%"><SUP>9</SUP></FONT>
On September 30th, 2022, Vale had provisionally priced copper sales from Sossego and Salobo totaling 59,638 tons valued at an LME forward
price of US$ 7,637/t, subject to final pricing over the following months.</P>

<P STYLE="color: #A6A6A6; font: 9pt Arial Narrow,sans-serif; margin: 0 0 0 7.1pt; text-indent: -7.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 9pt; letter-spacing: -0.1pt; line-height: 150%"><SUP>10</SUP></FONT>
Considering only the cash effect of US$ 400/oz that Wheaton Precious Metals pays for 75% of Salobo&rsquo;s gold by-product, copper operations
EBITDA break-even would increase to US$ 4,974/t.</P>
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<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>

<P STYLE="margin: 0; font-size: 11pt; color: gray; line-height: 112%"><FONT STYLE="text-transform: uppercase"><B>Webcast Information</B></FONT></P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: justify">Vale will host
a webcast on Friday, October 28, 2022, at 11:00 a.m. Brasilia time (10:00 a.m. New York time; 3:00 p.m. London time). Internet access
to the webcast and presentation materials will be available on Vale website at www.vale.com/investors. A webcast replay will be accessible
at www.vale.com beginning shortly after the completion of the call. Interested parties may listen to the teleconference by dialing in:</P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">Brazil: +55 (11) 4090
1621 / 3181-8565</P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">U.K: +44 20 3795 9972</P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">U.S (toll-free): +1
844 204 8942</P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">U.S: +1 412 717 9627
/ 1-844-200-6205.</P>

<P STYLE="color: #747678; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">The Access Code for
this call is VALE.</P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: right"><B>&nbsp;</B></P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>Further information on
Vale can be found at: vale.com</B></P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>&nbsp;</B></P>

<P STYLE="color: #007E7A; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><B>Investor Relations</B></P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 12pt 0 0; letter-spacing: -0.1pt; text-align: left">Vale.RI@vale.com</P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Ivan Fadel: ivan.fadel@vale.com</P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Mariana Rocha: mariana.rocha@vale.com</P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">Samir Bassil: samir.bassil@vale.com</P>

<P STYLE="color: gray; font: 11pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: top">
    <TD STYLE="width: 100%; border-bottom: #999999 1pt solid; text-align: left; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt; line-height: 112%"><FONT STYLE="font-size: 11pt; color: gray; line-height: 112%">&#9;</FONT></TD></TR>
  </TABLE>
<P STYLE="color: #999999; font: 9pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">Except where otherwise
indicated, the operational and financial information in this release is based on the consolidated figures in accordance with IFRS. Our
quarterly financial statements are reviewed by the company&rsquo;s independent auditors. The main subsidiaries that are consolidated are
the following: Companhia Portu&aacute;ria da Ba&iacute;a de Sepetiba, Minera&ccedil;&atilde;o Corumbaense Reunida S.A., Minera&ccedil;&otilde;es
Brasileiras Reunidas S.A. PT Vale Indonesia Tbk, Salobo Metais S.A, Vale Holdings B.V., Vale Canada Limited, Vale International S.A.,
Vale Mangan&ecirc;s S.A., Vale Malaysia Minerals Sdn. Bhd., Vale Mo&ccedil;ambique S.A., Vale Oman Pelletizing Company LLC and Vale Oman
Distribution Center LLC.</P>

<P STYLE="color: #999999; font: 9pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">This press release
may include statements about Vale's current expectations about future events or results (forward-looking statements). Many of those forward-looking
statements can be identified by the use of forward-looking words such as &quot;anticipate,&quot; &quot;believe,&quot; &quot;could,&quot;
&quot;expect,&quot; &quot;should,&quot; &quot;plan,&quot; &quot;intend,&quot; &quot;estimate&quot; &ldquo;will&rdquo; and &quot;potential,&quot;
among others. All forward-looking statements involve various risks and uncertainties. Vale cannot guarantee that these statements will
prove correct. These risks and uncertainties include, among others, factors related to: (a) the countries where Vale operates, especially
Brazil and Canada; (b) the global economy; (c) the capital markets; (d) the mining and metals prices and their dependence on global industrial
production, which is cyclical by nature; and (e) global competition in the markets in which Vale operates. Vale cautions you that actual
results may differ materially from the plans, objectives, expectations, estimates and intentions expressed in this presentation. Vale
undertakes no obligation to publicly update or revise any forward-looking statement, whether as a result of new information or future
events or for any other reason. To obtain further information on factors that may lead to results different from those forecast by Vale,
please consult the reports that Vale files with the U.S. Securities and Exchange Commission (SEC), the Brazilian Comiss&atilde;o de Valores
Mobili&aacute;rios (CVM) and, in particular, the factors discussed under &ldquo;Forward-Looking Statements&rdquo; and &ldquo;Risk Factors&rdquo;
in Vale&rsquo;s annual report on Form 20-F.</P>

<P STYLE="color: #999999; font: 9pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">The information
contained in this press release includes financial measures that are not prepared in accordance with IFRS. These non-IFRS measures differ
from the most directly comparable measures determined under IFRS, but we have not presented a reconciliation to the most directly comparable
IFRS measures, because the non-IFRS measures are forward-looking and a reconciliation cannot be prepared without unreasonable effort.</P>


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<P STYLE="color: #007E7A; font: 20pt/112% Vale Sans,sans-serif; margin: 0">Annexes</P>

<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 6pt 0 0">Simplified financial statements</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Income Statement</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 58%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Net operating revenue</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>9,929</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>11,157</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>12,330</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Cost of goods sold and services rendered</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(6,301)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(5,950)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(5,472)</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Gross profit</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>3,628</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>5,207</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>6,858</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Gross margin (%)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">36.5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">46.7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">55.6</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Selling and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(119)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(127)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(114)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Research and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(170)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(151)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(135)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Pre-operating and operational stoppage</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(89)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(165)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Brumadinho event and de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(336)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(280)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(161)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Other operational expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(51)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(165)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(31)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Impairment reversal (impairment and disposals) of non-current assets, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(40)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(82)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(63)</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>2,823</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>4,291</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>6,189</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Financial income</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">141</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">137</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">90</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Financial expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(221)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(372)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(240)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Other financial items, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">2,427</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">1,056</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(200)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">78</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">128</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>5,248</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>5,056</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>5,967</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Current tax</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(514)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(1,181)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(2,464)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Deferred tax</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(290)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">270</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">2,003</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Net income from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>4,444</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>4,145</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>5,506</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">52</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">29</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Net income from continuing operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>4,455</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>4,093</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>5,477</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Discontinued operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Net income (Loss) from discontinued operations</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">2,058</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(1,548)</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Net income from discontinued operations attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">43</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Net income (Loss) from discontinued operations attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>2,058</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>(1,591)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Net income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>4,444</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>6,203</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>3,958</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Net income (Loss) attributable to Vale's to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">(11)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">52</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">72</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>Net income attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>4,455</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>6,151</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%"><B>3,886</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Earnings per share (attributable to the Company's stockholders - US$):</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">Basic and diluted earnings per share (attributable to the Company's stockholders - US$)</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">0.98</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">1.32</FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">0.76</FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="7" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Equity income (loss) by business segment</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 58%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="width: 7%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD STYLE="width: 7%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Ferrous Minerals</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">80</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">92</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">52</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">85</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">58</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">29</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Base Metals</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">13</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">140</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">71</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>87</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>61</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>198</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Operating margin by segment (EBIT adjusted margin)</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; width: 58%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>%</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 14%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Ferrous Minerals</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">42.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">51.5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">59.5</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Base Metals</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">3.9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">20.1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">20.5</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>29.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>39.8</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>50.7</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 24 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="border-top: white 1pt solid; border-left: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Balance sheet</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="border-top: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="border-top: white 1pt solid; border-right: white 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>9/30/2122</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>6/30/2122</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>9/30/2121</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Assets</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Current assets</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>13,922</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>16,022</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>19,991</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,182</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,185</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10,857</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Short term investments</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">42</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">48</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">521</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Accounts receivable</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,150</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,148</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">873</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other financial assets</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">152</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">229</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,366</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Inventories</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,268</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,154</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,085</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Recoverable taxes</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">858</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">744</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">824</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">270</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">240</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">405</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Non-current assets held for sale</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">274</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">60</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Non-current assets</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>13,354</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>13,931</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>14,790</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Judicial deposits</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,289</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,328</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,221</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other financial assets</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">236</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">210</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">162</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Recoverable taxes</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,114</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,147</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,322</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Deferred income taxes</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,825</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10,360</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,402</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Others</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">890</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">886</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">683</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Fixed assets</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>53,335</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>54,405</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>52,099</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total assets</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>80,611</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>84,358</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>86,880</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>12,994</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>12,117</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>16,074</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Suppliers and contractors</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4,735</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,664</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4,096</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">447</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">935</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,345</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other financial liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,466</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,584</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,557</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Taxes payable</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">303</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">331</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,594</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Settlement program (REFIS)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">351</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">356</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">330</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">929</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">835</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,021</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,027</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,783</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,551</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,318</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,060</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,336</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">700</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">692</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">590</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">718</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">750</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">641</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Liabilities associated with non-current assets held for sale</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">127</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">13</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Non-current liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>32,945</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>35,259</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>36,717</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Loans, borrowings and leases</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,757</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,673</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">12,240</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Participative stockholders' debentures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,659</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,219</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4,128</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other financial liabilities</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,948</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,820</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,825</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Settlement program (REFIS)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,861</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,976</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,080</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Deferred income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,608</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,759</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,928</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Provisions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,349</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,477</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,505</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Liabilities related to associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,117</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,603</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">714</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Liabilities related to Brumadinho</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,913</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,620</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,020</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">De-characterization of dams and asset retirement obligations</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,926</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6,238</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,191</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Streaming transactions</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,629</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,637</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,936</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">178</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">237</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">150</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total liabilities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>45,939</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>47,376</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>52,791</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Stockholders' equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>34,672</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>36,982</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>34,089</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total liabilities and stockholders' equity</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>80,611</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>84,358</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>86,880</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 56%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 4%">&nbsp;</TD>
    <TD STYLE="width: 13%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 12%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 25 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Cash flow</B></FONT></TD>
    <TD COLSPAN="3" STYLE="text-align: center; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>&nbsp;</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,591</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,738</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>10,324</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(194)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(277)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(173)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cash received (paid) on settlement of Derivatives, net</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">100</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(42)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Payments related to Brumadinho event</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(423)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(319)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(93)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Payments related to de-characterization of dams</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(95)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(83)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(93)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Interest on participative stockholders debentures paid</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(235)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Income taxes (including settlement program)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(582)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,213)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(991)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash generated from operating activities from continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,397</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,569</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>8,996</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash generated (used) in operating activities from discontinued operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>55</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash generated from by operating activities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,397</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,569</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>9,051</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Cash flow from investing activities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Short term investment</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">118</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">101</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">424</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Capital expenditures</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,230)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,293)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,199)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dividends received from joint ventures and associates</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">28</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">71</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Proceeds from sale of Midwestern System, net of cash</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">140</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other investment activities, net</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(70)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">48</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">18</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash used in investing activities from continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(1,014)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(1,073)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(752)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash used in investing activites from discontinued operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(65)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(49)</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash used in investing actitivies</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(1,014)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(1,138)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(801)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Cash flow from financing activities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Loans and financing:</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Loans and borrowings from third-parties</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">150</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">200</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Payments of loans and borrowings from third-parties</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(448)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,433)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(111)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Payments of leasing</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(48)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(57)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(55)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Payments to stockholders:</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dividends and interest on capital paid to stockholders</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3,123)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(7,391)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dividends and interest on capital paid to noncontrolling interest</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(4)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(3)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">Share buyback program</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(686)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(2,596)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(2,841)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash used in financing activities from continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(4,158)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(3,890)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(10,401)</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash used in financing activities from discontinued operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(3)</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash used in financing activities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(4,158)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(3,890)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(10,404)</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Increase (decrease) in cash and cash equivalents</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(1,775)</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(1,459)</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>(2,154)</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cash and cash equivalents in the beginning of the period</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,185</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,061</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">13,649</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Effect of exchange rate changes on cash and cash equivalents</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(228)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(417)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(638)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cash and cash equivalents from subsidiaries sold, net </FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Cash and cash equivalents at the end of period</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,182</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>7,185</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>10,857</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Non-cash transactions:</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Additions to property, plant and equipment - capitalized loans and borrowing costs</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">9</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">17</FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; line-height: 112%">14</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Cash flow from operating activities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Income before income taxes</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,248</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,056</B></FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,967</B></FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted for:</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Provisions for Brumadinho</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">141</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">126</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Provision for de-characterization of dams</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">35</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(78)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">56</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(128)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Impairment and disposals&nbsp;&nbsp;of non-current assets, net</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">40</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">82</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">63</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">775</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">810</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">649</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Financial results, net</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(2,347)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(821)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">350</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Change in assets and liabilities</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Accounts receivable</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">902</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,870</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Inventories</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(287)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(305)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(588)</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Suppliers and contractors</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,169</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">432</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">322</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Payroll and other compensation</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">158</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">73</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">61</FONT></TD></TR>
  <TR>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other assets and liabilities, net</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(266)</FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(673)</FONT></TD>
    <TD COLSPAN="2" STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(242)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Cash flow from operations</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,591</B></FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,738</B></FONT></TD>
    <TD COLSPAN="2" STYLE="border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>10,324</B></FONT></TD></TR>
  <TR>
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 1%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;&nbsp;</P>


<!-- Field: Page; Sequence: 26 -->
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<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 18pt 0 0">Reconciliation of IFRS and &ldquo;non-GAAP&rdquo; information</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>(a) Adjusted EBIT</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net operating revenues</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">9,929</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,157</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">12,330</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">COGS</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(6,301)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5,950)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5,472)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Sales and administrative expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(119)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(127)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(114)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Research and development expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(170)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(151)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(135)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Pre-operating and stoppage expenses</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(89)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(111)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(165)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Brumadinho event and dam de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(336)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(280)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(161)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Other operational expenses, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(51)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(165)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(31)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dividends received and interests from associates and JVs</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">28</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">71</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBIT from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2,891</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,444</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,257</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; vertical-align: top; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>(b) Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6">
    <P STYLE="color: #7F7F7F; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">EBITDA defines profit
    or loss before interest, tax, depreciation, depletion and amortization. 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 (impairmaint and disposals) of non-current assets. However, our adjusted EBITDA
    is not the measure defined as EBITDA under IFRS and may possibly not be comparable with indicators with the same name reported by other
    companies. Adjusted EBITDA should not be considered as a substitute for operational profit or as a better measure of liquidity than operational
    cash flow, which are calculated in accordance with IFRS. Vale provides its adjusted EBITDA to give additional information about its capacity
    to pay debt, carry out investments and cover working capital needs. The following tables shows the reconciliation between adjusted EBITDA
    and operational cash flow and adjusted EBITDA and net income, in accordance with its statement of changes in financial position.</P>
    <P STYLE="color: #7F7F7F; font: 8pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">The definition of Adjusted
    EBIT is Adjusted EBITDA plus depreciation, depletion and amortization.</P>
    <P STYLE="font: 8pt/112% Arial,sans-serif; color: #7F7F7F; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Reconciliation between adjusted EBITDA and operational cash flow</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,666</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,254</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,906</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Working capital:</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Accounts receivable</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">902</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,870</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Inventories</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(287)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(305)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(588)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Suppliers and contractors</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,169</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">432</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">322</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Payroll and other compensation</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">158</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">73</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">61</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Provisions for Brumadinho</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">141</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">126</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Provision for de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">35</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">-</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(294)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(744)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(247)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Cash flow from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,591</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,738</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>10,324</B></FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Income taxes paid - including settlement program</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(582)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(1,213)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(991)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Interest on loans and borrowings paid</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(194)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(277)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(173)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Payments related to Brumadinho event</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(423)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(319)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(93)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Payments related to de-characterization of dams</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(95)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(83)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(93)</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Interest on participative shareholders' debentures paid</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(235)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;-&nbsp;&nbsp;</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;Cash received (paid) on settlement of Derivatives, net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">100</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(42)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">22</FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash generated from operating activities from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,397</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,569</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>8,996</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash generated (used) in operating activities from discontinued operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>-</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>55</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net cash generated from operating activities</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,397</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,569</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>9,051</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Reconciliation between adjusted EBITDA and net income (loss)</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Adjusted EBITDA from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,666</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,254</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,906</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Depreciation, depletion and amortization</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(775)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(810)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(649)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Dividends received and interest from associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(28)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(71)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(5)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Impairment and disposals (impairment reversal) of non-current assets,net</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(40)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(82)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(63)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Operating income</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2,823</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,291</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,189</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Financial results</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,347</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">821</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(350)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Equity results and other results in associates and joint ventures</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">78</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(56)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">128</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Income taxes</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(804)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(911)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(461)</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net income from continuing operations</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,444</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,145</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,506</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Net income (loss) attributable to noncontrolling interests</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">(11)</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">52</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">29</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net income attributable to Vale's stockholders</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,455</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,093</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,477</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR>
    <TD STYLE="width: 62%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 5%">&nbsp;</TD>
    <TD STYLE="width: 3%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 27 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>(c) Net debt</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gross debt </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10,666</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,031</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,951</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Leases</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,538</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,577</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,634</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Cash and cash equivalents&sup1;</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,224</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,233</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">11,378</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Net debt</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>6,980</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,375</B></FONT></TD>
    <TD STYLE="white-space: nowrap; border-bottom: #BFBFBF 1pt solid; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>2,207</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #7F7F7F; line-height: 112%">&sup1; Including financial investments</FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>(d) Gross debt / LTM Adjusted EBITDA</B></FONT></TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gross debt and leases&nbsp;&nbsp;/ LTM Adjusted EBITDA (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.6</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.4</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Gross debt and leases / LTM operational cash flow&nbsp;&nbsp;(x)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.9</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">0.4</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>(e) LTM Adjusted EBITDA / LTM interest payments</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Adjusted LTM EBITDA / LTM gross interest (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">33.7</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">38.1</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">43.1</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">LTM adjusted EBITDA / LTM interest payments (x)</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">19.4</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">23.0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">41.3</FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD COLSPAN="2" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="6" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>(f) US dollar exchange rates</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>R$/US$</I></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">Average</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.2462</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">4.9210</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.2286</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">End of period</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.4066</FONT></TD>
    <TD COLSPAN="3" STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.2380</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5.4394</FONT></TD></TR>
  <TR>
    <TD STYLE="width: 57%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD>
    <TD STYLE="width: 2%">&nbsp;</TD>
    <TD STYLE="width: 7%">&nbsp;</TD>
    <TD STYLE="width: 6%">&nbsp;</TD>
    <TD STYLE="width: 14%">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 18pt 0 0">&nbsp;</P>


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<P STYLE="color: #007E7A; font: 13pt/115% Arial,sans-serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><B>&nbsp;</B></FONT></P>

<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 18pt 0 0">Revenues and volumes</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="vertical-align: bottom">
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Net operating revenue by destination</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: teal">
    <TD STYLE="white-space: nowrap; width: 32%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 13%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 11%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>North America</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>562</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>5.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>585</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;5.2 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>387</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;3.1 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;USA</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">423</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">4.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">474</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;4.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">345</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;2.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;Canada</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">139</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1.4</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">111</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;1.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">42</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;0.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>South America</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1,086</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>10.9</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1,434</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;12.9 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1,848</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;15.0 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">958</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">9.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,222</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;11.0 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,582</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;12.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">128</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1.3</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">212</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;1.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">266</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;2.2 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>Asia</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>6,282</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>63.3</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>7,024</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;63.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>8,211</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;66.6 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">4,640</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">46.7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">5,102</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;45.7 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">5,602</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;45.4 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">857</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">8.6</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,014</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;9.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,436</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;11.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;South Korea</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">387</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">3.9</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">359</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;3.2 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">471</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;3.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">398</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">4.0</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">549</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;4.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">702</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;5.7 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>Europe</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1,360</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>13.7</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1,426</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;12.8 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1,326</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;10.8 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">377</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">3.8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">315</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;2.8 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">350</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;2.8 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;Italy</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">166</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1.7</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">207</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;1.9 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">159</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;1.3 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">817</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">8.2</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">904</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;8.1 </FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">817</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;6.6 </FONT></TD></TR>
  <TR STYLE="vertical-align: bottom">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>Middle East</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>334</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>3.4</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>348</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;3.1 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>136</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;1.1 </B></FONT></TD></TR>
  <TR STYLE="vertical-align: bottom; background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>305</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>3.1</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>340</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;3.0 </B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>422</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>&nbsp;3.4 </B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>9,929</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>11,157</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;100.0 </B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>12,330</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>&nbsp;100.0 </B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: white">
    <TD COLSPAN="4" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #7F7F7F; line-height: 112%"><B>Volume sold by destination &ndash; Iron ore and pellets</B></FONT></TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="white-space: nowrap; width: 31%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>&lsquo;000 metric tons</I></FONT></TD>
    <TD STYLE="width: 23%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="width: 23%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="width: 23%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Americas</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>11,495</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>9,422</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>8,016</B></FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Brazil</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">10,334</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">8,551</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6,968</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,161</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">871</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,048</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Asia</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>59,353</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>55,498</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>60,020</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;China</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">48,707</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">43,668</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">47,350</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Japan</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,226</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">6,666</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">7,337</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,420</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,164</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">5,333</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Europe</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>3,676</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>5,265</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>4,722</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Germany</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">789</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">753</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">1,096</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;France</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">669</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">972</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">625</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">2,218</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,540</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%">3,001</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Middle East</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,554</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,510</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>486</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Rest of the World</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,491</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,466</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>1,518</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>77,569</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>73,161</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>74,762</B></FONT></TD></TR>
  </TABLE>
<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR>
    <TD COLSPAN="7" STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 11pt; color: #818181; line-height: 112%"><B>Net operating revenue by business area</B></FONT></TD></TR>
  <TR STYLE="background-color: teal">
    <TD STYLE="white-space: nowrap; width: 28%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><I>US$ million</I></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>2Q22</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>3Q21</B></FONT></TD>
    <TD STYLE="white-space: nowrap; width: 12%; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; line-height: 112%"><B>%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>Ferrous Minerals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>7,829</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>79%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>9,031</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>81%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>10,611</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>86%</B></FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Iron ore fines</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">6,053</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">61%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">7,113</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">64%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">8,418</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">68%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;ROM</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">29</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">29</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">17</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Pellets</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,656</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">17%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,780</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">16%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">2,009</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">16%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; background-color: white; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">89</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">103</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">122</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>Base Metals</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>2,042</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>21%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1,875</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>17%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1,574</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>13%</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Nickel</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">960</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">10%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1,032</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">9%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">761</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">6%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Copper</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">457</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">5%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">330</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">519</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">4%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;PGMs</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">129</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">65</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">-20</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Gold as by-product</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">139</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">117</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">166</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Silver as by-product</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">8</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">5</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Cobalt</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">28</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">37</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">31</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">0%</FONT></TD></TR>
  <TR>
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Others<SUP>1</SUP></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">324</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">286</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">3%</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">112</FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%">1%</FONT></TD></TR>
  <TR STYLE="background-color: #F3F3F3">
    <TD STYLE="white-space: nowrap; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>Others</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>60</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>1%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>257</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>2%</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>190</B></FONT></TD>
    <TD STYLE="white-space: nowrap; text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: #818181; line-height: 112%"><B>2%</B></FONT></TD></TR>
  <TR STYLE="background-color: #C3DFD6">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>Total of continuing operations</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>9,929</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100%</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>11,163</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100%</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>12,375</B></FONT></TD>
    <TD STYLE="text-align: right; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; line-height: 112%"><B>100%</B></FONT></TD></TR>
  <TR>
    <TD COLSPAN="7" STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-family: Arial Narrow,sans-serif; font-size: 8pt; color: gray; line-height: 112%"><SUP>1</SUP> Includes marketing activities </FONT></TD></TR>
  </TABLE>

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<P STYLE="color: red; font: 10pt/112% Arial,sans-serif; margin: 0 0 10pt; letter-spacing: -0.1pt; text-align: left">&nbsp;</P>

<P STYLE="color: #007E7A; font: bold 13pt/112% Arial,sans-serif; margin: 18pt 0 0">Projects under evaluation and growth options</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 34%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Copper</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Alem&atilde;o</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 60 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Growth project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2023</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">115 kozpy Au as byproduct</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>South Hub extension</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 60-80 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL3&sup1;</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2023</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Open pit</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Development of mines to feed Sossego mill</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Victor</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 20 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2023-2024</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">5 ktpy Ni as co-product; JV partnership under discussion</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Hu&rsquo;u</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 300-350 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Dompu, Indonesia</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Growth project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">200 kozpy Au as byproduct</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 80%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Underground block cave</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>North Hub</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 70-100 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL1</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Growth project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Mines and processing plant</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Salobo IV</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 30 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL1</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Caraj&aacute;s, Brazil</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Growth project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Processing plant</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Nickel</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Pomalaa</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 120 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: Definitive feasibility study</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Kolaka, Indonesia</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Growth project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2023 (mine)</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: N/A&sup2;</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Mine and HPAL plant</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">15 ktpy Co as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Creighton Ph. 5</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 20-24 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2023-2024</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">17-20 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>CCM Pit</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 12-15 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2023</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">7-9 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>CCM Ph. 3</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 7 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">9 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Underground mine</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>CCM Ph. 4</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 9 ktpy</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Ontario, Canada</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">9 ktpy Cu as by-product</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Underground mine</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


<!-- Field: Page; Sequence: 30 -->
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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<P STYLE="color: #747678; font: 10pt/150% Arial,sans-serif; margin: 12pt 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; border-collapse: collapse; font-size: 10pt">
  <TR STYLE="background-color: #007E7A">
    <TD STYLE="width: 34%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: white; letter-spacing: 0pt; line-height: 112%"><B>Iron ore</B></FONT></TD>
    <TD STYLE="width: 33%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD>
    <TD STYLE="width: 33%; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Serra Norte N1/N2</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: ~50 Mtpy ROM</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Northern System (Brazil)</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2024</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Open pit mine</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Dry concentration plant</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: 8 Mtpy DR pellet feed</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL3</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Oman</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Replacement project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2023</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Cleaner to produce DR pellet feed</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Serra Leste expansion</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Northern System (Brazil)</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Growth project</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Open pit mine</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>S11C</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL2</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Northern System (Brazil)</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Growth project</FONT></TD>
    <TD>&nbsp;</TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: 100%</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Open pit mine</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt">&nbsp;</TD></TR>
  <TR STYLE="background-color: #F2F2F2">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Green briquette plants</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%"><B>Capacity: Under evaluation</B></FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%"><B>Stage: FEL3 (two plants)</B></FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Brazil and other regions</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Growth project</FONT></TD>
    <TD STYLE="text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">Investment decision: 2022-2029</FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Vale&rsquo;s ownership: N/A</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; letter-spacing: 0pt; line-height: 112%">Cold agglomeration plant</FONT></TD>
    <TD STYLE="border-bottom: #BFBFBF 1pt solid; text-align: left; line-height: 112%; font-family: Arial,sans-serif; color: #747678; letter-spacing: -0.1pt"><FONT STYLE="font-size: 8pt; color: gray; letter-spacing: 0pt; line-height: 112%">8 plants under engineering stage, including co-located plants in clients&rsquo; facilities </FONT></TD></TR>
  <TR STYLE="background-color: white">
    <TD COLSPAN="3">
    <P STYLE="color: #747678; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>1</SUP>
    Indirect ownership through Vale&rsquo;s 44.34% equity in PTVI. PTVI will own 100% of the mine and has the option to acquire up to 30%
    of the plant as part of the JV agreement. </FONT></P>
    <P STYLE="color: #747678; font: 8pt/112% Arial Narrow,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: left"><FONT STYLE="letter-spacing: 0pt"><SUP>2</SUP>
    Refers to the most advanced projects (Bacaba and Cristalino).</FONT></P></TD></TR>
  </TABLE>
<P STYLE="color: #747678; font: 10pt/112% Arial,sans-serif; margin: 0; letter-spacing: -0.1pt; text-align: justify">&nbsp;</P>


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    <DIV STYLE="break-before: page; margin-top: 6pt"><TABLE CELLPADDING="0" CELLSPACING="0" STYLE="width: 100%"><TR><TD STYLE="text-align: center; width: 100%">&nbsp;</TD></TR></TABLE></DIV>
    <!-- Field: /Page -->

<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%">By:</TD>
    <TD STYLE="border-bottom: Black 1pt solid; font: 10pt Times New Roman, Times, Serif; width: 47%">/s/ Ivan Fadel</TD></TR>
  <TR STYLE="font-size: 10pt; vertical-align: bottom">
    <TD STYLE="font-size: 10pt">Date:  October 27, 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">Head of Investor Relations</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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end
</TEXT>
</DOCUMENT>
</SEC-DOCUMENT>
